摘要
近年来,中国上市公司在选择股利分配政策时,常常热衷于采用高送转这一特殊的股利分配方式,其动机莫衷一是,但高送转背后往往伴随着大股东减持现象,引发了学术界的高度关注。文章以减持动机这一视角实证检验了高送转与大股东减持规模之间的关系,并在此基础上考察会计稳健性的调节作用。在运用倾向得分匹配法缓解潜在的内生性问题后,研究发现:高送转强度与大股东减持规模正相关;适度的会计稳健性抑制高送转与大股东减持规模间的正向关系,相反过度的会计稳健性会强化两者的正向关系;在考虑不同债务期限结构的影响后,发现长期债务越多的企业,会计稳健性对高送转与大股东减持规模间的“U型”调节作用更显著。通过研究,以期为管理层如何选择适度的会计稳健性、监管层如何规定公司高送转分配政策和规范大股东减持,以及维护广大中小投资者的利益提出相应的对策建议。
In recent years,when Chinese listed companies choose the dividend distribution policy,they are often keen to adopt the special dividend distribution mode of high delivery,which has different motives.However,the phenomenon of large shareholder reduction is often accompanied by high delivery,which has aroused great attention of the academic community.From the perspective of reducing motivation,this paper empirically tests the relationship between high transfer and large shareholders'reducing scale,and on this basis,examines the regulatory role of accounting conservatism.After using propensity score matching method to alleviate the potential endogenous problems,this paper finds that high transfer intensity is positively related to the scale of large shareholder reduction;moderate accounting conservatism restrains the positive relationship between high transfer and large shareholder's reduction of holding scale,on the contrary,excessive accounting conservatism strengthens the positive relationship between them;after considering the influence of different debt maturity structure,it is found that the more long-term debt the enterprise has,the more significant"U-shaped"adjustment effect of accounting conservatism on the scale of high transfer and large shareholder reduction is.Through the research of this paper,we hope to give some suggestions on how to choose the appropriate accounting conservatism for the management,how to regulate the distribution policy of high transfer and how to regulate the reduction of large shareholders to protect the interests of the majority of small and medium-sized investors.
作者
赖丹
方文龙
LAI Dan;FANG Wenlong(School of Economics and Management,Jiangxi University of Science and Technology,Ganzhou 341000,China;Nonferrous Metals Industry Development Research Institute,Jiangxi University of Science and Technology,Ganzhou 341000,China)
出处
《华东经济管理》
CSSCI
北大核心
2020年第12期99-107,共9页
East China Economic Management
基金
国家自然科学基金项目“股票市场开放与公司信息环境:基于互联互通机制分步实施的准自然实验”(71872198)、“地域偏爱、政治权力距离与公司财务行为”(71572209)。
关键词
高送转
会计稳健性
大股东减持
债务期限结构
“U型”调节
high transfer
accounting conservatism
major shareholder reduction
debt maturity structure
U-type adjustment
作者简介
赖丹(1977),女,江西瑞金人,教授,博士生导师,研究方向:财务管理与资本运作,财税政策与实务,产业经济;方文龙(1995),男,江西抚州人,硕士研究生,研究方向:公司财务,公司治理。
