中美资本市场财富效应比较研究

本文从股利支付和资本利得的角度对比分析了中美资本市场财富效应水平,并对其影响因素展开分析。研究发现,我国资本市场财富效应不够显著,A股上市公司虽然具有较高的股利支付倾向,但股利支付率和资本利得属性较弱;股利支付行为迎合监管动机较强,融资分红特征明显,股票股利支付行为具有高送转特征;资本市场估值中枢下移,指数波动性较高,资本利得属性较差。美股上市公司虽然股利支付意愿不及A股,但股利支付率和资本利得属性较强,且上市公司不存在明显的融资分红倾向。基于此,本文从控股股东属性、企业生命周期、管理层侵占行为、宏观经济和资本市场环境四个维度对A股市场财富效应水平展开深入探讨,并从提升公司质量、改善盈利能力、调整投资者结构、加强市场建设、优化股利监管制度五方面提出了改善我国资本市场财富效应的政策建议。

A Comparative Study of the Wealth Effects of China and U.S.Capital Markets

This article analyzes the wealth effects of the Chinese and American capital markets from the perspective of dividend payment and capital gains,as well as the related influencing factors.The study found that the wealth effect of the A-share market is not significant enough.Although A-share listed companies have strong willingness to pay dividends,the dividend payout ratio and capital gains are relatively weak.The dividend payment behavior is motivated to cater to regulations,the dividend financing pattern is common,and stock dividends have an obvious characteristic of high payout.The market valuation benchmark moves downwards and the index volatility is high,so the capital gains are relatively low.Although the willingness to pay dividends of U.S.-listed companies is not as strong as that of A-share,the dividend payout ratio and capital gains are relatively high,and there is no obvious tendency of financing to pay dividends.Based on the evidence,this article conducts an in-depth discussion on the wealth effect of the A-share market from the characteristics of controlling shareholders,corporate life cycle,management embezzlement behavior,macroeconomic and capital market environment.This paper proposes policy recommendations to improve the wealth effect of China’s capital market from five aspects,including improving company quality,increasing profitability,adjusting investor structure,strengthening market construction,and optimizing dividend regulatory system.