摘要
企业的股利支付行为是影响我国资本市场良性发展的重要要素,文章从外部宏观环境的角度,分析我国企业整体现金股利支付率的影响因素。实证结果表明:我国企业整体股利支付率,具有一定的通胀效应、建筑业叠加效应、出口效应、劳动者报酬替代效应、人口红利效应、资本约束效应、美元促进效应,也体现出一定的假日经济效应,但不是很显著。异质性检验显示:深证主板上市公司整体现金股利支付率,体现出更强的通胀效应、建筑业叠加效应、劳动者报酬替代效应、人口红利效应、资本约束效应以及美元促进效应。进一步研究显示:不确定性环境对上市公司整体现金股利支付率,具有显著的负面影响。本文研究结论一方面丰富了现金股利研究的文献,具有一定的理论意义,另一方面也为上市公司、资本市场监管者以及投资者提供了有益参考,具有较重要的现实意义。
The dividend payment behavior of enterprises is an important factor that affects the healthy development of China's capital market.This article analyzes the factors that affect the overall cash dividend payment rate of Chinese enterprises from the perspective of the external macro environment.The empirical results show that the overall dividend payout rate of Chinese enterprises has certain inflation effects,construction industry superposition effects,export effects,labor compensation substitution effects,population dividend effects,capital constraint effects,and dollar promotion effects,and also reflects certain holiday economic effects,but not very significant.The heterogeneity test shows that the overall cash dividend payment rate of listed companies on the Shenzhen Stock Exchange Main Board reflects stronger inflation effects,construction industry superposition effects,labor compensation substitution effects,population dividend effects,capital constraint effects,and dollar promotion effects.Further research shows that the uncertain environment has a significant negative impact on the overall cash dividend payout rate of listed companies.On one hand,the research conclusions of this article enrich the literature on cash dividend research,and have certain theoretical significance.On the other hand,they also provide useful reference for listed companies,capital market regulators,and investors,and have more important practical significance.
作者
赵建辉
ZHAO Jianhui(China Academy of Fiscal Sciences,Beijing 100142)
出处
《西部金融》
2023年第4期3-11,共9页
West China Finance
作者简介
赵建辉(1978.10-),男,山东人,中国财政科学研究院会计系博士研究生,现任职于中国财政科学研究院。
