摘要
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.
出处
《会计论坛》
CSSCI
2016年第1期50-64,共15页
Accounting Forum
基金
国家社会科学基金项目(14BGL183)
北京市社会科学基金研究基地项目(15JDJGB074)
北京市教委社科计划面上项目(SM201510034005)
关键词
“半强制”分红政策
现金持有价值
财务报告质量
Semi-mandatory dividend policy
Value of cash holding
Financial reporting quality