Journal of Corporate Finance · Volume 42, February 2017 (In Progress), Pages 295–314

股票流動性與股利支付

作者：Fuxiu Jiang, Yunbiao Ma, Beibei Shi (School of Business, Renmin University of China)

摘要：這篇文章研究了股票流動性的信息效應對股息支付的影響。我們使用2000-2014年中國的上市公司為樣本，發現股票流動性和股利支付之間存在正相關關系。這個結果在使用其他流動性的變量和控制内生性之後仍然是穩健的。與我們的假設相一緻，即股票流動性提供信息同時增加知情者支付股息的動機，我們發現當信息環境不透明，控股股東和少數股東之間沖突嚴重時，股票流動性和股息支付之間的正相關關系更為顯著。此外，市場對股利支付監管規定的反應對于股票流動性低的公司更有利，這表明法律法規是股票流動性的替代變量。最後，我們排除了考慮非控股大股東治理和減輕經理-股東代理沖突的幾種替代解釋。

關鍵詞：股票流動性，股利支付，控股股東，信息效應，中國

Stock liquidity and dividend payouts

Fuxiu Jiang, Yunbiao Ma, Beibei Shi (School of Business, Renmin University of China)

ABSTRACT

This study investigates the informational effect of stock liquidity on dividend payouts. Using a sample of Chinese listed firms during 2000–2014, we find a positive relation between stock liquidity and dividend payouts. This result is robust to the use of alternative measures of liquidity, and holds after we control for endogeneity concerns. In accord with our hypothesis that stock liquidity provides information and increases insiders' incentive to pay out dividends, we find that the positive relation between stock liquidity and dividend payouts is more pronounced when the information environment is opaque, and when conflict between controlling shareholders and minority investors is severe. Further, market reactions to regulatory stipulations requiring dividend payouts are more favorable for firms with low stock liquidity, suggesting that legal provisions and regulations are substitutes for stock liquidity. Finally, we rule out several alternative explanations concerning the governance of non-controlling block holders and the alleviation of manager-shareholder agency conflict.

Keywords: Stock liquidity; Dividend payouts; Controlling shareholder; Informational effect; China

原文鍊接：http://www.sciencedirect.com/science/article/pii/S0929119916303583?np=y

翻譯：熊進宗