经济与管理研究Issue(5)：76-84,9.
市场化进程与现金股利政策：治理效应抑或缓解融资约束？
The Process of Marketization and Cash Dividend Policies---Governance Effect or Alleviating Financing Constraints Effect
摘要
Abstract
With the whole advancement of marketization process,there is also a disequilibrium in regional develop-ment,so that the governance environment or financing constraints which a company faces is various between the time and space,leading to the company's different cash dividend policies.Using the data from 2005 to 201 1 as samples,this paper empirically tested the influence of marketization process on cash dividend policies,and on this basis,examined the specific effect of how marketization influenced cash dividend policies.The empirical results show that,in the areas where the mar-ketization is higher,both the tendency and the amount of cash dividend payment is higher,while the positive influence of the marketization process on cash dividend results from the market-oriented reform,alleviating the degree of financing con-straint.关键词
市场化进程/现金股利政策/治理效应/融资约束Key words
Marketization/Cash Dividend Policies/Governance Effect/Financing Constraints分类
管理科学引用本文复制引用
杨兴全,张丽平,陈旭东..市场化进程与现金股利政策：治理效应抑或缓解融资约束？[J].经济与管理研究,2014,(5):76-84,9.基金项目
国家自然科学基金项目“制度背景、行业特征与公司现金持有竞争效应”（71362004）；国家社科基金项目“市场化进程、终极人控制与公司并购绩效”（11XGL002）；教育部人文社会科学研究项目“市场化进程、控股股东控制与公司现金股利政策”（10YJA630015）；新疆维吾尔自治区普通高等学校人文社会科学重点研究基地重大项目“上市公司集团化经营与公司财务政策研究” （）
