国有资本参股与民营企业股利平稳性——基于混合所有制的经验证据

Participation of State-owned Capital and Dividend Smoothing of Private Enterprises:Empirical Evidence from Mixed Ownership Structure

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摘要本文选取2008—2021年中国A股民营上市公司为样本,实证检验了国有资本参股对民营企业股利平稳性的影响。研究发现,国有资本参股与民营企业股利平稳性呈倒U型关系,当国有股权比例尚未到达临界值时,国有资本可以有效提高民营企业股利平稳性,但国有股权超过该临界值则会降低民营企业的股利平稳性。进一步研究发现,国有资本参股与民营企业股利平稳性的倒U型关系在投资者保护水平较高、环境不确定性较高以及实际控制人现金流权与控制权分离度较大时更为平缓。机制检验表明,国有资本参股影响民营企业受到的外部监督和企业内部投资效率,进而影响股利平稳性。拓展研究发现,与战略型国有股权相比,非战略型国有股权对民营企业股利平稳性的影响更加显著。本文研究既增进了对中国情境下上市公司股利平稳性的理解和认识,也为如何有效发挥国有资本优势,促进民营企业高质量发展提供了经验证据。 Based on a sample of A-share listed private enterprises in China from 2008 to 2021,this paper empirically studies the impact of the participation of state-owned capital on the dividend smoothing of private enterprises.The results indicate that there is an inverted U-shaped relationship between the proportion of state-owned capital and dividend smoothing of private enterprises.When the proportion of state-owned capital is less than the threshold,it enhances the dividend smoothing of private enterprises;when the proportion exceeds the threshold,further improving state-owned capital will damage the dividend smoothing of private enterprises.Further analysis shows that a better investor protection level,a higher uncertainty level of the external environment,and a higher level of separation of cash flow right and control right of the actual controller weakens the inverted U-shaped relationship.Path analysis shows that state-owned capital influences the dividend smoothing of private enterprises via external supervision and internal investment efficiency.In addition,this paper finds that compared with strategic state-owned capital,the influence of non-strategic state-owned capital is more pronounced.This paper enriches the understanding of dividend smoothing of listed enterprises in China and provides empirical evidences for private enterprises to effectively leverage the advantages of state-owned capital.

作者钱爱民李婧妍张晨宇 QIAN Aimin;LI Jingyan;ZHANG Chenyu

机构地区对外经济贸易大学国际商学院北京工商大学商学院

出处《中央财经大学学报》北大核心 2025年第7期39-56,共18页 Journal of Central University of Finance & Economics

基金财政部“会计名家培养工程”项目(项目编号:财会[2019]19号) 国家自然科学基金重点项目“环境治理目标下的公司财务、会计与审计行为研究”(项目编号:72332002) 国家自然科学基金青年项目“股票质押式回购交易视角下关联证券分析师行为研究”(项目编号:71902006)。

关键词混合所有制民营企业股利平稳性外部监督投资效率 Mixed-ownership structure Private enterprise Dividend smoothing External supervision Investment Efficiency

分类号 F275 [经济管理—企业管理]