摘要
本文以2009-2013年我国A股医药上市公司数据为研究样本,通过搜集东方财富网股吧数据,构建负面网络舆情代理变量,对负面网络舆情对现金股利政策影响进行分析。研究发现:负面网络舆情能显著改善医药上市公司的现金股利政策,提高企业现金股利支付水平;负面网络舆情在机构投资者持股水平比较高的医药公司中能发挥更积极的作用。研究结果表明负面网络舆情具有公司治理效应。
Based on data of the listed company of pharmaceutical industry in China from 2009 to 2013, this paper first empirically tests the relationship between negative network public opinion and cash dividend policy by collecting the data of the stock of Eastern wealth network to construct agent variable of negative network public opinion. Result shows that negative network public opinion can significantly improve the cash dividend policy of pharmaceutical listed companies. Negative network public opinion can play a more positive role in the companies with higher level of shareholding by institutional investors. The research result shows that negative network public opinion has the corporate governance effect.
出处
《财会通讯（下）》
北大核心
2016年第9期118-121,共4页
Communication of Finance and Accounting
基金
广东省哲学社会科学规划项目"网络舆情事件具有公司治理效应吗?"(项目编号:GD13CGL03)的阶段性研究成果
关键词
负面网络舆情
机构投资者
现金股利政策
公司治理
Negative network public opinion
Institutional investors
Cash dividend policy
Corporate governance
