外部投资者、分红政策与公司技术效率——以民营制造和信息技术业上市公司为例

External Investor,Dividend Policy and Technical Efficiency of Companies:A Case Study on Private-owned Listed Companies in Manufacturing and Information Technology Industry

基于外部投资者在公司技术效率提升中愈加重要而研究相对匮乏的现状,以280家民营制造业和信息技术业上市公司为研究样本,从战略投资者与财务投资者的角度考察其与公司分红政策和技术效率的相互关系。研究结果显示:战略投资者能显著提高企业的技术效率,抑制现金股利发放但促进股票股利发放;财务投资者抑制了公司技术效率的提高,但对现金股利和股票股利则有明显的促进作用。通过对不同分红政策下公司外部投资者与技术效率进行回归分析,发现现金股利和股票股利均强化了战略投资者对技术效率的促进作用及财务投资者对技术效率的抑制作用,当战略投资者与财务投资者同时存在时,现金股利出现负向反转作用,股票股利则出现正向促进作用。进一步的中介效应检验发现,现金股利是外部投资者与技术效率的完全中介变量,股票股利则是外部投资者与技术效率的部分中介变量。

Based on the fact that external investors are becoming more and more important in improving the technological efficiency of enterprises while the current studying situation is relatively scarce,using 280 Chinese private-owned listed companies from 2004 to 2016 as research sample,the paper studies the relationship of strategic investors and financial investors with corporate dividend policy and technical innovation from the perspective of the former.The results show that the strategic investors can significantly improve the technical efficiency of the enterprise,restrain the cash dividend but promote the stock dividend.Financial investors have inhibited the improvement of the enterprise’s technical efficiency,but they have obvious promotion effect on cash dividend and stock dividend.With the regression analysis of external investors and technical efficiency under different dividend policy,it is found that cash dividends and stock dividends both strengthen the role of strategic investors in promoting technical efficiency and financial investors in inhibiting technical efficiency.When strategic investors and financial investors exist at the same time,cash dividend has a negative reversal effect,while stock dividend has a positive promotion effect.Further test of intermediary effect shows that cash dividend is a complete intermediary variable between external investors and technical efficiency,and stock dividend is part of the intermediary variable between external investors and technical efficiency.