摘要
本文基于制度逻辑视角,以2004~2017年A股上市公司为样本,探究家族涉入对上市公司现金股利政策的影响。研究发现:家族涉入对上市公司的现金股利政策有显著的负向影响;融资约束减弱了家族涉入对现金股利政策的负向影响。进一步检验表明,家族企业提高股利分配水平吸引了更多外部融资进而降低了企业融资约束。本文还分析了非家族成员董事的制衡机制,并通过分析家族涉入与研发投入的关系佐证了长期导向。本文丰富了现有家族企业治理的研究成果,同时也对我国家族企业如何实现“基业长青”提供了新的理论支持。
Based on the perspective of institutional logic,this paper takes listed companies from 2004 to 2017 as a sample to explore the impact of family involvement on the cash dividend policy of listed companies.It is found that family involvement has a significant negative impact on the cash dividend policy of listed companies,while the financing constraints faced by family business weaken the negative impact of family involvement on cash dividend policy.Through further test,this paper verifies that the increase of dividend distribution level by family enterprises attracts more external financing and reduces corporate financing constraints.This paper also analyzes the supervision and balance mechanism of non-family directors,and proves the long-term orientation by analyzing the relationship between family involvement and R&D investment.This paper not only enriches the existing studies on family business governance,but also provides new theoretical support for the"everlasting business"of family business in China.
作者
王凯
茹思雨
WANG Kai;RU Si-yu
出处
《财务研究》
2020年第4期56-66,共11页
Finance Research
基金
国家自然科学基金青年项目(71702114)
北京市社会科学基金青年项目(18GLC076)
北京市教委科研计划(SM202010038015)。
关键词
家族企业
制度逻辑
现金股利
family business
institutional logic
cash dividends
