摘要
"重圈钱、轻回报"一直是我国上市公司广受诟病的热点。本文采用采用熵权法与专家调查法结合的方法构建了中国上市公司铁公鸡分红指数(ICC),以刻画上市公司的吝啬分红行为。沪深A股2004-2013年上市公司铁公鸡分红指数统计结果显示,铁公鸡分红指数整体呈下降趋势,但各行业、地区间差异明显。进一步地,模型回归的结果还表明,控股股东持股、高级管理层持股、政府强制分红政策都能显著抑制上市公司的铁公鸡分红行为;而独立董事对铁公鸡分红没有显现积极的治理效应。
Chinese listed firms are criticized for ‘Raising money but no return＇. This paper uses the entropy method combined with the expert investigation method to construct iron cock cash paying index of Chinese listed firms （ICC） , aiming to capture listed firms＇ behavior of unwilling to pay dividends. The results from analyzing 2004 - 2013 ICC index indicate that ICC index is generally in decline, but different industries or regions vary greatly. Fur-ther analysis suggest that shareholding of controlling shareholder and high executive, government semi - mandatory dividend policy can significantly restrain iron cock cash paying behavior. Whereas, independent directors reveal no positive governance effects on iron cock cash paying behavior.
作者
杨宝
甘孜露
YANG Bao;GAN Zi - lu(School of Accounting, Chongqing University of Science and Engineering, Chongqing 400054, Chin)
出处
《财经理论研究》
2018年第1期94-103,共10页
Journal of Finance and Economics Theory
基金
2015年国家社科基金青年项目(15CJY006)
关键词
铁公鸡指数
构建
分红
iron cock cash paying index
construction
cash dividend
