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	股利政策代理理论的实证检验
	廖理 ; 方芳 ; Liao Li ; Fang Fang
	2010-06-07 ; 2010-06-07
关键词	股利政策 代理理论 股利宣告日 所有者缺位 事件研究 Dividend Policy Dividend Announcement Day Event Study Absence of the Owner Agency-cost Theory F224
其他题名	The Agency Theory of Dividend Policy: An Empirical Analysis
中文摘要	本文从股利政策的代理理论出发分析中国上市公司的股利政策。我们利用传统的增长机会与自由现金流来识别过度投资公司,通过考察2000—2002年股利增加大于10%的315家公司,我们发现,对于股利增加的宣告事件,过度投资公司的市场欢迎程度要显著地大于非过度投资的公司,这说明代理成本理论在中国是适用的。我们进一步检验了国内特殊存在的非流通股以及国有股对于管理层与流通股东之间代理冲突的影响,通过同样的事件研究方法对上述样本进行市场宣告反应检验,结果发现:非流通股比例不同的公司其市场反应并无显著差异,说明非流通股的存在对管理层与流通股东之间的代理冲突没有显著影响;而国有股比例不同的公司其市场宣告反应存在显著差异,说明国有股产生的“所有者缺位”问题加大了管理层过度投资的可能性,并确实影响了现金股利的发放。; This paper analyzes dividend policy of China’s listed companies from the perspective of agency-cost theory. We identified high agency-cost firms as the ones with less growth opportunities and high free cash flow traditionally. By studying on 315 companies with dividend increases greater than 10 percent between 2000 and 2002, we find that for dividend increase announcement events, the over-invested firms experience a larger price appreciation than that of the under-invested firms, which indicates agency theory is applicable in China. Moreover, we examine how the agency problems between management executives and liquid shareholders are affected by non- tradable shares and state-owned shares. In the same way, we find no prominent difference in price reaction regardless of the proportion of non-tradable shares. This demonstrates that the proportion of non- tradable shares is not a factor of conflicts between managers and liquid shareholders. As for the sub-sample with state-owned shares, there is an obvious positive price reaction for firms with high propor- tion of state-owned shares, which indicates that the “absence of the owner” promote the possibility of overinvestment and consequently affact the dividend policy.
语种	中文 ; 中文
内容类型	期刊论文
源URL	[http://hdl.handle.net/123456789/39085]
专题	清华大学
推荐引用方式 GB/T 7714	廖理,方芳,Liao Li,等. 股利政策代理理论的实证检验[J],2010, 2010.
APA	廖理,方芳,Liao Li,&Fang Fang.(2010).股利政策代理理论的实证检验..
MLA	廖理,et al."股利政策代理理论的实证检验".(2010).

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