国企分红再分配与投资决策价值相关性研究——基于国有资本红利返还的初步证据

Abstract

以2007年以来颁布的有关规范国有资本收益收缴和资本预算制度为背景,本文考察了上市国有企业分红对其资本性投资支出决策价值相关性的影响机理。搜集以国有企业分红返还为代表的“体内循环“证据,通过国有股权比例衡量红利“体内循环“的预期操控强度,验证了国有股红利“体内循环“与企业资本性投资支出决策价值相关性的关系以及受国有资本收益收缴和预算制度的影响。本文指出的国资红利再分配的“两面性“,对混合所有制发展和国有企业市值管理均具有一定的理论和现实意义。

Under the background of state capital revenue collection and capital budget policy since year2007,this paper examines the mechanism of payout policy of SOEs on its value relevance of capital expenditure decisions.Collecting evidences on"in-the-body-recycling"of dividend reimbursement policies,this paper uses state ownership as proxy for expected extent of dividend"in-the-body-recycling"and investigates two side effects of cash dividends reimbursement for SOEs,which has a certain theoretical and practical implications for developing mixed ownership and value management of listed SOEs.