谁更喜欢定期分红?新兴市场中存货水平和企业经营效率对股利的影响

Q2 Economics, Econometrics and Finance
Haibin Piao, Dachen Sheng
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引用次数: 0

摘要

稳定的定期股息可以为投资者带来公司业绩的稳定运行。当企业经营效率较低、负绩效较强时,会影响企业的现金负担,降低定期股息。根据现金转换周期理论,更快的库存周转率对企业有利,是企业效率和高绩效的重要标志。在真实的商业环境中,对未来生产、物流和通货膨胀的预期都会影响管理者的决策。本文以2017年至2020年在上海和深圳证券交易所上市的所有中国制造业公司的数据为样本。本文通过运用回归方法寻找作为效率指标的库存与股利分配之间的因果关系,给出了存货周转率、经营效率指标与股利分配之间的实证因果关系。研究结果表明,库存考虑可能是复杂的,并且与股息决策呈反u型关系。此外,国有企业对经营效率的考量也有所不同。他们宁愿支付稳定的定期股息,即使他们面临着运营效率的压力和大量库存。国有企业认为,听从政治引导、履行社会义务是企业的首要任务。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Who prefers regular dividends? The effect of inventory level and firm operating efficiency on dividends in an emerging market
Stable regular dividends can deliver the steady operation of a firm’s performance to its investors. When firms experience lower operation efficiency and more negative performance, they can affect their cash burden and lower the regular dividends. According to the cash conversion cycle theory, quicker inventory turnover could benefit the firm, and it is a significant signal of efficiency and high performance. In the real business environment, the expectation of future production, logistics and inflation can all affect managers’ decisions. This paper uses data from all Chinese manufacturing companies listed on the Shanghai and Shenzhen stock exchanges from 2017 to 2020 as a sample. The paper provides the empirical causality between inventory turnover, operating efficiency indicators, and dividend distribution, by applying the regression method to find the causality relationship between inventory as the efficiency indicator and the distribution of dividends. The findings indicate that inventory consideration can be complicated and experience the inverse U-shape relationship with dividend decisions. Further, state-owned enterprises (SOEs) have different considerations about operating efficiency. They prefer to pay stable regular dividends, even if they are under pressure on operating efficiency and suffer from large inventories. SOEs believe that following political guidance and meeting their social obligations is their prioritized mission.
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来源期刊
Investment Management and Financial Innovations
Investment Management and Financial Innovations Economics, Econometrics and Finance-Finance
CiteScore
2.50
自引率
0.00%
发文量
99
审稿时长
11 weeks
期刊介绍: The international journal “Investment Management and Financial Innovations” encompasses the results of theoretical and empirical researches carried out both on macro- and micro-levels, concerning various aspects of financial management and corporate governance, investments and innovations (including using of quantitative methods). It is focused on the international community of financiers, both academics and practitioners. Key topics: financial and investment markets; government policy and regulation; corporate governance; information and market efficiency; financial forecasting and simulation; financial institutions: investment companies, investment funds, investment banks, hedge funds, private pension funds; objects of real and financial investing; financial instruments and derivatives; efficiency of investment projects; econometric and statistic methods in project management; alternative investments; ratings and rating agencies.
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