证券市场导报Issue(11)：25-35,79,12.
金融市场一体化建设与企业现金股利分配
摘要
Abstract
How to enhance corporate cash dividend distribution levels through institutional innovation is an important practical issue for boosting investor confidence and activating capital markets.Based on the institutional background of building a unified national market,this paper treats the establishment of the Shanghai Commercial Paper Exchange as a quasi-natural experiment to examine the impact of breaking commercial paper market segmentation on corporate cash dividend distribution.The research finds that breaking commercial paper market segmentation alleviates corporate liquidity constraints and weakens business risks,making companies more willing to increase cash dividend distribution levels and signal favorable future operating conditions to the market.Heterogeneity tests based on dual dimensions of corporate characteristics and environmental factors reveal that the positive effect of breaking commercial paper market segmentation on corporate cash dividend distribution is more pronounced in companies with higher shareholder supervision levels,weaker supply chain bargaining power,fewer surrounding banks,and poorer commercial credit environments in their cities.This paper not only enriches research on cash dividend distribution but also provides references for promoting the development of financial market integration and incentivizing corporate cash dividends.关键词
金融市场一体化建设/现金股利/上海票据交易所/票据市场Key words
development of financial market integration/cash dividends/Shanghai Commercial Paper Exchange/commercial paper market分类
管理科学引用本文复制引用
黄宏斌,李鹏伟,张娴婧..金融市场一体化建设与企业现金股利分配[J].证券市场导报,2025,(11):25-35,79,12.基金项目
国家社会科学基金后期资助项目"基于横纵价值链视角的企业协同创新研究"(项目编号:23FGLB048)、国家自然科学基金面上项目"上市公司自媒体信息披露及互动的影响因素及经济后果:基于微博、微信的研究"(项目编号:71872121) （项目编号:23FGLB048）
