并购商誉、市场化程度与公司股利政策

Goodwill,Marketization and Company Dividend Policy

以2007—2018年A股上市公司为样本,分析商誉对企业股利政策的影响。研究发现商誉会降低企业进行现金股利分配的倾向,且商誉金额越大企业进行现金股利分配的比例越低,商誉会增加企业进行股票股利分配的概率,且商誉金额越大企业进行股票股利分配的比例越高,商誉与企业现金股利分配之间的负向关系仅在市场化程度高的区域显著,在市场化程度低的区域不显著。商誉的存在加剧了企业与外部投资者之间的信息不对称,降低了企业业绩与财务决策之间的敏感性。

Taking the A-share listed company from 2007 to 2018 as a sample to analyze the impact of goodwill on corporate dividend policy.The study found that goodwill will reduce the tendency of company to distribute cash dividends,and the greater the amount of goodwill,the lower the proportion of cash dividends allocated by company.Further research shows that goodwill increases the probability of a company's stock dividend distribution,and the greater the amount of goodwill,the higher the proportion of stock dividends.And the negative relationship between goodwill and corporate cash dividend distribution is only significant in areas with higher marketization,and not in areas with lower marketization.The research results show that the existence of goodwill exacerbates the information asymmetry between corporate and external investors,and reduces the sensitivity between corporate performance and financial decision-making.