绩效期望落差如何影响企业现金股利分配

How Does the Performance Expectation Gap Affect Corporate Cash Dividend Distribution?

中文关键词:  绩效期望落差  现金股利分配  环境不确定性  股权融资  盈利能力  机构投资者类型

英文关键词:performance expectation gap  cash dividend distribution  environmental uncertainty  equity financing  profitability  types of institutional investors

中文摘要:

      绩效期望落差影响管理者的搜索动机和冒险能力,进而会改变企业的行为决策。选取2008—2019年中国A股上市公司作为研究样本,检验了绩效期望落差对现金股利分配的影响。研究发现,企业绩效期望落差与现金股利分配之间存在着“U”型关系,环境不确定性对两者之间的关系起到了显著的负向调节作用。进一步研究表明,企业在绩效期望落差较大时仍进行大额现金分红主要是出于降低企业的股权融资难度和留住现有投资者的目的；绩效期望落差与现金股利分配之间的“U”型关系在高盈利能力、拥有较多稳定型机构投资者的企业中更加显著。因此,监管部门应加强对再融资制度的规范,增强对异常派现企业的监管,并积极引导投资者与企业之间的双向沟通；企业应注重增强自身发展韧性,及时根据内外部环境变化和绩效期望落差水平进行必要的战略调整。

英文摘要:

      Performance expectation gap affects managers' search motivation and risk taking, and then change firm decisions. Based on the research samples of A-share listed companies from 2008 to 2019, this paper examines the impact of performance expectation gap on cash dividend distribution. The results show that there is a U-shaped relationship between performance expectation gap and cash dividend distribution, and environmental uncertainty has a significantly negative moderating effect on the above relationship. Further research shows that in the case of large performance expectation gap, large cash dividends mainly aim to reduce the difficulty in equity financing and retain the existing investors. The U-shaped relationship between performance expectation gap and cash dividend distribution is more significant in firms with high profitability and more stable institutional investors. The above results show that the regulatory authorities should strengthen the regulation of the refinancing system and the supervision of abnormal firms and actively guide the two-way communication between investors and firm. In addition, firms should focus on enhancing their development resilience and timely make strategic adjustments according to changes in internal and external environment and performance expectation gap. 