摘要
近年来企业过度投资行为受到政府和学术界关注,在半强制分红政策环境下央企的股利支付特点是否对央企过度投资行为存在影响是一个重要问题。以2012年至2013年间A股央企控制的上市公司数据为基础进行的实证研究表明:1在半强制分红监管政策下,企业的股利支付率与过度投资行为呈现负相关关系;2在半强制分红监管政策下,企业的分红次数与过度投资行为呈现正相关关系。
In recent years, the government and the academic circles pay close attention to corporate over-investment behavior. Under the semi-mandatory dividend regulation policy, it＇s an important problem whether the central enterprises＂ characteristics of dividends paying has influence on over-investment behavior or not. Based on the data of the central enterprises＂ A shares in 2012 to 2013, this research shows that： ①under the semi-mandatory dividend regulation policy, corporate dividend payment rate and over-investment behavior is negatively related; ②under the semi-mandatory dividend regulation policy, there is a positive correlation between the times of dividend and corporate over investment behavior.
出处
《大理学院学报（综合版）》
CAS
2015年第5期37-42,共6页
Journal of Dali University
基金
云南财经大学科研基金青年项目(YC2013B13)
关键词
中央企业
半强制分红政策
股利支付
过度投资
central enterprises
semi-mandatory dividend regulation policy
dividends paying
over-investment
