内部控制、自由现金流和现金股利
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摘要
股利政策作为公司最重要的财务决策之一,一直备受关注,而"股利消失"现象为现金股利研究提供了新的视角。选取A股上市公司2012—2016年数据作为研究样本,运用Tobit模型进行实证检验,研究内部控制质量对现金股利的影响及自由现金流对二者关系的调节作用。研究发现:内部控制质量越高,上市公司发放现金股利倾向和发放水平越高;较高的自由现金流水平也会促进现金股利发放,而自由现金流会抑制内部控制质量对现金股利的促进作用。研究内部控制质量对现金股利的影响及自由现金流在其中的调节作用,力求为现金股利分配现状的影响因素研究提供一个新的视角,为完善内部治理和股利分派提供参考。
Dividend policy,as one of the most important financial decisions of a company,has attracted much attention from researchers.The phenomenon of "dividend disappearance"provides a new perspective for cash dividend research.Based on the data of A-share listed companies from 2012 to 2016,this paper uses Tobit model to empirically test the impact of internal control quality on cash dividend and the moderating effect of free cash flow on the relationship between them.It is found that the higher the quality of internal control,the higher the tendency and level of cash dividend issued by listed companies;high level of free cash flow will also promote cash dividend payment and the free cash flow will inhibit the promotion of internal control quality on cash dividend.This paper studies the influence of internal control quality on cash dividend and the moderating role of free cash flow in it,tries to provide a new perspective for the influencing factors of cash dividend distribution,and provide reference suggestions for improving internal governance and dividend distribution.
Dividend policy,as one of the most important financial decisions of a company,has attracted much attention from researchers.The phenomenon of "dividend disappearance"provides a new perspective for cash dividend research.Based on the data of A-share listed companies from 2012 to 2016,this paper uses Tobit model to empirically test the impact of internal control quality on cash dividend and the moderating effect of free cash flow on the relationship between them.It is found that the higher the quality of internal control,the higher the tendency and level of cash dividend issued by listed companies;high level of free cash flow will also promote cash dividend payment and the free cash flow will inhibit the promotion of internal control quality on cash dividend.This paper studies the influence of internal control quality on cash dividend and the moderating role of free cash flow in it,tries to provide a new perspective for the influencing factors of cash dividend distribution,and provide reference suggestions for improving internal governance and dividend distribution.
引文
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[2] JENSEN M C,MECKLING W H. Theory of the firm:Managerial behavior,agency costs and ownership structure[J]. Journal of financial economics,1976,3(4):305-360.
[3] GORDON M J. Optimal investment and financing policy[J]. The Journal of Finance,1963,18(2):264-272.
[4]姜永盛,程小可,姚立杰.内部控制、企业生命周期与现金股利[J].证券市场导报,2014(10):34-40.
[5] HAIL L,TAHOUN A,WANG C. Dividend payouts and information shocks[J]. Journal of Accounting Research,2014,52(2):403-456.
[6]方红星,金玉娜.高质量内部控制能抑制盈余管理吗?基于自愿性内部控制鉴证报告的经验研究[J].会计研究,2011(8):53-60.
[7]张会丽,吴有红.内部控制、自由现金流及经济后果[J].会计研究,2014(3):71-78,96.
[8]杨汉明,曾森.生命周期视角的自由现金流与现金股利政策研究[J].学习与实践,2015(3):79-89.
[9] BARGERON L L,LEHN K M,ZUTTER C J. Sarbanes-Oxley and corporate risk-taking[J]. Journal of Accountingand Economics,2010,49(1):34-52.
[10]毛新述,孟杰.内部控制与诉讼风险[J].管理世界,2013(11):155-165.
[11]陈汉文,屈依娜.内部控制与现金股利政策[J].厦门大学学报(哲学社会科学版),2016(5):118-127.
[12] MICHAEL S R. Growth,beta and agency costs as determinants of dividend payout ratios[J]. The Journal of Financial Researeh,1982,5(3):249-259.
[13] EASTERBROOK F H. Two agency cost explanations of dividends[J]. The American Economic Review,1984(98):225
[14] JENSEN M C. Agency cost of free cash flow corporate finance and takeover[J]. The American Economic Review,1986(4):323-329.
[15]谢德仁.企业分红能力之理论研究[J].会计研究,2013(2):22-32,94.
[16]张梦菲.终极控制权、自由现金流与现金股利的关系研究[D].成都:西南交通大学,2016.
[17]吴春贤,张静.金融发展与现金股利政策分析——基于融资约束与自由现金流的检验[J].商业研究,2017(6):69-78.
[18]于晓红,姜百灵,李阳.现金股利、自由现金流与投资效率的关系——基于我国A股制造业上市公司样本数据的分析[J].当代经济研究,2017(1):80-88.
[19]刘启亮,罗乐,张雅曼,等.高管集权、内部控制与会计信息质量[J].南开管理评论,2013(1):15-23.
[20]陈汉文,周中胜.内部控制质量与企业债务融资成本[J].南开管理评论,2014(3):103-111.
[21]汉克尔,李凡特.现金流量与证券分析[M].张凯,译.北京:华夏出版社,2001.
