反貪污運動、政治連結與所有權結構對股利政策影響之研究 —中國上市公司實證

CCUR > College of Business > Department of Banking & Finance > Thesis > Item 987654321/52852

Please use this identifier to cite or link to this item: https://irlib.pccu.edu.tw/handle/987654321/52852

Title:	反貪污運動、政治連結與所有權結構對股利政策影響之研究 —中國上市公司實證 The Impact of Anti-corruption Campaigns, Political Connections, Ownership Structure on the Dividend Policy: Evidence From China
Authors:	林柏翰
Contributors:	財務金融學系
Keywords:	反貪污運動政治連結所有權結構股利政策
Date:	2023
Issue Date:	2023-08-02 13:02:08 (UTC+8)
Abstract:	本研究主要探討反貪污運動、政治連結與所有權結構對股利政策的影響。本文以2008年至2021年上海和深圳證券交易所上市公司為樣本進行實證分析，並透過文獻整理推論出三個研究假說，分別為假說1：在中國，具有政治連結的企業，股利發放較高；假說2：在反貪污運動執行後，具有政治連結的企業，股利發放下降；假說3: 反貪污運動會調節政治連結與所有權結構對股利支付率的影響。本文研究發現，政治連結會提高企業的股利發放率，其次，本文加入反貪污運動進行探討，研究發現反貪污運動會降低具有政治連結企業的股利發放率，最後本文加入不同所有權結構的影響，實證結果發現在反貪污運動後，國有企業會降低其股利發放率；內資法人企業會提升其股利發放率；外資企業與家族企業其股利發放率則無顯著差異。顯示不同的所有權結構在反貪污運動後，對股利發放有不同的管理思維。本文研究結果在新興市場的公司治理與管理實務上做出貢獻，亦即當管理者因應市場之不完美建立政治關係時，需考量政治連結所帶來的潛在成本與利益，以及當此關係受到衝擊時，對公司資源配置的影響並加以權衡。 This article mainly discusses the impact of anti-corruption campaign, political connec-tion, ownership structure on the dividend policy, and empirical analysis using Shanghai and Shenzhen listed companies in mainland China from 2008 to 2021. There are three hypothesis, H1: Firms with political connection will distribute more dividends in China ; H2: Firms with political connection will reduce the dividend payout after the anti-corruption campaign ; H3: Anti-corruption campaign moderate the effects of political connection and ownership structure on dividend payout ratio. This paper finds that political connection will increase the dividend payout ratio of firms. Second, after adding anti-corruption campaign, this paper finds that anti-corruption campaign will decrease the dividend payout ratio of firms. Finally, this paper examines the impact of different ownership structures. This paper finds that state-owned enterprises will decrease their dividend payout ratio ; domestic enterprises will increase their dividend payout ratio ; there is no significant difference in the dividend payout ratio between for-eign enterprises and family enterprises. This paper shows that different ownership struc-tures have different degrees of impact on dividend payout ratio after anti-corruption cam-paign. The findings of this paper contribute to the practice of corporate governance and management in emerging markets when managers establish political relationships in re-sponse to market imperfections, they need to consider and weigh the potential costs and benefits of political connections, as well as the impact on corporate resource allocation when such relationships are impacted.
Appears in Collections:	[Department of Banking & Finance ] Thesis

Files in This Item:

File	Description	Size	Format
index.html		0Kb	HTML	176	View/Open

View Licence

Loading...