Journal of Corporate Finance · Volume 42, February 2017 (In Progress), Pages 295–314

股票流动性与股利支付

作者：Fuxiu Jiang, Yunbiao Ma, Beibei Shi (School of Business, Renmin University of China)

摘要：这篇文章研究了股票流动性的信息效应对股息支付的影响。我们使用2000-2014年中国的上市公司为样本，发现股票流动性和股利支付之间存在正相关关系。这个结果在使用其他流动性的变量和控制内生性之后仍然是稳健的。与我们的假设相一致，即股票流动性提供信息同时增加知情者支付股息的动机，我们发现当信息环境不透明，控股股东和少数股东之间冲突严重时，股票流动性和股息支付之间的正相关关系更为显著。此外，市场对股利支付监管规定的反应对于股票流动性低的公司更有利，这表明法律法规是股票流动性的替代变量。最后，我们排除了考虑非控股大股东治理和减轻经理-股东代理冲突的几种替代解释。

关键词：股票流动性，股利支付，控股股东，信息效应，中国

Stock liquidity and dividend payouts

Fuxiu Jiang, Yunbiao Ma, Beibei Shi (School of Business, Renmin University of China)

ABSTRACT

This study investigates the informational effect of stock liquidity on dividend payouts. Using a sample of Chinese listed firms during 2000–2014, we find a positive relation between stock liquidity and dividend payouts. This result is robust to the use of alternative measures of liquidity, and holds after we control for endogeneity concerns. In accord with our hypothesis that stock liquidity provides information and increases insiders' incentive to pay out dividends, we find that the positive relation between stock liquidity and dividend payouts is more pronounced when the information environment is opaque, and when conflict between controlling shareholders and minority investors is severe. Further, market reactions to regulatory stipulations requiring dividend payouts are more favorable for firms with low stock liquidity, suggesting that legal provisions and regulations are substitutes for stock liquidity. Finally, we rule out several alternative explanations concerning the governance of non-controlling block holders and the alleviation of manager-shareholder agency conflict.

Keywords: Stock liquidity; Dividend payouts; Controlling shareholder; Informational effect; China

原文链接：http://www.sciencedirect.com/science/article/pii/S0929119916303583?np=y

翻译：熊进宗