地域因素怎样影响公司股利政策——替代模型还是结果.PDF

地域因素如何影响公司股利政策——“替代模型”还是“结果模型”？ 张玮婷 王志强 上海证券交易所发展研究中心，厦门大学管理学院 wtzhang@ [摘要] 本文将地域因素对公司股利政策的影响路径归纳为“替代模型”和“结果模型”， 并首次从公司财务灵活性与公司成长性两个视角厘清了两种影响路径在作用机制上的差异， 完善了现有文献在探讨地域因素影响公司股利政策时所存在的理论框架上的缺陷。实证证据 一致表明，地域因素对我国上市公司股利政策的影响机制支持“结果模型”。即，地处边远 地区的公司由于面临更高程度的信息不对称水平，不得不更多地依赖债务融资，从而导致其 剩余举债能力不足，因此，相对于中心地区的公司而言，边远地区的公司尤其是高成长性的 公司对财务灵活性的需求更为迫切，最终使其减少现金股利的发放。 [关键词] 地域因素 信息不对称 财务灵活性 股利政策 How Geography Influences Dividend Policy: Substitute Model or Outcome Model? Weiting Zhang, Zhiqiang Wang Development Research Center, Shanghai Stock Exchange; School of Management, Xiamen University Abstract: This paper defines the influential mechanism of geography on dividend policy as “substitute model” and “outcome model”, and figure out the differences between these two mechanisms from the perspective of financial flexibility and growth for the first time, which complement the shortcomings in the analysis framework when discussing about how geography influences dividend policy. Our empirical results consistently support the “outcome model”. Companies who are in remote places are facing higher level of external financial constraint because of higher level of information asymmetry, which makes them depend more on debt financing, and get less spare debt capacity as a result. Hence, compared to companies sitting in the central places, remote firms, especially for those with higher growth, will have higher needs for financial flexibility, which will lead to lower payout. Key Words: Geography; Information Asymmetry; Financial Flexibility; Dividend Policy JEL Classifications: G30; D82; G32; G35 一、研究背景与文献回顾 信息不对称影响公司财务政策的选择，这不仅在理论上已经得到了系统的阐述，而且也 得到了实证