摘要
文章研究了我国沪深A股上市公司2009~2018年的企业社会责任和现金股利,通过分组回归发现履行社会责任越好的国有企业其现金股利发放水平越高。文章引入企业社会责任和分红政策的交乘项来判断分红政策出台前后国有企业履行社会责任产生的影响,结果表明国有企业对现金分红政策更敏感,更易受到政策的影响,而非国有企业的政治关联并不能起到替代政策的作用来约束企业的分红行为。
This paper studies the corporate social responsibility and cash dividend of A-share listed companies in Shanghai and Shenzhen from 2009 to 2018.Through group regression,it finds that the better the performance of social responsibility,the higher the cash dividend level of state-owned enterprises.This paper introduces the multiplier of corporate social responsibility and dividend policy to judge the impact of state-owned enterprises’social responsibility before and after the introduction of dividend policy.The results show that state-owned enterprises are more sensitive to the cash dividend policy and more likely to be affected by the policy,while the political relationship of non-state-owned enterprises can not play an alternative role in restraining the dividend behavior of the enterprises.
出处
《浙江金融》
2020年第11期26-34,共9页
Zhejiang Finance
基金
广东省财政科研课题“地方政府债务风险预警体系构建与应用研究—基于广东省地级城市数据”(项目编号:Z202055)
珠海市社科联项目“粤港澳大湾区背景下珠海城市创新能力评价指标体系构建与实证研究”(项目编号:2019ZC148)的阶段性成果。
关键词
企业社会责任
产权性质
分红政策
政治关联
Corporate Social Responsibility
Ownership
Dividend Policy
Political Connection
