环境不确定性对股利平稳性的影响--基于股利信息内涵假说

The Impact of Environmental Uncertainty on Dividend Smoothing--Based on The Information Connotation of Dividend Hypothesis

基于股利信息内涵假说,本文运用2004~2019年沪深A股上市公司的数据研究环境不确定性对企业现金股利平稳性的影响。结果表明,所处环境不确定性越强,企业基于对股利信息内涵效应的考虑越会维持股利的平稳性;股利支付水平在环境不确定性和股利平稳性之间起到中介作用。拓展性分析发现,企业的管理层权力越大、融资约束和真实盈余管理水平越低,环境不确定性对股利平稳性的影响就越大。

Based on the information connotation of dividend hypothesis,this paper uses the data of Shanghai and Shenzhen A-Share listed companies from 2004 to 2019 to study the impact of environmental uncertainty on corporate cash dividend policy.The results show that considering the connotation effect of dividend information,the stronger the uncertainty of the environment,the more stable the cash dividend will be.Dividend payment level plays a mediating role between environmental uncertainty and dividend stability.The expansibility analysis shows that the greater the management power,the lower the financing constraint and the real earnings management degree,the greater the impact of environmental uncertainty on dividend stability.