银企关系对企业现金股利支付意愿和支付水平的影响——基于双栏模型的研究

摘要/Abstract

摘要：

本文以现金股利分配政策的代理理论为基础，通过引入银企关系的融资约束假设和债权治理假设，将银企关系和股利分配政策纳入统一的分析框架，使用股权分置改革后我国2006—2015年A股上市公司数据和双栏模型考察了银企关系对企业现金股利支付意愿和支付水平的影响。实证结果显示，银企关系对现金股利支付意愿和支付水平的影响存在差异，银企关系的规模、金额和时间一方面显著增加了企业现金股利的支付意愿，支持融资约束假设；另一方面，在企业同意支付现金股利的情况下，银企关系显著抑制了现金股利的支付水平，支持债权治理假设。

关键词: 银企关系, 现金股利, 双栏模型, 融资约束, 债权治理

Abstract:

Based on agency theory and financing constraints and claims governance assumptions, this paper analyzes the relationship between bank-firm relationship and willingness to pay and the actual pay level of corporate cash dividend using double hurdle model and a share data in 2006-2015, a period after the Reform of Non-tradable Shares. The results show that there are significant differences in cash dividend paying willingness and payment levels. On the one hand, the size, amount and term of bank-firm relationship significantly improve the willingness to pay cash dividend and this result supports the financing constraints hypothesis. On the other hand, the size, amount and term of bank-firm relationship significantly inhibit the level of cash dividend payment when the firm agrees to pay cash dividend and this result supports claims governance hypothesis.

Key words: bank firm relationship, cash dividend, double hurdle model, financial constraint, claims governance

罗付岩. 银企关系对企业现金股利支付意愿和支付水平的影响——基于双栏模型的研究[J]. , 2019, 31(11): 60-70.

Luo Fuyan. A Study on the Relationship between Bank-firm Relationship and Cash Dividend——Based on Double Hurdle Model[J]. , 2019, 31(11): 60-70.

参考文献

[1] 陆贤伟,王建琼.公司治理与现金股利相关性研究——基于代理成本和融资约束的双重视角[J].金融评论, 2011,3(5):91-98
[2] Rozeff M. S. Growth, Beta and Agency Costs as Determinants of Dividend Payout Ratios[J]. Journal of Financial Research, 1982,5(3):249-259
[3] Allen L., Gottesman A., Saunders A., et al. The Role of Banks in Dividend Policy[J]. Financial Management, 2012,41(3):591-613
[4] Tseng Y., Chang C., Chang R., et al. The Impact of Bankers on the Board on Corporate Dividend Policy:Evidence from an Emerging Market[J]. Emerging Markets Finance and Trade, 2012,48(S1):192-212
[5] Byrne J., O'Connor T. Creditor Rights, Culture and Dividend Payout Policy[J]. Journal of Multinational Financial Management, 2017,39(3):60-77
[6] Stiglitz J. E., Weiss A. Credit Rationing in Markets with Imperfect Information[J]. The American Economic Review, 1981,71(3):393-410
[7] Diamond D. W. Financial Intermediation and Delegated Monitoring[J]. The Review of Economic Studies, 1984,51(3):393-414
[8] Fohlin C. Relationship Banking, Liquidity, and Investment in the German Industrialization[J]. The Journal of Finance, 1998,53(5):1737-1758
[9] Petersen M. A., Rajan R. G. The Benefits of Lending Relationships:Evidence from Small Business Data[J]. The Journal of Finance, 1994,49(1):3-37
[10] Hoshi T., Kashyap A., Scharfstein D. Corporate Structure, Liquidity, and Investment:Evidence from Japanese Industrial Groups[J]. The Quarterly Journal of Economics, 1991,106(1):33-60
[11] 尹志超,钱龙,吴雨.银企关系、银行业竞争与中小企业借贷成本[J].金融研究, 2015,(1):134-149
[12] 巫岑,黎文飞,唐清泉.银企关系、银行业竞争与民营企业研发投资[J].财贸经济, 2016,37(1):74-91
[13] James C. Some Evidence on the Uniqueness of Bank Loans[J]. Journal of Financial Economics, 1987,19(2):217-235
[14] Hao X., Shi J., Yang J. The Differential Impact of the Bank-Firm Relationship on IPO Underpricing:Evidence from China[J]. Pacific-Basin Finance Journal, 2014,30(11):207-232
[15] Fazzari S. M., Hubbard R. G., Petersen B. C., et al. Financing Constraints and Corporate Investment[J]. Brookings Papers on Economic Activity, 1988,19(1):141-206
[16] 李礼,王曼舒,齐寅峰.股利政策由谁决定及其选择动因——基于中国非国有上市公司的问卷调查分析[J].金融研究, 2006,(1):74-85
[17] Holt R. W. P. Investment and Dividends under Irreversibility and Financial Constraints[J]. Journal of Economic Dynamics&Control, 2003,27(3):467-502
[18] Chae J., Kim S., Lee E. J. How Corporate Governance Affects Payout Policy under Agency Problems and External Financing Constraints[J]. Journal of Banking&Finance, 2009,33(11):2093-2101
[19] 张纯,吕伟.信息环境、融资约束与现金股利[J].金融研究, 2009,(7):81-94
[20] 余亮,梁彤缨.股利政策的治理效应——基于融资约束与代理成本权衡的视角[J].软科学, 2013,27(2):67-70
[21] Aivazian V. A., Booth L., Cleary. S. Dividend Smoothing and Debt Ratings[J]. Journal of Financial and Quantitative Analysis, 2006,41(2):439-453
[22] 董理,茅宁.公司成熟度、剩余负债能力与现金股利政策——基于财务柔性视角的实证研究[J].财经研究, 2013,39(11):59-68
[23] 邓康林,刘名旭.环境不确定性、财务柔性与上市公司现金股利[J].财经科学, 2013,(2):46-55
[24] Yung K., Li D. D., Jian Y. The Value of Corporate Financial Flexibility in Emerging Countries[J]. Journal of Multinational Financial Management, 2015,32-33:25-41
[25] 王满,田旻昊.上市公司财务柔性与股利分配政策研究——基于我国半强制分红的制度背景[J].财经问题研究, 2014,(6):44-50
[26] Cragg J. G. Some Statistical Models for Limited Dependent Variables with Application to the Demand for Durable Goods[J]. Econometrica, 1971,39(5):829-844
[27] 何韧,王维诚.银企关系与中小企业成长——关系借贷价值的经验证据[J].财经研究, 2009,35(10):81-91
[28] 罗付岩,赵佳星.基于零膨胀模型的我国银企关系规模影响因素研究[J].数理统计与管理, 2017,36(2):351-360
[29] 罗付岩.信息不对称、银企关系与企业投资效率[J].金融经济学研究, 2013,28(6):86-98
[30] Almeida H., Campello M., Weisbach M. S. The Cash Flow Sensitivity of Cash[J]. The Journal of Finance, 2004,59(4):1777-1804