基于Holmstorm扩展框架的上市公司股利支付问题研究

Study on dividend payment of listed companies based on framework of extended Holmstorm model

股利支付是上市公司的重要决策,对改善公司治理和增进上市公司价值具有重要作用。股利支付能否传递公司内部的代理成本和治理水平信息是股市参与者关心的问题。基于Holmstorm框架建立"股东-经理人"和"大股东-中小股东"的双重委托代理扩展模型,选取2003—2016年我国A股上市公司的样本数据,以管理费用率和公司资金占用水平为代理变量,采用Logit模型进行面板回归分析,发现我国上市公司的现金股利支付意愿与两类代理成本呈显著负相关关系,在此基础上就改进公司治理提出有益的政策建议。

Dividend payment of listed companies is an important decision,which plays an important role in improving the governance and increasing the value of listed companies. The stock market participators concern the issues whether the dividend payment can deliver the information of the agent cost and the governance capability inside the companies or not. Based on the Holmstorm framework,the double delegating expansionary model of the＂shareholder-manager＂and＂larger shareholders-smaller shareholders＂is established. The relevant data of A share listed companies in China from 2003 to 2016 are selected as sample. The management expense ratio and the average capital level are chosen as agency variables. Panel regression is used with Logit model to analyze. It is found that a significant negative correlation lies between the dividend payment willingness and the two kinds of agency costs among the listed companies in China.Recommendations are proposed to improve corporate governance policy.