企业社会责任、现金股利与投资效率 |
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引用本文: | 周雪,马舜羿. 企业社会责任、现金股利与投资效率[J]. 技术经济, 2019, 38(11): 22-32 |
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作者姓名: | 周雪 马舜羿 |
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作者单位: | 上海对外经贸大学会计学院,上海201620;上海对外经贸大学会计学院,上海201620 |
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摘 要: | 本文选择我国2008-2016年沪深两市的A股上市公司作为研究样本,首先实证检验了企业承担社会责任对企业现金股利分配的影响。研究结果表明,社会责任表现越好的企业其更倾向于派发或连续派发现金股利,并且现金股利支付率越高。接下来本文对企业发放现金股利与投资效率的关系进行了研究。研究表明,企业发放现金股利通过减少企业的自由现金流抑制代理问题,缓解了自由现金流富余的企业的过度投资,连续派现向市场传递出的积极信号为企业带来新的融资,缓解了自由现金流紧缺的企业的投资不足。最后,本文进一步研究了企业社会责任在现金股利与投资效率的相关关系中发挥了何种调节作用,研究结果显示企业通过履行社会责任增加现金股利的发放,进而可以显著提高现金股利对过度投资的抑制作用。履行社会责任的企业更倾向于连续派现,从而提高了现金股利对投资不足的缓解程度。
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关 键 词: | 企业社会责任 现金股利 投资效率 自由现金流 |
收稿时间: | 2019-10-29 |
修稿时间: | 2020-02-17 |
corporate social responsibility, cash dividends and investment efficiency |
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Affiliation: | shanghai university of international business and economics |
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Abstract: | This paper selects listed companies in Shanghai and Shenzhen A stock markets from 2008 to 2016 as research samples and start empirical study of the impact of corporate social responsibility on corporate cash dividend distribution at first. The results of this study show that companies with better social responsibility performance tend to distribute or continuously distribute cash dividends, and have the higher the cash dividend payout rate. Next, this paper studies the impact of corporate cash dividends on corporate investment efficiency. Research shows that on the one hand, the company with surplus free cash flow can suppress agency problem by distributing cash dividends to reduce the free cash flow of the company, then alleviate the over-investment in such company. On the other hand, the positive signals sent to the market by continuous distribution of cash dividends have brought new financing to the company, alleviating under-investment by companies with limited free cash flow. Finally, this paper further studies the role of corporate social responsibility in the correlation between cash dividends and investment efficiency. The results show that companies can increase the cash dividends by fulfilling their social responsibilities, which can significantly increase the extent to which cash dividends can alleviate over-investment. Companies that fulfill their social responsibilities are more likely to distribute cash dividends continuously, thereby increasing the mitigation of under-investment. |
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Keywords: | Corporate Social Responsibility, Cash Dividends, Investment Efficiency, Free Cash Flow |
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