摘要
历史亏损公司不能分红是不争的事实,在股东直接利益得不到保障的前提下,如何从制度层面为背负亏损包袱公司解困是本文研究的重点。本文基于分红约束视角实证检验历史亏损对股东财富的影响。研究发现,具有历史亏损的扭亏上市公司,股东财富实现程度更低;高资本公积比例会加剧历史亏损对股东财富的损害,而高水平的地区投资者保护能够在一定程度上抑制历史亏损对股东财富的损害。因此,本文建议推进公司补亏法律制度体系完善,有条件地放开资本公积补亏禁令;同时做好企业财务制度安排,在法律规定范围内保持合理的资本公积比重;还要加强投资者保护的外部环境建设,充分发挥其作为外部治理机制的作用。
It is an indisputable fact that historical loss-making enterprises cannot dividend.Under the premise that the direct interests of shareholders cannot he guaranteed,how to relieve the burden of historical loss-making enterprises from the institutional level is the focus of our paper.Based on the perspective of cash dividend constraint,we examine the impact of historical losses on the realization of shareholder wealth.The results indicate that,the realization of shareholder wealth in historical loss-making enterprises is lower;the high proportion of capital reserve will aggravate the damage of historical loss to the realization of shareholder wealth,while the high level of regional investor protection can restrain the damage of historical loss to the realization of shareholder wealth.Accordingly,we suggest the perfecting the legal system of loss-compensation and conditional liberalization the policy of ban on capital reserve compensation ;arrangements for the financial system of enterprises,keeping the capital reserves in a reasonable proportion within legal limits;strengthening the external environment construction of investor protection for the sake of giving full play to its role as an external governance mechanism.
出处
《会计研究》
CSSCI
北大核心
2018年第10期73-79,共7页
Accounting Research
关键词
历史亏损
股东财富
分红约束
Historical Loss
Shareholder Wealth
Cash Dividend Constraint