外资银行进入影响公司现金股利政策吗？

doi:10.16716/j.cnki.65-1030/f.2016.05.003

摘要/Abstract

摘要： 本文以沪深两市A股上市公司2005年—2015年数据为样本,检验外资银行进入对现金股利支付倾向与支付水平的影响。但考虑到我国存在产权控制模式差异这一现实背景,又进一步检验了产权性质对上述关系的影响。研究结果表明,外资银行进入显著提高了企业的股利支付倾向与支付水平;外资银行进入与现金股利政策的正向关系在国有企业中更为明显。本文在完善与补充公司股利政策相关研究的同时,也为更好地发挥外资银行的进入效应提供了理论启示。

关键词: 外资银行进入, 现金股利政策, 公司治理, 融资约束

Abstract: Based on the data of listed company in A stock markets in China from year 2005 to 2015, this paper tests whether foreign bank entry affects cash dividend policy.Considering the reality background of China’s property control mode difference, tests whether the property nature’s influence on overall relationship.We find robust evidences that foreign bank entry is positively relevant to both the level and tendency of corporate cash dividend payout, and this relationship is more significant in state-owned corporations. In general, this paper not only supplements the relevant researches of cash dividend policy, but also sheds light on the effect of alleviating on financing constraints of foreign bank.

Key words: Foreign Bank Entry, Cash Dividend Policy, Corporate Governance, Financing Constraints

中图分类号:

F279.23

杨兴全, 申艳艳. 外资银行进入影响公司现金股利政策吗？[J]. 新疆财经, 2016, (5): 20-31.

Yang Xingquan, Shen Yanyan. The Entry Affect of Foreign Bank on Corporate Cash Dividend Policy[J]. Finance & Economics of Xinjiang, 2016, (5): 20-31.

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