产品市场竞争强度对公司现金股利分配的影响

作为一种外部治理机制，产品市场竞争的强度对公司现金股利分配具有显著的影响。本文所建立的理论模型表明，两者的关系呈倒U形：在产品市场竞争强度达到某一临界值之前，现金股利分配倾向随之提高；但是，在该临界点之后，现金股利分配倾向随之降低。采用迭代主因子法构建了一个合成变量来度量产品市场竞争强度，针对中国上市公司样本数据的实证检验支持了理论分析的结论。

The Impacts of Competitive Intensity in Product Market on Company's Decision to Distributive Cash Dividend

As a kind of external government mechanism, product market competition （PMC） affects firm＇s cash payout policy significantly. A theoretic model was constructed to suggest that there is a reverse-U-shaped relationship between them. When the level of PMC is relatively low, firms want to pay more out as PMC grows; After PMC exceeded some critical value, firms want to pay less out as PMC grows. Based on a compound PMC variable produced by iterated-principal factor analysis, our point is supported by the empirical analysis using Chinese sample.