“半强制分红政策”与现金持有价值

The Semi-mandatory Dividend Policy and the Value of Cash Holding

本文以2008年10月颁布《关于修改上市公司现金分红若干规定的决定》为背景，研究了“半强制分红政策”对上市公司现金持有价值的影响。研究发现：《决定》颁布后，上市公司现金持有价值下降，且国有上市公司的现金持有价值下降更显著，但是好的财务报告质量能够缓解公司现金持有价值的下降。以上结果出现的原因可能在于“半强制分红”政策“一刀切”的再融资门槛具有局限性，诱发上市公司为了再融资而分红，背离了“融资优序”理论，从而破坏公司现金持有价值，但是具有不同特征的公司表现有所差异。本文的研究结论对完善我国现有监管制度具有指导意义。

This paper examines whether and how the semi-mandatory dividend policy affected the listed companies’value of cash holding.It shows that the policy leads the value of cash holding declining.Furthermore,State-owned companies’value of cash holding experienced a more significant decline.But we find that high-quality financial reporting significantly mitigates the negative effect of policy on the value of cash holding.Our results indicate the Semi-mandatory dividend policy has adverse impacts on the companies that having refinancing needs or potential refinancing needs,because it deviated from the pecking order theory of financing.The regulators should improve Semi-mandatory dividend policy.