中国金融学术研究网
CHINA FINANCIAL RESEARCH NETWORK

公司财务--资本预算和估值
工作论文
2012-05-22 第4卷 第2期

编: 清华大学经管学院金融学教授。

执行主编: 杨之曙清华大学经济管理学院金融学副教授。


本期目录

Determinants of Dividend Policy in Chinese Firms: Cash versus Stock Dividends

Xi He The Australian National UniversitySchool of Finance and Applied Statistics
Mingsheng Li Bowling Green State UniversityCollege of Business Administration
Jing Shi The Australian National UniversitySchool of Finance and Applied Statistics
Garry Twite The Australian National UniversitySchool of Finance and Applied Statistics

Corporate Investment Under Uncertain Business Cycles

Thomas Dangl Vienna University of TechnologyVienna University of Technology
Youchang Wu University of Wisconsin-MadisonUniversity of Wisconsin-Madison

融资约束抑制技术效率提升吗?公司微观层面的视角

陈海强 厦门大学王亚南经济研究院
韩乾 厦门大学王亚南经济研究院
吴锴 厦门大学王亚南经济研究院


论文摘要

Determinants of Dividend Policy in Chinese Firms: Cash versus Stock Dividends

Xi He The Australian National UniversitySchool of Finance and Applied Statistics
Mingsheng Li Bowling Green State UniversityCollege of Business Administration
Jing Shi The Australian National UniversitySchool of Finance and Applied Statistics
Garry Twite The Australian National UniversitySchool of Finance and Applied Statistics

The Chinese market is characterized by state-controlled and closely held firms as well as significant differences in economic development and legal structures at the provincial level and corporate regulations that require firms seeking external financing to show a history of dividend payment. Using a sample of listed Chinese firms, we investigate the likelihood of paying dividends, different forms of dividends and market reactions to various dividend announcements. We find that profitable, low leverage, high cash holding, stronger shareholder protection firms, and those firms with state ownership prior to listing and undertaking subsequent equity offerings are more likely to pay dividends and cash dividends, in particular. Firms appear to cater to investor demands in setting dividend policy; hence firms with a large proportion of non-tradable shares are more likely to pay cash dividends. Consistent with the use of stock dividends to attract the attention of analysts, we also find that growing firms with high levels of retained earnings and greater investment in fixed assets pay stock dividends and these firms’ dividend announcements are associated with significant positive market reactions and increased analyst following.

Corporate Investment Under Uncertain Business Cycles

Thomas Dangl Vienna University of TechnologyVienna University of Technology
Youchang Wu University of Wisconsin-MadisonUniversity of Wisconsin-Madison

We provide empirical evidence and a theoretical explanation for the asymmetries of capital growth rate at the firm level and in the aggregate. Capital growth rate at the firm level is positively skewed, while the average capital growth rate across firms, as well as its slope, is negatively skewed. We develop a model of irreversible corporate investment that can reconcile these opposite patterns. The key to our model is that firms do not observe the true state of economy and have to infer it from noisy signals. The time-varying uncertainty in the learning process leads to variations in the option value of waiting, which causes many firms to react to bad signals arriving in good times, and few firms to react to good signals arriving in bad times. As a result, the capital growth rate at the aggregate level exhibits a negative skewness both in levels and in the slope, even though irreversibility causes positive skewness at the individual firm level.

融资约束抑制技术效率提升吗?公司微观层面的视角

陈海强 厦门大学王亚南经济研究院
韩乾厦门大学王亚南经济研究院
吴锴厦门大学王亚南经济研究院

本文利用Wang(2010)提出的固定效应随机前沿模型,针对我国制造业上市公司2004-2009年面板数据研究融资约束对其技术效率的影响,从而在公司微观层面为技术效率以及融资约束领域的研究提供新的经验证据。采用传统指标(公司规模、杠杆率和公司年龄)以及依据投资-现金流敏感性模型估计的融资约束变量进行分析,本文发现融资约束对于公司技术效率的提高具有显著抑制作用。利用短期融资券推出作为自然实验解决内生性问题,得出了相同的结论。此外,与国有上市公司相比,融资约束的缓解对于民营上市公司技术效率的提升起到更大程度的促进作用。因此,应当着力完善信贷市场机制,缓解公司融资约束程度,为促进生产率的提高奠定基础。


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