股价崩盘风险对股利政策的影响研究——基于管理层自利动机的视角

The Impact of Stock Price Crash Risk to Dividend Policy:Based on Self-interest Motive of Management

我国资本市场股价崩盘的现象频发,严重影响了资本市场改革效率和国际化进程,控制系统性风险、形成稳定长效的市场体系迫在眉睫。利用沪深两市2008—2019年A股上市公司数据,以管理层自利动机为切入点考察了股价崩盘风险对于上市公司股利政策的影响,发现在控制了其他影响股利政策的因素后,股价崩盘风险对于上市公司股利政策具有正向的影响作用,这种影响关系在国有企业中更加显著。研究有助于普通投资者重新审视上市公司股利政策,理性面对高额分红送转行为,同时为监管部门完善上市公司股利政策监管体系提供了依据,降低发生系统性风险的概率。

The frequent phenomenon of stock price crash in our capital market has seriously affected the efficiency of capital market reform and the internationalization process,it is an imminent problem to control systemic risk and establish a stable and long-term market system.Starting from the changes of the initiative policy of listed company from self-interest motive of management,this paper exams the impact of stock price crash risk on dividend policy of listed company by using the data of A-share listed companies in Shanghai and Shenzhen from 2008-2019 as the research sample.The research finds that after controlling other factors that affect dividend policy,stock price crash risk has positive effect on dividend policy of listed company.Further,the impact of stock price crash risk on dividend policy is more significant in state-owned enterprises.The research helps investors to re-examine the dividend policy of listed company,face the behavior of high dividend policy rationally,and provide the basis for the regulatory departments to improve the dividend policy supervision system of listed company,reduce the probability of systematic risk.