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本文利用2003-2013年间948个IPO公司的样本,基于外部治理的地区市场化视角,实证检验了IPO公司青睐分配现金股利的原因,并考虑了政治关联的媒介作用。研究发现,地区市场化进程是IPO公司青睐分配现金股利的原因,即处于市场化进程越高的地区,IPO公司的现金股利分配倾向越高;具有政治关联的IPO公司也更倾向分配现金股利,但这一关系具有不稳定性;考虑政治关联起到的媒介作用后发现,在政治关联的IPO公司中,地区市场化进程对现金股利分配倾向的影响会降低,即相较之政治关联的IPO公司,外部治理的影响在非政治关联的IPO公司的影响力度会更大。同时,与配对公司的检验结果相比,还发现公司特征会显著地影响非IPO公司的现金股利分配倾向,却并不会对IPO公司的现金股利政策产生实质性影响。
Based on the sample of 948 IPO companies in 2003-2013, this paper empirically tests the reasons why IPO companies prefer cash dividends and considers the media role of political connections. The study finds that the process of regional marketization is the reason why IPO companies prefer to distribute cash dividends. That is, the higher the marketization process, the higher the IPO company’s cash dividend distribution tendency. The politically related IPO companies also tend to allocate cash dividends, However, this relationship is not stable. Considering the media role of political connections, it is found that the influence of regional marketization on the propensity of cash dividends to be reduced in the IPO-related companies, that is, compared to the politically-linked IPO The impact of corporate governance and external governance will be greater in non-politically connected IPO companies. At the same time, it is also found that the characteristics of the company significantly affect the non-IPO cash dividend distribution tendency compared with the test results of the counterparty, but it does not have a material impact on the IPO cash dividend policy.