“政府之手”和“市场之手”配置资源孰优孰劣？——来自新股发行现金分红承诺的证据
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| Title | “Government’s hand” versus “Market’s hand”: Which one is more efficient?--Evidence from IPO Cash Dividend Commitment
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| 作者 | 王跃堂 王国俊 |
| Author | Wang Yuetang and Wang Guojun |
| 作者单位 | 南京大学管理学院 |
| Organization | School of Management, Nanjing University |
| 作者Email | wangyt@nju.edu.cn |
| 中文关键词 | 现金股利承诺 IPO审批 IPO折价 资源配置效率 |
| Key Words | Cash dividend commitment; IPO approval; IPO underpricing; Capital allocation efficiency |
| 内容提要 | 现金分红是投资者获得回报的重要方式，长期稳定的分红政策是成熟资本市场的标志。由于具备良好的法律环境和投资者保护制度，发达国家政府不对企业的分配行为进行干预。相比之下，新兴市场由于缺乏制度供给，需要政府对企业的分配行为进行引导。为了促进资本市场的成熟和发展，我国证监会要求申请上市的公司在公司章程中对未来的分配政策做出承诺，这一制度创新体现了企业决策和政府监管的结合，也为比较“政府之手”和“市场之手”配置资源的效率提供了研究契机。研究结果发现，证监会和市场都青睐承诺分红比例高的公司，这些公司上市后的业绩优于承诺分红比例低的企业，说明分红承诺比例传递了公司价值的信号，证监会的新政提高了资本市场配置资源的效率。进一步比较后发现，在承诺分红比例高的公司中，市场更加欢迎分红承诺不附加条件的公司，这类公司上市后的业绩更好，这说明分红承诺是否附加条件也传递了公司价值的信号，市场对这一信号做出了准确的判断，而证监会对之却没有加以区别，由此证实市场比政府在资源配置方面更有效率。本文的研究结果不仅为推进股票发行注册制的市场化改革提供了经验借鉴，也表明十八届三中全会提出的使市场在资源配置中发挥决定性作用具有重大的实践意义。 |
| Abstract | Cash dividend is one major way that firms reward their investors. A long-term and stable dividend policy is one sign of a mature capital market. There are established legal environments and investor protection institutions in developed countries, so government do not intervene in corporate dividend policy. In contrast, there are insufficient institutional supports in emerging markets, so regulations are needed to discipline firms’ distribution behavior. In order to protect the interests of investors and to develop sound capital market, China’s Securities Regulatory Commission (CSRC) requires the "Initial Public Offerings"(IPO) companies to make commitment on future dividend policy in firm articles. This new policy allows both government regulation and firms’ discretions and create research opportunity to compare efficiency of resource allocation between government force and market force. We find that both CSRC and investors favor IPO firms that commit high dividend payout which have better post-IPO performance. The result indicates that dividend payout commitment ratio signals firm value, and the new policy increases resource allocation efficiency. We also find that in the group of IPO firms that commit high dividend payout, firms that make unconditional commitment to pay cash dividends have better post-IPO performance and are less underpriced. But these firms are not more likely to be approved by CSRC. This indicates that dividend commitments conditions also signal firm value. The results show that investors are more efficient in estimating firm value than CSRC. This study not only provides empirical evidence for future IPO registration-based system reform, also shows the practical value to let the market decide the allocation of resources addressed by the Third Plenary Session of 18th CPC Central Committee. |
| 文章编号 | WP640 |
| 登载时间 | 2014-08-01 |
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