| 无实际控制人影响企业现金股利分配吗？ |
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| 引用本文：田昆儒，孙夫祥，刘冠辰.无实际控制人影响企业现金股利分配吗？[J].财经理论与实践,2025,(4):74-82 |
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| 中文摘要:利用2007—2023年A股上市公司数据，考察无实际控制人对企业现金股利分配的影响。结果显示，无实际控制人会抑制企业现金股利分配，特别是对非国有企业、高新技术企业，以及内外部监督环境较差、中小股东积极性较低、有多个大股东和前十大股东不存在一致行动人的企业抑制效果更好。机制分析发现，无实际控制人通过增加管理层机会主义行为、降低盈利能力来抑制企业现金股利分配。进一步检验证实，无实际控制人虽然抑制现金股利分配，但留存收益并不会显著用于研发、并购等有增长机会的投资，而是倾向于过度投资；无实际控制人企业现金股利分配越少，越会促进中小股东用脚投票行为。鉴于此，监管部门应加强对无实际控制人企业的监督，企业应完善内部控制、发挥股东治理作用，投资者应积极参与公司治理。 |
| 中文关键词:无实际控制人 现金股利分配 管理层机会主义 盈利能力 |
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| Does the Absence of an Actual Controller Affect Corporate Cash Dividend Distribution? |
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| Abstract:Utilizing data from A-share listed companies from 2007 to 2023, this study examines the impact of the absence of an actual controller on corporate cash dividend distribution. The findings reveal that the lack of an actual controller significantly inhibits corporate cash dividend distribution, particularly pronounced in non-state-owned enterprises, high-tech enterprises, those with poor internal and external monitoring environments, those without controlling shareholders, those with low participation from minority shareholders, those with multiple large shareholders, and those where the top ten shareholders do not act in concert. Mechanism analysis indicates that the absence of an actual controller suppresses cash dividend distribution by increasing managerial opportunistic behavior and reducing profitability. Further tests confirm that while the absence of an actual controller inhibits cash dividend distribution, retained earnings are not significantly allocated to investments with growth opportunities such as R&D or mergers and acquisitions. Instead, they tend to be used for over-investment. The study also finds that the less cash dividends are distributed by enterprises without an actual controller, the more it encourages minority shareholders to engage in “voting with their feet”. In light of these findings, regulatory authorities should strengthen supervision over firms without an actual controller, enterprises should enhance internal controls and leverage shareholder governance, and investors should actively participate in corporate governance. |
| keywords:absence of an actual controller cash dividend distribution management opportunism profitability |
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