中国上市公司现金股利中性监管的重新审视——基于现金股利不平稳动因的视角

Re-Examination of Disinterested Regulation on Cash Dividends in Chinese Listed Companies——A Perspective of the Motivation for Cash Dividend Unsmoothing

本文从现金股利不平稳动因的视角,探究中国上市公司现金股利中性监管的必要性、有效性问题。通过A股上市公司数据,研究发现:分析师预测偏差、股票回报波动性正向显著影响上市公司现金股利不平稳程度,在非国有企业、现金流权与控制权分离程度较小的企业中上述影响更加明显,证监部门采取现金股利中性监管具有必要性;上市公司整体现金股利不平稳程度在2008年之后加剧,但满足"再融资资格条件"上市公司的信息透明度得到提升,现金股利不平稳程度得到了显著降低,现金股利中性监管具有一定的有效性。

The authors of this paper analyze the necessity and effectiveness of the disinterested regulation on the cash dividends of Chinese listed companies from the perspective of the motivation for cash dividend unsmoothing.Based on the data of A-share listed companies,it’s found that the analyst’s forecast deviation and stock return volatility are positively related to cash dividend unsmoothing in listed companies,especially in non-state-owned companies and companies with lower degree of separation of cash flow and control rights;it is necessary for the securities regulatory authorities to adopt the disinterested regulation on the cash dividends;the overall amount of cash dividend unsmoothing in listed companies has increased after 2008,however,the information transparency in listed companies with"re-financing qualifications"has improved and the cash dividend unsmoothing is decreased as a result of the disinterested regulation.