产业政策对公司现金股利的影响：政策扶持抑或投资驱动

The Influence of Industrial Policy on Cash Dividend:Policy Support or Investment Drive

以2004-2018年(DID样本为2006-2015年)的沪深两市A股上市公司为样本,实证检验了产业政策扶持与上市公司现金股利之间的关系。研究发现:产业政策扶持显著降低了上市公司现金股利的分配意愿和分配水平,从而支持了投资驱动效应;产业政策扶持通过增加企业资本支出降低了现金股利,而产业政策所引致的资本支出增加并未显著提高企业的投资效率。进一步的研究显示,产业政策对现金股利的负向影响在国有样本以及市场竞争程度较低、行业成长性较高的情况下更加显著。

This paper empirically studies the relationship between industrial policy support and cash dividend policies of listed companies.The research shows that:(1)Industrial policy support significantly reduces the distribution willingness and level of cash dividends of listed companies,supporting the investment-driven effect.(2)Mechanism test found that the increase in capital expenditure of enterprises caused by industrial policy support reduced cash dividends,but the increase in capital expenditure caused by industrial policy did not significantly improve the investment efficiency of enterprises.(3)Further research shows that the negative impact of industrial policy on cash dividends is more significant in the state-owned samples,and more significant when the degree of market competition is small and the industry growth is high.