管理层能力、现金股利与绩效反应

杨汉明; 赵鑫露

管理层能力、现金股利与绩效反应

引用本文：杨汉明，赵鑫露.管理层能力、现金股利与绩效反应[J].财经理论与实践,2019,(3):74-80

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作者	单位
杨汉明，赵鑫露	（中南财经政法大学会计学院,湖北武汉430064）

中文摘要:基于2011-2015年A股上市公司的样本数据研究发现：我国上市公司的每股现金股利与公司管理层能力呈正相关关系。原因是随着管理层能力的提升，其对资源的使用效率得到提高，为企业创造了更多的利润；基于代理理论控制自由现金流以及信号理论向外界传导有关于企业与管理层声誉的有利信号的目的，上市公司会选择发放更多的现金股利。进一步研究还发现：管理层能够通过发放现金股利来增强自身的能力效应，即发放现金股利能够正向调节管理层能力与企业绩效之间的关系；这种关系还会受到融资约束的影响。

中文关键词:管理层能力现金股利绩效

Management ability, Cash Dividend and Performance Response

Abstract:Based on the sample data of the listed companies of A-shares for 2011-2015 years, it is found that the cash dividend per share of the listed companies is positively related to the management ability of the company. The reason for this phenomenon is that with the improvement of management ability, the efficiency of using resources is increased and more profits are generated for the enterprise. Based on the agent theory, the company has the purpose of controlling the free cash flow or by the signal theory and wants to show the outside world a favorable signal about the reputation of the enterprise and management, so the listed company will choose to distribute more cash dividends. Further research has found that management ability can enhance companies' effect through cash dividend policy, that is to say that the cash dividend can positively regulate the relationship between management ability and enterprise performance; at the same time, the relationship will be influenced by financing constraints.

keywords:management ability cash dividend performance

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