股权集中度视角下高管团队特征对现金股利政策的影响
DOI:
作者:
作者单位:

河北工业大学 经济管理学院

作者简介:

通讯作者:

中图分类号:

D06

基金项目:

天津市科技发展战略研究计划项目“科技型小微企业民间融资模式创新及路径研究——基于互联网金融与科技金融融合的视角”(项目编号:17ZLZXZF00750)


The Impact of Top Management Team Characteristics on Cash Dividend Policy from the Perspective of Equity Concentration
Author:
Affiliation:

School of Economics and Management,Hebei University of Technology

Fund Project:

  • 摘要
  • |
  • 图/表
  • |
  • 访问统计
  • |
  • 参考文献
  • |
  • 相似文献
  • |
  • 引证文献
  • |
  • 资源附件
  • |
  • 文章评论
    摘要:

    现金股利政策是上市公司对盈利进行分配或留存用于再投资的决策问题,在公司经营中起着至关重要的作用。本文主要探究高管团队特征(规模、年龄、性别、学历背景)对企业现金股利政策的影响,研究发现管理团队的规模越大、平均年龄越大,企业现金股利支付率越高,表明企业管理团队人数越多,年龄越大,越容易采用较高的股利支付率,而管理团队的平均学历越高,越倾向于选择较低的现金股利分配率。说明更高学历的管理层认为,较低的现金股利支付水平才是有利于企业发展的股利支付水平。还发现,男性管理层和女性管理者对企业支付现金股利的高低并没有明显的差异。进一步研究发现,企业的股权越集中,管理者的特征对现金股利政策的影响会被弱化。也就是说,股权集中度会显著削弱管理者特征对公司现金股利政策的影响,该实证结果也印证了上市公司中代理问题的普遍存在。本文的研究结果为企业管理团队的合理配置提出可以借鉴的依据以及实证结果的支持。

    Abstract:

    Cash dividend policy is a decision problem for listed companies to allocate or retain earnings for reinvestment.This paper mainly explores the impact of the characteristics of top management team (size, age, gender, educational background) on corporate cash dividend policy. The study found that the larger the management team and the higher the average age, the higher the cash dividend payout ratio of the company, indicating that the company The more the management team, the older the company, the easier it is to adopt a higher dividend payout ratio, and the higher the average degree of management team, the more inclined to choose a lower cash dividend distribution rate. The management with higher qualifications believes that the lower cash dividend payment level is the level of dividend payment that is conducive to the development of the enterprise. It has also been found that there is no significant difference between male management and female managers in paying cash dividends to enterprises. Further research found that the more concentrated the ownership of enterprises, the weaker the impact of managerial characteristics on cash dividend policy. That is to say, ownership concentration will significantly weaken the impact of managerial characteristics on corporate cash dividend policy. The empirical results also confirm the existence of agency problems in listed companies. The research results of this paper provide the basis for the rational allocation of the enterprise management team and the support of the empirical results.

    参考文献
    相似文献
    引证文献
引用本文

王峥,叶莉.股权集中度视角下高管团队特征对现金股利政策的影响[J].技术经济,2020,39(3):30-36.

复制
分享
文章指标
  • 点击次数:
  • 下载次数:
  • HTML阅读次数:
  • 引用次数:
历史
  • 收稿日期:2019-11-23
  • 最后修改日期:2020-04-14
  • 录用日期:2020-02-17
  • 在线发布日期: 2020-05-22
  • 出版日期:
您是第 位访问者
电话:010-65055536, 18515632865  Email:jishujingji@cste.org.cn
地址:北京市海淀区学院南路86号(100081)  邮政编码:80-584
ICP:京ICP备05035734号-5
技术经济 ® 2024 版权所有
技术支持:北京勤云科技发展有限公司

中国技术经济学会举办“新质生产力赋能高质量发展”专家座谈会

关闭