管理评论

管理评论 ›› 2021, Vol. 33 ›› Issue (6): 280-293.

• 会计与财务管理 • 上一篇    下一篇

现金股利分配、投资效率与投资者回报

奚玉芹1, 金永红2, 韩钰3, 魏萌3   

  1. 1. 上海对外经贸大学工商管理学院, 上海 201620;
    2. 上海师范大学商学院, 上海 200234;
    3. 华东理工大学商学院, 上海 200237
  • 收稿日期:2018-03-23 发布日期:2021-07-03
  • 作者简介:奚玉芹,上海对外经贸大学工商管理学院副教授,博士;金永红,上海师范大学商学院教授,博士;韩钰,华东理工大学商学院硕士研究生;魏萌,华东理工大学商学院硕士研究生。
  • 基金资助:
    上海市哲学社会科学规划一般课题（2019BJB025）。

Dividend Policy, Investment Efficiency and Investor Returns

Xi Yuqin1, Jin Yonghong2, Han Yu3, Wei Meng3   

  1. 1. School of Management, Shanghai University of International Business and Economics, Shanghai 201620;
    2. School of Finance, Shanghai Normal University, Shanghai 200234;
    3. School of Business, East China University of Science and Technology, Shanghai 200237
  • Received:2018-03-23 Published:2021-07-03

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摘要： 现金股利分配政策是上市公司对公司利润进行分配或留存用于再投资的决策问题，在公司的经营管理中起着重要作用。本文以投资效率作为调节变量，并将投资效率分为投资不足和投资过度两组，将现金股利分配政策分为分红不足、分红适度和分红过度三组，分别研究了不同组合的现金股利分配政策与投资效率相互作用关系及其对投资者回报的影响。研究发现，对投资不足的企业，分红过度和分红不足都会损害投资效率，并通过投资效率损失对投资者回报产生负面影响，只有分红适度才能使投资不足有所缓解；对投资过度的企业，分红不足会损害企业投资效率，并通过企业投资效率的调节作用，减少投资者长期回报，过度分红则会抑制过度投资行为，并通过这种抑制行为的调节作用，提升投资者回报。本文研究结果对公司股利研究文献进行了补充，也对公司管理者制定更有利于公司发展的股利政策提供了一定的借鉴。

关键词: 现金股利分配, 投资效率, 短期投资回报, 长期投资回报

Abstract: Cash dividend policy of listed companies, a policy which decides the distribution or retention of profit, plays a crucial role in the management of the company. In this paper, using investment efficiency as a moderating variable, the samples are divided into two groups: overinvestment group and underinvestment group. The cash dividend policies are divided into three groups: skimpy dividend, moderate dividend and excessive dividend. This paper studies the interaction relationship between cash dividend policy and investment efficiency and the impact on investor returns of different combination of cash dividend policy and investment efficiency. For underinvested companies, the study shows excessive dividend and skimpy dividend both have negative effect on investment efficiency and return of investors through loss of investment efficiency. Only by moderate dividend, the underinvestment could be reduced. For overinvested companies, skimpy dividend is harmful for investment efficiency and has negative impact on return of investors through moderating effect of investment efficiency. Excessive dividend will reduce overinvestment and increase return of investors through moderating effect of investment efficiency. The research is a supplement for corporate dividend study and could be helpful for the managers of companies to make dividend policy.

Key words: cash dividend distribution, investment efficiency, short-term investment returns, long-term investment returns