上市公司连续现金分红与利润平滑动机——基于两类盈余管理视角的分析

Continuous Cash Dividend and Income Smoothing Motive in Listed Companies——A Study Based on the Perspective of Two types of Earnings Management

以2007—2015年中国A股上市公司为样本,检验了上市公司连续现金分红对利润平滑动机的影响,分析了产权性质和地区市场化程度对二者关系的调节作用。研究发现：连续现金分红对公司的利润平滑动机具有显著的正向影响;连续现金分红的国有控股上市公司更倾向于利用应计盈余管理实现利润平滑,其效果在地方政府控股的国有公司中也更为显著;在市场化程度较高的地区,上市公司的连续现金分红对利润平滑动机的正向影响较弱。

Using the sample of Chinese A-share listed companies from 2007 to 2015, this paper studies the effect of continuous cash dividend on firms＇ income smoothing motivation, as well as the mediating effect of property rights and market liberalization between them. The empirical results indicate that： （1）continuous cash dividend has a significantly positive impact on firms＇ income smoothing motive; （2）compared with Non-SOEs, SOEs with continuous cash dividend policy are more likely to adopt accrual earnings management to smooth their income, the effect of which is also more obvious in local SOEs; （3）the positive relationship between continuous cash dividend and income smoothing motivation is weakened in firms located in areas with higher marketization degree.