金融发展对上市公司股利政策影响研究.docVIP

PAGE PAGE 30 金融发展对上市公司股利政策影响研究 摘要：股利政策作为最重要的企业行为之一，不仅与公司自身微观因素相关联，更受到宏观制度因素的制约。因此，宏观环境中金融体系的发展理应与股利政策息息相关。本文以2007-2009年沪、深两市的上市公司为样本，实证研究了金融发展与上市公司股利政策之间的关系。结果表明，地区金融发展水平将显著影响我国上市公司的股利政策。具体而言，金融发展水平对股利分配意愿具有显著的正向影响，而金融发展与股利支付水平之间的正相关关系不显著。本文进一步研究了金融发展与上市公司股利政策之间的正相关关系在不同产权性质的公司中是否存在差异。结果表明金融发展水平与上市公司股利分配之间的正相关关系将被国有产权所弱化。本文的研究进一步丰富了国内有关股利政策的研究文献，并为评价金融发展在我国资本市场建设过程中的功能提供了新的证据。 关键词：金融发展股利政策产权性质上市公司 Financial Development and Corporate Payout Policy Abstract: The corporate payout policy is thought to be one of the most important corporate behaviors, which is not only related to the microscopic factors of organizations, but also associated with the macro-institutional factors. Thus it can be concluded that as a part of macro-environment, the financial development should be closely linked with corporate payout. Using a example of firms listed in Shanghai and Shenzhen Stock Exchange, The thesis is aimed to explore the relationship between financial development and corporate payout policy. The results show that financial development is highly related with stronger payout incentive, while the positive correlation coefficient between financial development and dividend amount is not statistically significant. On the other hand, the thesis further studies the difference of aforementioned relationships due to the various nature of property right. The findings confirm that the positive correlations of financial development and corporate payout will be weaken by the state-owned property rights. These conclusions further enrich the literature about corporate payout, as well as providing new proof for evaluating the role financial development is playing in the construction of China capital markets. Keywords: Financial development Payout policy Nature of property right Listed companies 一、 导论 （一） 研究背景及意义 长久以来，上市公司的投资、融资与股利政策被认为是财务管理领域的三大核心。从Miller 和Modigliani的“股利无关论”，到Linter的“股利信号传递理论”、Jensen和Meckling的代理成本理论，再到以Statman和Shefrin的自我控制理论、Baker和Wurgler的股利迎合理论为代表的非理性股利政策理论，西方财务学界不断地尝试用