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本文以2008年中国证监会颁布《关于修改上市公司现金分红若干规定的决定》为背景,研究了上市企业对该法规的反应。研究发现,将公司按照股权性质进行划分后,上市企业对该法规颁布前后在股价上的差异在民营企业中最显著,在中央国企和地方国企中却不显著。现金分红法规对民营企业的影响存在以下路径:现金分红法规使得民营企业减少了持有的现金流,而现金流对民营企业的价值有正向影响。本文的研究不仅加深了对半强制性分红问题的认识,同时也对政策法规的可能传导机制进行了探索。
Based on the promulgation of “Decision on Amending Certain Provisions on Cash Dividend Distribution by Listed Companies” issued by China Securities Regulatory Commission in 2008, the article studies the response of listed companies to the regulation. The study finds that after the company is divided according to the nature of the shareholding, the difference between the listed companies in the stock price before and after the promulgation of the regulation is the most notable in the private-owned enterprises, but not in the central state-owned enterprises and local state-owned enterprises. The impact of the cash dividend regulations on private enterprises has the following path: The cash dividend regulations make private enterprises reduce the cash flow held, and the cash flow has a positive impact on the value of private enterprises. The research in this paper not only deepens our understanding of the issue of semi-mandatory dividends, but also explores possible transmission mechanisms of policies and regulations.