资本市场开放与公司现金股利政策——来自沪深港通的经验证据

On Capital Market Opening and Cash Dividend Policy:Empirical Evidencefrom the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connects

作为我国资本市场开放的重要制度创新,沪深港通交易制度的实施产生了一系列市场效应。文章基于双重差分模型,以我国沪深港通标的股票分步扩容为自然实验事件,利用2010-2017年A股上市公司数据,实证研究资本市场开放对现金股利政策的影响。研究发现,作为推进资本市场开放的沪深港通能够显著提升公司现金股利支付的意愿和水平。其次,沪深港通所带来的现金股利激励效应源于代理成本的降低和融资约束的缓解,并且主要体现在国有、信息环境差及制度环境好的企业。最后,借助现金股利发放渠道,沪深港通的实施总体上具有提升公司价值的效应。上述发现在为公司现金股利政策提供经验借鉴的同时,也对正确认识资本市场开放如何影响实体经济具有一定帮助。

As an important institutional innovation in China′s capital market opening,the implementation of the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connects has produced a series of market effects.Based on the dual difference model,tak⁃ing the gradual expansion of Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connects as an example,this paper empirically study the impact of this stock connects on cash dividend policy with the data of A-share listed companies from 2010 to 2017.The findings in the research of Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connects are as follows:first,it not only pro⁃motes the opening of the capital market but also significantly improves the willingness and level of corporate cash dividend pay⁃ment;secondly,its incentive effect of cash dividend comes from the reduction of agency costs and the easing of financing con⁃straints,and is mainly reflected in state-owned enterprises,enterprises with poor information environment or with good institutional environment;finally,with the help of cash dividend distribution channels,the implementation of Shanghai-Hong Kong and Shen⁃zhen-Hong Kong Stock Connects has an overall effect of enhancing corporate value.The above findings not only provide experience for cash dividend decision-making,but also help to understand how the capital market opening affects the real economy.