分红力度、资本混合度与国企资产保值增值

Dividend Intensity,Capital Mix Degree and the Preservation and Appreciation of Assets of State-owned Enterprises

国有企业混合所有制改革的首要目标是实现国有资产保值增值,同时国资监管部门要求差异化分红,因此,混合所有制改革后的国有企业如何决策分红力度才有利于国有资产保值增值成为亟需研究的问题。本文以2013—2021年我国A股国有上市公司为样本,研究分红力度对国有企业资产保值增值的影响,以及资本混合度的调节效应。研究发现:分红力度与国有企业资产保值增值呈显著倒U型关系,即合理的分红比例有利于促进国有企业资产保值增值;资本混合度对分红力度与国有企业资产保值增值的倒U型关系有正向的调节作用,即强化了分红力度对国有企业资产保值增值影响的敏感性。机制检验表明,两类代理成本具有中介效应。基于企业异质性的研究表明,分红力度对国有企业资产保值增值的影响的极值点因国有企业发展阶段、规模、行政级别、所属行业的技术特质和竞争程度的不同而存在差异。研究结论表明:监管分红力度合理性是国资监管部门“管资本”的重要手段,但要针对混合所有制改革国有企业具体情况进行监管;国有企业可以通过提高资本混合度促进分红的增值效应发挥。

To find effective means of"capital management"to promote the preservation and appreciation of state-owned assets and realize the strengthening,excellence and enlargement of state-owned assets and state-owned enterprises is the focus of deepening the reform of state-owned assets and state-owned enterprises in the future.How to continue to take effective measures to improve the enthusiasm of non-state capital to participate in the governance of state-owned enterprises after the introduction of non-state capital has become an important issue that needs to be solved in deepening the reform of mixed enterprise.Dividend is not only an important measure to attract investors to join,but also the oldest and most commonly used method to mobilize their enthusiasm to participate in governance.The State-owned Assets Supervision and Administration Commission of the State Council and the China Securities Regulatory Commission have been committed to promoting rational dividend of listed companies.In 2013,they promulgated the No.3 Regulatory Guidelines for Listed Companies-Cash Dividend of Listed Companies,and began to implement differentiated dividend policy.Under such background,listed companies changed their reluctant attitude in the past,beginning to pay dividend actively.In this policy background,listed companies changed the past unwilling to pay dividends,began to actively dividend.Therefore,the excessive dividend of a few enterprises affects the development of enterprises and the preservation and appreciation of stateowned assets.Visible,mixed reform state-owned enterprise dividend is not the more the better.So,what kind of dividend strength is conducive to the value of state-owned enterprise assets?Does the capital mix degree of the mixed reform of stateowned enterprises influence the function of maintaining and increasing the value of state-owned assets through dividends?How to formulate a reasonable dividend policy according to the specific situation of the enterprise every year?So far,there is no specific literature on this issue.In order to solve the above problems,this paper takes China's A-share state-owned listed companies from 2013 to 2021 as samples and finds that there is A significant inverted U-shaped relationship between dividend intensity and the value preservation and appreciation of state-owned enterprise assets,and capital mixing degree has a positive moderating effect on the inverted U-shaped relationship between dividend intensity and the value preservation and appreciation of state-owned enterprise assets.The two kinds of agency costs are important intermediary paths for the inverted U-shaped influence of dividend intensity on the preservation and appreciation of state-owned enterprise assets.The extreme point of the influence of dividend intensity on the preservation and appreciation of state-owned enterprise assets varies with the development stage,scale,administrative level,technical characteristics of the industry and competition degree of state-owned enterprises.The research contributions of this paper are as follows:First,the research finds that the relationship between dividend intensity and the value preservation and appreciation of state-owned enterprise assets is inverted U-shaped.If the dividend intensity is too low,the first type of agency will be strengthened,which is not conducive to the value preservation and appreciation of state-owned enterprise assets.Excessive dividend will strengthen the second type of agency,which also is not conducive to the value of state-owned assets.It is of guiding significance for the state property supervision department to urge the reform of state-owned enterprises to formulate dividend policy reasonably and realize the goal of maintaining and increasing the value of state assets.Second,the study found that the capital mix degree has a positive moderating effect on the inverted U-shaped relationship between dividend intensity and the value preservation and appreciation of state-owned enterprise assets,which provides empirical evidence for the state-owned assets supervision department to give full play to the value-added effect of rational dividend by appropriately improving the capital mix degree of state-owned enterprise in the reform of mixed assets.Thirdly,the study found that the extreme value point of the influence of dividend intensity on the value preservation and appreciation of state-owned enterprises'assets varies with the development stage,scale,administrative level,technical characteristics of the industry and competition degree of state-owned enterprises,which provides an important basis for the state-owned assets supervision department to regulate the rationality of state-owned enterprises'dividend more accurately according to the specific situation of state-owned enterprises.