The Impact of Venture Capital on the Dividend Policy of Listed Companies: Evidence from China
本文研究风险投资机构对我国上市公司现金股利政策的影响。研究发现:有风险投资背景的上市公司,现金股利的支付概率和支付水平都显著较高;高持股比例的风投机构,更可能增加公司的现金股利支付概率和水平。在全球金融危机期间,风险投资机构可以通过帮助企业缓解融资约束,从而对股利支付产生正面影响;参与董事会和短期套现压力较大的风险投资机构更可能发挥监督职能,从而更大幅度地提高公司的现金股利支付概率和水平。This paper examines the influence of venture capital on the dividend policy of listed companies. We find that venture capital backed listed companies are more inclined to pay cash dividend and have a higher dividend payment than non VC - backed companies. This effect is ever stronger when venture capitalists hold larger shareholding. During the financial crisis, venture capitalists could help companies loosen the financial constraints, and thus enhance their dividend payment. Venture capitalists which participate the board of directors, or which face short - term funding pressure are more likely to prompt the listed companies to increase the cash dividend payment.