信息披露质量如何影响上市公司现金股利支付水平?——基于中介效应模型的实证研究

The Effects of Information Disclosure Quality on the Payment Level of a Cash Dividend in Listed Companies:An Empirical Research Based on the Mediating Effect Model

以2002—2017年深圳证券交易所A股公司的9232个观测点为样本,对信息披露质量影响现金股利支付水平的中介效应进行实证分析。实证研究发现,公司业绩是信息披露质量影响现金股利支付水平的中介变量,即信息披露质量会影响公司业绩继而影响现金股利分配。根据委托代理理论,信息披露越规范透明,代理成本越低,业绩越好。公司确定现金股利支付水平时会考虑已实现的业绩,当期业绩越好,股利支付水平越高。进一步研究发现,公司业绩只是信息披露质量影响现金股利支付水平的部分中介变量,信息披露质量对现金股利支付水平有直接效应,呈显著正相关。根据股利支付水平的结果模型理论,现金股利支付水平是信息披露质量的结果,因为信息披露有利于改善公司治理,降低管理层谋取私利的可能性,从而提高现金股利支付水平。

Based on 9232 sample data of A-share companies in Shenzhen Stock Exchange from 2002 to 2017,an empirical study is conducted by analyzing how information disclosure quality affects the payment level of a cash dividend via the intermediary effect model.The results of the empirical research show that company performance is an intermediary variable of the quality of information disclosure affecting the payment level of a cash dividend,that is,the quality of information disclosure will affect the company′s performance,and then the company′s performance will affect the payment level of a cash dividend;according to the principal-agent theory,the more standardized and clear the information disclosure is,the less the cost of the agent will be and the better the performance will be.The company will consider the realized performance when determining the payment level of a cash dividend.The better the performance is,the higher the payment level of a cash dividend will be;the further research found that company performance is a part of the intermediary variable of the information disclosure affecting the payment level of a cash dividend.The information quality disclosure has a direct effect on the payment level of a cash dividend,which is significantly positively correlated.According to the model theory of the payment result of a dividend,the payment of a cash dividend results from information quality disclosure because information quality disclosure helps to improve the company governance and reduce the possibility that the management staff draw water to their own mill.Thus,the payment level of a cash dividend can be raised.