摘要
以2007年~2015年沪深交易所披露的前五客户的A股上市公司为样本,研究客户集中与现金股利之间的关系。研究发现:客户集中度与公司的股利支付显著负相关,这一结论在采用PSM和Heckman检验控制内生性问题后仍然成立;进一步的分析表明,这种负相关关系的传导路径是客户的治理效应而不是风险效应。研究结论为客户集中在股利政策中的治理效应提供了经验证据,并且丰富了我国股利支付影响因素的相关文献。
Using the data of the top five customers disclosed from Chinese listed firms from 2007 to 2015,this paper examines the relationship between customer concentration and dividend payout policies,and finds that the relationship between customer concentration and dividend payout is significantly negative. This result is robust after controlling endogenous problem by employing PSM and Heckman two-steps. This paper further investigates and finds that it is the governance effect that drives the negative relationship between customer concentration and dividend payout,not the risk effect. This result provides an empirical evidence that customer concentration has an monitoring role in dividend payout,and also contributes to the enrichment of the literature about the determinant of dividend payout policies.
出处
《广东财经大学学报》
CSSCI
北大核心
2017年第4期70-81,共12页
Journal of Guangdong University of Finance & Economics
关键词
客户集中度
现金股利
股利支付
股利政策
治理效应
风险效应
customer concentration
cash dividend
dividend payment
dividend policy
governance effect
risk effect
