Journal of Banking and Finance ·Volume 85, Pages 83-98· DEC 2017
交易限制和公司股利：中国的股票限售期经验
作者：Hongyan Fang(School of Finance, Southwestern University of Finance and Economics) Zhihui Song(School of Finance, Southwestern University of Finance and Economics)
John R.Nofsinger(Accounting and Finance Department, College of Business & Public Policy, University of Alaska Anchorage)
Yuyue Wang(School of Finance, Southwestern University of Finance and Economics)
摘要：在2005年开始的股权分置改革之后，中国公司的非流通股大幅减少。非流通股的减少，或者说股票可交易性的增加，与公司的现金股利支出下降有关。财务约束较少的企业的这一正向关系将会被减弱，并且只受到公司管理的较弱影响，不受投资机会或控股股东类型的影响。结果强调了这样一个事实，即企业出钱补偿股东的交易限制，并得出股息在企业更容易获得外部融资时仍然存在的结论。在控制了公司固定效应和遗漏的企业特征之后，这些发现在对非流通股进行替代定义之后仍是稳健的。
关键词：股利支付，股权分置改革，流通股
Trading restrictions and firm dividends: The share lockup expiration experience in China
Hongyan Fang(School of Finance, Southwestern University of Finance and Economics) Zhihui Song(School of Finance, Southwestern University of Finance and Economics) John R.Nofsinger(Accounting and Finance Department, College of Business & Public Policy, University of Alaska Anchorage) Yuyue Wang(School of Finance, Southwestern University of Finance and Economics)
ABSTRACT
Chinese firms experienced a substantial reduction in nontradable shares following the Split-Share Structure Reform that began in 2005. The decrease in nontradable shares, or increase in share tradability, is associated with a decline in the firms’ cash dividend payouts. The positive association is attenuated in firms with fewer financial constraints, only weakly affected by firm governance, and not affected by investment opportunities or controlling shareholder type. The results highlight the fact that firms disgorge cash to compensate shareholders for trading restrictions and conclude that dividends persist when firms have easier access to external financing. These findings are robust to alternative definitions of nontradable shares, after controlling for firm fixed effects and omitted changing firm characteristics.
Keywords: Dividend payout, Split-share structure reform; Tradable shares
原文链接：
https://www.sciencedirect.com/science/article/pii/S0378426617301991
翻译：张展
