代理成本视角下现金股利对在职消费与过度投资影响-研究

《代理成本视角下现金股利对在职消费与过度投资影响-研究》由会员上传分享，免费在线阅读，更多相关内容在应用文档-天天文库。

1、代理成本视角下现金股利对在职消费与过度投资影响研究AbstractDividendpolicyisnotonlyoneofthethreemajorfinancialfields，butalsoanimportantcomponentofthecorporategovernancemechanism．Theoretically，accordingtotheagencymodelofdividends，wecandeducethatthedividendsreducemoralhazardandadverseselection

2、，therebyinhibitingtheposition．relatedconsumptionandover-investmentbehaviorofmanagement．Whileintherealenvironment，onthestockmarketofChina，theproblemofasymmetricinformationbetweenshareholdersandmanagementinthelistedcompaniesisveryprominent，andtheagencyproblemisseriou

3、s，asmoreandmoreattentionarepaidtocashdividendsfromregulators，thedividendpolicyisbecomeoneofthemeanstosolvetheseproblems．Thispaperstudiesthedividends’inhibitionofagencycosts，atthesametime，focusesonwhetherthefunctionischangedindifferentpropertyrightsoflistedcompanies

4、，andtriestoprovideempiricalevidencefordividendpolicyinChinaBasedontheabovebackground，thefreecashflowhypothesisasthebasis，paperusestheprincipal-agenttheoryandwefindthattheagencycostbetweenshareholdersandbusinessmanagementmainlybodiesontheposition-relatedconsumptiona

5、ndover-investmentbehavior．Atthesametime，onthedividendagencytheoryandpropertyrighttheory，analysisofcorporatedividendsgovernanceeffectsofthetwokindsofagentcost，andunderthepremiseofthedifferentpropertyrightenterprise，explorewhethercashdividendsinhibitionofposition．rel

6、atedconsumptionandexcessiveinvestmentisdifferent．ChoosingtheA-sharefirmsfrom2010-2012asthetestsamples，weanalyzeitseffectfromthepointviewofagentcost．TheconclusionsshowthatcashdividendsandthetwokindsofagentcostiSsignificantlynegativelycorrelated，further，thestate-owne

7、dpropertycompaniesweakenstheeffectofagencycostgovernancemechanism．Accordingtotheresearchconclusionofthearticle，weproposetosomesuggestions，suchasimprovingthestrengthofcashdividends，enhancingthesupervisionandcontrolofposition．relatedconsumption，marketingexecutives’sh

8、areholdingincentivesandusingthefunctionofdebtpolicies．KeyWords：Agentcost；Cashdividends；Position-relatedconsumption；Over-investment；Propertyrights