作　　者： (陈名芹）; (刘星）; ;

机构地区： 汕头大学商学院

出　　处： 《中国会计评论》 2018年第4期511-536,共26页

摘　　要： 现金分红监管指引是中国在深化资本市场改革过程中推行的一项股利监管制度安排,目的在于要求上市公司在《公司章程》中对未来分配做出事前承诺,从而保护投资者利益。那么,不同上市公司的现金股利承诺条款设置是否存在差异?现金股利承诺能否提升公司治理质量,从而促使投资者对股利承诺差异给予不同反应?股利承诺条款对股利不平稳是否具有治理效果?基于此,本文以证监会发布《上市公司监管指引第3号——上市公司现金分红》和发布修订《上市公司章程指引(2006年修订)》这一特定期间内公告《公司章程》修订的上市公司为样本,对上述问题进行了检验。研究发现:相比于含有非股利承诺条款修订信息内容的公司,仅含有股利承诺内容的公司,投资者的平均累积超额收益率上升1.13%;现金股利承诺是提升公司治理质量的补充,股利承诺条款修订内容中具备精密股利分配决策程序、精确现金分红比例的公司,投资者的平均累积超额收益率越大。在采用倾向得分匹配法后,结果依然支持上述发现,并且相比于控制组公司,处理组公司的股利不平稳程度显著下降。研究结果表明,上市公司的现金股利承诺内容有利于提升投资者的短期财富,强化公司治理水平,改善公司股利不平稳现象。因此,现金股利承诺的制度安排对维护资本市场健康发展具有明显的实际价值。 Cash dividend regulatory guideline is one of institutional arrangements to implement a dividend regulation policy in Chinese stock market. The purpose of this arrangement is to protect the interests of the investors through the requirements on management dividend commitment in the clauses of company regulations. Then, is management dividend commitment different? Do investors of the listed company give different response to management dividend commitment? Using a special setting, we test the relationship between management dividend commitment and investors’ market reaction, with the samples that announcing revised edition of company regulations during CSRC published Regulatory Guideline for Listed Company No. 3 and Guideline for Clauses of Listed Company Regulations. We find that: investors’ cumulative abnormal return of company with unique content in revised edition of company regulation is higher 1.13% than company with non-unique content in revised edition of company regulation. Investors’ cumulative abnormal return is associated with higher accurate content and higher process precision clauses in revised edition of company regulation. Using PSM method, the result is consistent with the findings. Moreover, the treated company’s dividend unsmoothing significant reduce after publishing revised edition of company regulations. Overall, our findings suggest that clauses of company regulations increase investors’ short-term wealth, improve companies’ governance quality,and ameliorate the situation of companies’ dividend unsmoothing. Thus,cash dividend regulatory guideline is accepted and appreciated by investors in Chinese capital market.

关 键 词： 公司章程 修订 现金股利承诺 公司治理 股利监管 股利不平稳

领　　域： [经济管理—企业管理] [经济管理—国民经济]