货币宽松与股利政策：来自越南股市的证据

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2019-12-30 DOI:10.21315/aamj2019.24.2.5

Quoc Trung Tran, Xuan Minh Nguyen, T. Nguyen, Thi Tuyet Mai Nguyen, T. Truong

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引用次数: 1

摘要

越南是检验货币宽松政策对公司股利决策影响的理想实验室，原因如下:(1)越南政府在2007 - 2017年间连续实施货币宽松政策;(2)货币政策主要依靠货币供应量;(3)信贷渠道是主导的货币传导渠道。通过对2008 - 2017年4493个观察数据的研究，我们发现货币供应量对股利支付的选择和股利支付比率都有正向影响，而这种影响被企业现金持有量所缓解。此外，货币供应量与股利调整速度正相关。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Monetary loosening and dividend policy: Evidence from Vietnamese stock market

Vietnam is a promising laboratory to examine the effect of monetary loosening policy on corporate dividend decisions due to the following reasons: (1) Vietnamese government conducts monetary loosening policy continuously between 2007 and 2017; (2) the monetary policy relies mainly on money supply; and (3) credit channel is the dominant monetary transmission channel. With a research data including 4,493 observations from 2008 to 2017, we find that both the choice to pay dividends and dividend payout ratio are positively affected by money supply and this effect is mitigated by corporate cash holdings. In addition, money supply is positively related to speed of dividend adjustment.

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.