创始经理人影响现金股利政策的实证研究——基于声誉理论视角

An Empirical Study on the Influence of Founding Managers on Cash Dividend Policy—Based on the Perspective of Reputation Theory

本文基于股利政策中的声誉理论,以2010~2021年深市创业板上市公司为样本,实证检验了创始经理人对企业现金股利分配的影响。研究结果发现,创始经理人控制的企业的现金股利支付意愿和支付水平均显著高于职业经理人,且创始经理人的持股比例与现金股利支付水平负相关。建议充分发挥创始经理人的才能完善公司治理结构,形成良好的股利分配政策。

Based on the reputation theory in dividend policy, this paper empirically examines the impact of founding managers on the cash dividend distribution of companies based on the sample of companies listed on the ChiNext board of the Shenzhen Stock Exchange from 2010 to 2020. The results show that the willingness and level of cash dividend payment of enterprises controlled by the founding managers are significantly higher than those of professional managers, and the shareholding ratio of the founding managers is negatively correlated with the level of cash dividend payment. It is suggested that the talents of the founding managers should be given full play to improve the corporate governance structure and form a good dividend distribution policy.