股利平稳性、代理成本与资本结构——基于随机前沿模型的实证分析

摘要以2006—2015年中国上市公司为研究样本,通过随机前沿模型测算公司代理成本,围绕股利平稳性特征考察了现金股利与代理成本、资本结构的非线性关系。检验结果表明:现金股利对于代理成本的作用具有倒U型影响,且公司现金股利支付率低于目标股利加剧代理冲突,高于目标股利则抑制代理成本。现金股利对于资本结构的影响呈现先增后减的非单调性特征,非国有产权属性增强了现金股利对于资本结构的抑制作用。

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	韩云

关键词：现金股利股利平稳性代理成本资本结构随机前沿模型

Abstract： Taking Chinese listed companies from 2006 to 2015 as samples and using stochastic frontier model (SFA) to compute the total agency cost of firms and dividend stability, this paper examines the non-linear relationship between cash dividend and agency cost, and that between cash dividend and capital structure. The test result shows that cash dividend has an inverted U shaped relationship with the agency cost, in that cash dividend below target dividend can aggravate agency conflicts, while cash dividend above target dividend restrains agency cost. There is also an inverted U shaped relationship between cash dividend and capital structure. Additionally, the non-state ownership magnifies the inhibiting effect of cash dividend on capital structure.

Keywords： Cash Dividend;Dividend Stability;Agency Cost Capital Structure Stochastic Frontier Model

收稿日期 2017-02-14; 接受日期 2017-11-22;

基金资助:教育部人文社会科学研究青年基金项目(14YJC790146)

作者简介: 韩云(1981— ),女,河南南阳人,博士研究生,主要从事公司金融与资本市场方向研究。

引用本文:

韩云.股利平稳性、代理成本与资本结构——基于随机前沿模型的实证分析[J]. 经济经纬, 2017,6: 152-158

HAN Yun.Dividend Stability, Agency Cost and Capital Structure——An Empirical Study Based on Stochastic Frontier Model[J] Economic Survey, 2017,V34(6): 152-158

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2017/V34/I6/152