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The performance of dividend policy—Based on financing constraints and agency cost trade-off

机译：股息政策的绩效基于融资限制和机构成本权衡

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摘要

The performance of dividend policy should not only reflected in returning money to investors, but also function as special corporate governance mechanism. On the basis of the dividend theory from Lintner and Rozeff, this paper measures the dividend policy effectiveness under financing constraints and agency cost with the bilateral stochastic frontier analysis method. We also make an empirical analysis on Chinese listed companies by this model. The result shows that financing constraints and agency cost make the actual dividend payment misaligned toward the low or high direction respectively. Their combined action makes the dividend payment too low and the former factor results in the dominating loss of dividend policy effectiveness in our samples. We argue that the priority to improve the performance of dividend policy is to strengthen the information transparency of capital market and increase the external financing channels.
机译：股息政策的表现不仅反映在将资金返还给投资者，也可以作为特殊的公司治理机制。根据Lintner和Rozeff的股息理论的基础，本文采取了双边随机前沿分析方法对融资限制和机构成本下的股息政策效力。我们还通过此模型对中国上市公司进行了实证分析。结果表明，融资限制和机构成本分别使实际股息支付分别对低或高方向不对准。他们的综合行动使股息支付太低，前者因素导致我们样品中股息政策效应的主导损失。我们认为，改善股息政策履行的优先事项是加强资本市场的信息透明度，并增加外部融资渠道。

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