[22]向为民,牛玉龙,王霜.公司基本面、市场行为与股票投资收益[J].重庆理工大学学报(社会科学),2017(1):67-75.
[23]何建国,黄晶晶,万伟.连续股利公司与无股利公司的对比分析:对投资者的启示[J].重庆理工大学学报(社会科学),2017(11):59-64.
[24]宋蔚蔚,李小娟,仉晓敏.中小企业板的内控信息披露“择机”选择研究[J].重庆理工大学学报(社会科学),2017(11):74-80.
[25]杨婧.企业生命周期、公司治理与大股东掏空[J].财经理论研究,2017(4):94-104.
[26]陈威,王晓宁,周静.真实盈余管理影响因素研究[J].重庆理工大学学报(社会科学),2017(6):50-56.
[27]吴继忠,莫忆微.股权结构、中介机构声誉与IPO抑价率——基于PE支持的企业数据[J].重庆工商大学学报(社会科学版),2017(1):66-75.
[28]李万福,林斌,宋璐.内部控制在公司投资中的角色:效率促进还是抑制?[J].管理世界,2011(2):81-99,188.
[2] JENSEN M C,MECKLING W H. Theory of the firm:Managerial behavior,agency costs and ownership structure[J]. Journal of financial economics,1976,3(4):305-360.
[3] GORDON M J. Optimal investment and financing policy[J]. The Journal of Finance,1963,18(2):264-272.
[4]姜永盛,程小可,姚立杰.内部控制、企业生命周期与现金股利[J].证券市场导报,2014(10):34-40.
[5] HAIL L,TAHOUN A,WANG C. Dividend payouts and information shocks[J]. Journal of Accounting Research,2014,52(2):403-456.
[6]方红星,金玉娜.高质量内部控制能抑制盈余管理吗?基于自愿性内部控制鉴证报告的经验研究[J].会计研究,2011(8):53-60.
[7]张会丽,吴有红.内部控制、自由现金流及经济后果[J].会计研究,2014(3):71-78,96.
[8]杨汉明,曾森.生命周期视角的自由现金流与现金股利政策研究[J].学习与实践,2015(3):79-89.
[9] BARGERON L L,LEHN K M,ZUTTER C J. Sarbanes-Oxley and corporate risk-taking[J]. Journal of Accountingand Economics,2010,49(1):34-52.
[10]毛新述,孟杰.内部控制与诉讼风险[J].管理世界,2013(11):155-165.
[11]陈汉文,屈依娜.内部控制与现金股利政策[J].厦门大学学报(哲学社会科学版),2016(5):118-127.
[12] MICHAEL S R. Growth,beta and agency costs as determinants of dividend payout ratios[J]. The Journal of Financial Researeh,1982,5(3):249-259.
[13] EASTERBROOK F H. Two agency cost explanations of dividends[J]. The American Economic Review,1984(98):225
[14] JENSEN M C. Agency cost of free cash flow corporate finance and takeover[J]. The American Economic Review,1986(4):323-329.
[15]谢德仁.企业分红能力之理论研究[J].会计研究,2013(2):22-32,94.
[16]张梦菲.终极控制权、自由现金流与现金股利的关系研究[D].成都:西南交通大学,2016.
[17]吴春贤,张静.金融发展与现金股利政策分析——基于融资约束与自由现金流的检验[J].商业研究,2017(6):69-78.
[18]于晓红,姜百灵,李阳.现金股利、自由现金流与投资效率的关系——基于我国A股制造业上市公司样本数据的分析[J].当代经济研究,2017(1):80-88.
[19]刘启亮,罗乐,张雅曼,等.高管集权、内部控制与会计信息质量[J].南开管理评论,2013(1):15-23.
[20]陈汉文,周中胜.内部控制质量与企业债务融资成本[J].南开管理评论,2014(3):103-111.
[21]汉克尔,李凡特.现金流量与证券分析[M].张凯,译.北京:华夏出版社,2001.
[22]向为民,牛玉龙,王霜.公司基本面、市场行为与股票投资收益[J].重庆理工大学学报(社会科学),2017(1):67-75.
[23]何建国,黄晶晶,万伟.连续股利公司与无股利公司的对比分析:对投资者的启示[J].重庆理工大学学报(社会科学),2017(11):59-64.
[24]宋蔚蔚,李小娟,仉晓敏.中小企业板的内控信息披露“择机”选择研究[J].重庆理工大学学报(社会科学),2017(11):74-80.
[25]杨婧.企业生命周期、公司治理与大股东掏空[J].财经理论研究,2017(4):94-104.
[26]陈威,王晓宁,周静.真实盈余管理影响因素研究[J].重庆理工大学学报(社会科学),2017(6):50-56.
[27]吴继忠,莫忆微.股权结构、中介机构声誉与IPO抑价率——基于PE支持的企业数据[J].重庆工商大学学报(社会科学版),2017(1):66-75.
[28]李万福,林斌,宋璐.内部控制在公司投资中的角色:效率促进还是抑制?[J].管理世界,2011(2):81-99,188.