机构地区: 华南理工大学工商管理学院
出 处: 《软科学》 2013年第2期67-70,共4页
摘 要: 借助双边随机前沿分析方法,构建用于衡量融资约束与代理成本共同作用下股利政策有效性的模型,并以我国上市公司为对象进行实证分析。结果表明,融资约束与代理成本分别使得实际股利支付朝过低和过高的方向偏离,而前者是造成当前我国股利政策治理效应损失的主要原因,二者共同作用使得股利支付整体水平偏低。故而,当前增强我国上市公司股利政策治理效应的关键在于增强资本市场透明度、拓宽融资渠道等方面。 This paper constructs a model to measure the dividend policy effectiveness under financing constraints and agency cost with the bilateral stochastic frontier analysis method. It also makes an empirical analysis on Chinese listed companies by this model. The results show that: financing constraints and agency costs of making the actual dividend payment misaligned toward the low or highdirection, and the financing constraints resulting in the main loss of the dividend policyeffectiveness. Their combined action makes the dividend payment on the low side. Hence, the key to enhance the governance effect is rein- forcing the capital market transparency and broadening financing channels.