我国上市公司股利分配政策的同群效应研究

Peer Effect to Dividend Policies of Listed Firms in China

公司股利分配政策深受监管机构和投资者长期关注,对于公司内部治理和价值提升具有重要影响。在2023年沪深交易所出台《上市公司现金分红指引》的大背景下,对股利分配政策的同群效应进行研究具有现实意义。本文使用工具变量两阶段Probit模型,实证检验了沪深A股市场股利分配政策同群效应的表现及异质性。研究发现,我国上市公司在制定和实施股利分配政策时存在显著的同群效应,这种同群效应主要表现为行业内小市值公司对大市值龙头公司的跟随效应。股利分配政策的同群效应具有“非对称性”:行业内大市值公司会按照行业惯例在非现金股利分配方面表现出同群效应,而行业内小市值公司更倾向于跟随行业标准在现金股利分配方面表现出显著的同群效应。公司调升和调降股息率对于行业内其他公司股利分配政策的同群效应具有异质性。本文进一步从信息优势和行业竞争两大假说的基本假设出发,对同群效应的成因进行讨论。本文的研究对于证券监管部门规范和引导上市公司制定股利分配政策具有重要的政策含义。

Corporate dividend distribution policy has been deeply concerned by regulators and in-vestors for a long time and has an important impact on the internal governance and value enhancement of the company.Under the regulation of the Guidelines on Cash Dividends for Listed Companies issued by the Shanghai and Shenzhen Stock Exchanges in 2023,it is of practical significance to study the peer effect of dividend distribution policy.This paper empirically examines the performance and heterogeneity of the peer effect of dividend distribution policy in the Shanghai and Shenzhen A-share markets using an instru-mental variable two-stage probit model.It is found that there is a significant peer effect in the formulation and implementation of dividend distribution policy of listed companies in China,and this peer effect is mainly manifested in the following effect of small-capitalization companies in the industry on large-cap-italization leading companies.The peer effect of dividend distribution policy has asymmetric properties:large-capitalization companies in the industry will follow the industry practice in non-cash dividend dis-tribution,while small-capitalization companies in the industry are more inclined to follow the industry standard in cash dividend distribution and show a significant peer effect.There is heterogeneity in the peer effect of firms raising and lowering the dividend yield on the dividend distribution policy of other firms in the industry.This paper further discusses the causes of the peer effect from the basic assumptions on informa-tion-based theories and rivalry-based theories.The research in this paper has important policy implications for securities regulators to standardize and guide listed firms in formulating dividend distribution policies.