公司地理位置影响其现金股利政策吗?
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财经研究 2013 年 第 39 卷第 07 期, 页码：39 - 49
摘要
参考文献
摘要
地理因素涵盖的信息极为丰富,文章研究了地理因素这个综合性变量对我国上市公司股利政策的影响。实证研究发现,地处中心城市的企业倾向于多发现金红利。在此基础上,文章进一步从"投资者"和"融资方"等角度分析了地理因素对公司现金红利政策的作用机制。结果显示:投资者更偏好地缘较近的上市公司,这也使位于人口和机构密集的中心城市的上市公司更有压力去迎合投资者的收益要求,从而更多地发放现金股利;另一方面,地理因素也会因机构投资者密度(融资渠道)和再融资监管政策对公司现金红利政策起完全相反的作用。此外,在自由现金流冲突的影响下,中心城市相对多发股利的效应会在一定程度上减弱。
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[4]张纯,吕伟.融资约束与现金股利[J].金融研究,2009,(7):81-94.
[5]Almazan A,De Motta A,Titman S,et al.Financial structure,liquidity and firm locations[R].NBER Working Paper No.13660,2007.
[6]Coval J,Moskowitz T.Home bias at home:Local equity preference in domestic portfo-lios[J].Journal of Finance,1999,54(6):2045-2073.
[7]Francis B,Hasan I,John K,et al.Geography and CEO pay[R].New York UniversityWorking Paper,2007.
[8]Gropper D,Jahera J,Park J.Does it help to have friends in high places?Bank stockperformance and congressional committee chairmanship[J].Journal of Banking&Finance,2013,37(6):1986-1999.
[9]John K,Knyazeva A,Knyazeva D.Does geography matter?Firm location and corporate..payout policy[J].Journal of Financial Economics,2011,101(3):533-551.
[10]Kang J,Kim J.The geography of block acquisitions[J].Journal of Finance,2008,63(6):2817-2858.
[11]Kim C,Pantzalis C,Park J.Political geography and stock returns:The value and riskimplications of proximity to political power[J].Journal of Financial Economics,2012,106(1):196-228.
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[14]Lang L,Stulz R,Walkling R.A test of the free cash flow hypothesis:The case of bid-der returns[J].Journal of Financial Economics,1991,29(2):315-335.
[15]Loughran T,Schultz P.Liquidity:Urban versus rural firms[J].Journal of FinancialEconomics,2005,78(2):341-374.
引用本文
蔡庆丰, 江逸舟. 公司地理位置影响其现金股利政策吗?[J]. 财经研究, 2013, 39(7): 39–49.
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