上市公司现金股利决策同群效应研究——基于董事连锁视角

Peer Effects in Cash Dividend Decision of Listed Companies in China -- Based on the Perspective of Director Interlocks

摘要:

文章以2014-2018年A股上市公司为样本，实证检验了公司现金股利决策的同群效应存在性，并将公司在同行业中兼任的董事作为现金股利决策信息的传递渠道，探究同业董事连锁对此效应的影响，及其情景异质性和价值效应。研究发现：上市公司现金股利决策存在明显的同群效应；公司董事同业兼任会传递相关决策信息，从而显著强化现金股利决策的行业同群效应；在董事连锁下，高竞争性行业公司、融资约束较大以及国有性质的公司未表现出股利同群效应行为，而低竞争性行业公司、融资约束较小以及非国有性质的公司表现出更为显著的股利同群效应行为，而此效应给公司带来的价值效应是呈倒U型的。公司的现金股利决策应当结合自身实际科学合理制定，以实现利益相关者价值最大化。

Abstract:

Taking A-share listed companies from 2014 to 2018 as a sample, this paper empirically tests the existence of the peer effect of the company's cash dividend decision, takes the company's concurrently serving directors in the same industry as the transmission channel of cash dividend decision information, and explores the impact of interlock director chain on this effect, as well as its scenario heterogeneity and value effect. It is found that there is an obvious peer effect in cash dividend decision-making of listed companies; The board of the company also serves as the board to transmit relevant decision-making information, so as to significantly strengthen the industry peer effect of cash dividend decision-making; With the director chain, companies in highly competitive industries, large financing constraints and state-owned do not show dividend peer effect, while companies in low competitive industries,with small financing constraints and non-state-owned show more significant dividend peer effect, and the value effect brought by this effect to the company is an inverted U-shaped. The company's cash dividend decision should be made scientifically and reasonably in combination with its own reality, so as to maximize the value of stakeholders.