多元化经营战略与公司的现金股利政策——基于融资约束和代理冲突两大视角的探讨

Diversification Strategy and Company's Cash Dividend Policy: Based on the Perspectives of Financing Constraints and Agency Conflicts

多元化经营既可能通过构建内部资本市场缓解企业融资约束,又可能因复杂组织结构而恶化代理冲突,并作用于公司的现金股利政策。那么其中的影响机制和路径是什么呢?本文以2003-2016年沪深两市A股上市公司的平衡型面板数据为样本及相关检验模型进行探讨。研究发现:多元化经营是影响现金股利政策的重要因素之一,其产生的代理冲突是影响现金股利政策的主要机制,但治理环境的改善可以抑制代理冲突,弱化甚至消除多元经营对现金股利支付倾向和水平的负向影响;利用中介效应模型进一步研究发现,代理冲突还在多元化经营与现金股利政策之间发挥了中介作用。由此,对于多元化经营的公司,其自身更应重视公司治理结构的完善,其他投资者和监管部门要注意防止公司将多元化经营异化为公司控股股东或管理层谋取私利的手段、工具。

Diversification may not only ease the financing constraints of the company by constructing an internal capital market,but also worsen the agency conflict due to the complicated organizational structure and then act on the company′s cash dividend policy.This paper takes the balanced panel data of A-share listed companies from2003to2016as a sample,and finds that diversification is one of the important factors affecting the cash dividend policy.The agency conflict that it generates is the main mechanism affecting cash dividend policy,but the improvement of the governance environment can inhibit the agency conflict,weaken or even eliminate the negative impact of the diversification on cash dividend payment propensity and level;further research using the mediation effect model finds that agency conflict also played a mediating role between diversification and cash dividend policy.Therefore,for diversified companies,they should pay more attention to the improvement of corporate governance structure.Other investors and regulatory authorities should pay attention to preventing the company from turning diversification into the means and tools for the company′s controlling shareholders or management to seek personal gain.