上市公司现金分红提高了公司价值吗?——基于制度环境变迁的调节效应

Does the Dividend of Listed Companies improve Company's Value?——Based on the Regulatory Effect of Institutional Environment Transition

上市公司现金分红行为服从于公司价值最大化的经营目标,也是回报投资者的主要方式。本文运用1999-2016年沪深A股上市公司数据研究发现,上市公司现金分红与公司价值之间存在冲突,制度环境变迁减弱了现金分红与公司价值之间的冲突并且有利于优化上市公司内部的治理机制。结论表明,稳步推进经济体制改革,有利于维护投资者的权益。

The cash dividend behavior of listed companies is subordinated to the business objective of maximization of the com- pany＇ s value and also is the main way to repay investors.Based on the data of Shanghai and Shenzhen A-share listed compa- nies from 1999 to 2016,this paper finds：there is a conflict between cash dividend and company＇ s value,institutional environ- ment transition reduces the conflict and is conductive to optimizing the internal governance mechanism of listed companies.The conclusion indicates that the steady process of economic system＇s reforming is beneficial to protect investors＇ rights.