代理成本、半强制分红与公司价值——来自中国A股上市公司的经验证据

Agency costs,semi mandatory dividends and firm value——Empirical evidence from China's A-share listed companies A

以2009—2015年沪深两市A股上市公司为样本,检验了半强制分红政策实施以后上市公司治理机制与代理成本的差异对现金股利和公司价值之间关系的影响。研究发现:(1)代理成本的差异会影响现金股利与公司价值的关系,如果公司存在良好治理机制来降低代理成本,其现金股利对公司价值的提升作用会大大下降。(2)上市公司主动发放的现金股利与公司价值呈显著正相关关系,但被动发放的现金股利与公司市场价值的相关性不强。

from 2009 to 2015 two city Shenzhen A shares of listed companies as a sample, to test the effect of semi mandatory divi- dend policy after the implementation of corporate governance and agency cost differences on the relationship between cash dividend and company value. The study found that： （ 1 ） the difference of agency costs will affect the relationship between the cash dividend and the value of the company, if the company has good governance mechanism to reduce agency cost, the cash dividend to enhance the value of the company will be greatly reduced. （2） cash dividends issued by listed com- panies are positively related to corporate value, but passive cash dividends do not have a strong correlation with corporate market value.