股利政策的投资者保护机制

The Investor Protection Mechanism of Dividend Policy

中文关键词:  股利政策  投资者保护  定价功能  治理功能

英文关键词:dividend policy  investor protection  pricing function  governance function

中文摘要:

      完善上市公司分红,是A股监管层近期提高投资者保护的重要措施之一。基于系统论构建了实证分析框架,检验结果显示股利政策具有直接定价功能和间接定价功能,即股利支付水平与企业股价显著正相关,同时股利政策还可以提高会计盈余对股票价格的解释力度。当企业的代理风险较高时,支付现金股利可以降低代理风险,进而提高市场对企业的估值。因此,上市公司应该增加股利政策信息披露和股利支付的频率,投资者应该在投资决策时提高对股利信息的重视程度。

英文摘要:

      Recently, perfecting the dividends of the listed companies to improve investor protection has been one of the investor protection measures taken by A-share regulators. Based on the system theory to construct an empirical analysis model, the empirical result shows that dividend policy has both direct and indirect pricing functions, namely the dividend payment level and the enterprise share price are significantly positive correlated, and dividend policy can also improve the explanation of accounting surplus on stock prices. When the agency risk of an enterprise is relatively high, to pay cash dividends can reduce the agency risk, which further improves the valuation of enterprise by market. On that basis, this paper provides the corresponding suggestions for the listed companies and the investors respectively. The listed companies should increase the frequency of dividend policy information disclosure and the frequency of dividend payments. The investors should attach greater importance to dividend information in their investment decision. 