公司治理、现金股利与公司价值

Corporate Governance, Cash Dividend,and Firm Value

本文建立"公司治理-现金股利-公司价值"的中介效应模型,检验公司治理水平对公司价值与现金股利的影响,并分析现金股利在公司治理与公司价值关系中所发挥的作用。本文发现,良善的公司治理可以提升公司价值与现金股利,而且现金股利在公司治理与公司价值之间发挥了中介作用;本文也发现,融资限制高的公司,公司治理提升公司价值的效应更为明显,说明了对融资限制高的公司而言,良善的公司治理更能向市场传递正面的信息。

We construct a mediation model of ＂corporate governance-cash dividend-firm value＂ to investigate the effect of corporate governance on firm value and cash dividend. We find that firms with better corporate governance have higher value and cash dividend is a mediator on the valuation effect of corporate governance. Our findings suggest that good corporate governance coupled with appropriate dividend policy will create greater value for firms.