社会信任对企业现金股利分配的影响

The Impact of Social Trust on the Distribution of Corporate Cash Dividends

社会信任是一种重要的非正式制度,其对企业的行为有重要的影响。那么,社会信任对企业的现金股利分配有什么影响?以2009-2020年中国A股上市公司为样本,探讨了社会信任对企业现金股利分配的影响。研究发现,企业所处地区的社会信任越低,企业越不倾向于分配现金股利;地区金融发展水平和法治水平越高,越会弱化社会信任与企业现金股利分配的正向关系。进一步研究发现,社会信任低会增加企业的融资约束程度和盈余管理程度,从而会使企业不倾向于进行现金股利分配。为此,要继续推进正式制度建设,遏制上市公司的机会主义行为;要全面推动诚信社会建设,提升社会信任水平,降低经济个体间的交易成本与交易风险。此外,企业要主动增加信息披露,缓解融资约束,减少“低股利”和“零股利”现象。

Social trust is an important informal institution that has a significant impact on business behaviors.So,what effect does social trust have on the cash dividend distribution of enterprises?Taking Chinese A-share listed companies from 2009 to 2020 as samples,this paper explores the impact of social trust on corporate cash dividend distribution.The findings show that the lower the social trust in the regions where enterprises locate,the less inclined to distribute cash dividends the enterprises will be.And the higher the levels of regional financial development and the rule of law,the weaker the positive relationship between social trust and corporate cash dividend distribution will be.Further study reveals that lower social trust will raise the degree of financing constraints and the degree of earnings management of the enterprises,which can make them less inclined to distribute cash dividends.Therefore,it is necessary to continue to promote the construction of formal institutions to curb opportunistic behavior of listed companies,and to comprehensively promote the construction of an honest society to raise the level of social trust and reduce transaction costs and risks among economic individuals.In addition,enterprises should take the initiative to increase information disclosure,ease their own financing constraints,and reduce the phenomenon fo“flow”dividends and“zero”ddividend.