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论文编号：	14082
作者编号：	2120213298
上传时间：	2023/6/8 22:15:39
中文题目：	新冠疫情、融资约束与上市公司股利政策研究
英文题目：	Research on COVID-19, Financing Constraints and Dividend Policies
指导老师：	陆宇建
中文关键字：	新冠疫情；融资约束；现金股利；股票股利
英文关键字：	COVID-19; Financing Constraints ；Cash Dividend; Stock Dividend
中文摘要：	进入新世纪以来，经济社会空前繁荣，人类物质生活和精神生活快速发展的背后也潜藏着危机，局部战争与冲突、经济危机与贸易摩擦、公共卫生事件等突发事件层出不穷，对世界和中国的经济产生了巨大冲击。目前关于突发事件的经济影响研究的文献有很多，但少有文献研究突发事件对公司股利政策的影响，而新冠疫情影响时间长，波及范围广，为研究突发事件对股利政策的影响提供了大量样本。 本文以新冠疫情这一突发事件为切入点，以疫情前后3年数据为研究样本，全面分析了新冠疫情对上市公司股利政策的影响。具体来说，本文根据新冠疫情累计确诊人数，将样本划分为疫情严重地区公司与疫情不严重地区公司，构建DID模型识别新冠疫情对上市公司股利政策的冲击，并进行了一系列稳健性检验。此外，本文还从融资约束角度检验了突发事件对上市公司股利政策影响的作用路径。最后，本文探究了新冠疫情对不同产权性质、不同行业公司的股利政策影响的差异。 本文研究得出以下结论：第一，新冠疫情将导致公司现金股利和股票股利支付水平下降，疫情严重地区的上市公司相对于其他地区的上市公司下降更加明显。新冠疫情通过增加融资约束对公司股利支付水平造成负面冲击，融资约束在两者之间起到了部分中介作用。第二，相对于非国有公司，新冠疫情对国有公司现金股利支付水平的负向冲击更加明显，但新冠疫情对不同产权性质公司的股票股利支付水平的影响并没有显著差别。第三，相对于其他行业企业，新冠疫情对受疫情影响的困难行业企业的现金股利支付水平和股票股利支付水平的负向冲击更加明显。 理论意义层面，本文的研究丰富了突发事件研究的相关文献。本文不仅为研究突发公共卫生事件通过何种机制影响公司股利政策提供了证据，还探究了在新冠疫情背景下，现金股利和股票股利之间是否存在替代关系。现实意义层面，本文的研究能帮助经理人依据突发公共卫生事件的严重程度、宏观经济环境及公司资金链情况等制定适宜的股利政策，提升公司市场价值，同时，也能帮助投资者特别是中小投资者依据已发布的股利分配方案预测公司分配股利的动机，以便做出正确的投资决策。
英文摘要：	Since the beginning of the new century, economic and social prosperity has been unprecedented . However, behind the rapid development of human material and cultural life lurked crisis. A series of emergencies such as local wars and conflicts, economic crises and trade frictions, natural disasters, production safety accidents and public health events have occurred frequently, which have had a huge impact on the Chinese and world economies. At present, there were many literatures on the economic impact of emergencies, but few studied on the impact of emergencies on corporate dividend policies. The COVID-19 pandemic, which was widespread and long-lasting, provided a large number of samples for the study of the impact of emergencies on dividend policies. This dissertation used the data of 3 years before and after the outbreak of COVID-19 to analyze the impact of COVID-19 on the dividend policies. Specifically, to identify the impact of COVID-19 on the level of corporate dividends，according to the cumulative number of confirmed cases of COVID-19, this dissertation divided the samples into corporations in severe epidemic areas and corporations in less severe epidemic areas. This dissertation used the DID model and carried out many robustness tests. In addition, this dissertation also examined the impact mechanism of COVID-19 on the dividend policy of listed companies from the perspective of financial constraints. Finally, this dissertation explored the impact of COVID-19 on the dividend level of corporations with different ownership nature, industries. The conclusions of this dissertation are as follows: First, COVID-19 reduced corporate dividend by increasing financing constraints. Second, compared with private corporations, the negative impact of COVID-19 on the cash dividend is more obvious for state-owned corporations, but there is no significant difference in the impact on the stock dividend of corporations with different property rights. Third, compared with corporations in industries not seriously affected by the epidemic, the negative impact of COVID-19 on cash dividends and stock dividends of corporations in industries seriously affected is more obvious. On the theoretical level, this dissertation enriched the research on emergencies. It not only provided evidence for studying the mechanism of emergencies affecting dividend policies, but also explored whether there was a substitution relationship between cash dividend and stock dividend in the context of COVID-19. On the practical level, this dissertation also helped managers to enhance the market value by adopting appropriate dividend policies according to the severity of public health emergencies, macroeconomic environment and the capital chain of corporations. At the same time, this dissertation helped investors , especially minority investors, to predict the real operating conditions of the corporation and the motivation of dividend distribution, so as to make correct investment decisions.
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