CAJ | 학술논문

市场化进程在整体推进的同时，各地区之间发展程度却不平衡，从而使公司所处的治理环境或面临的融资约束存在差异，进而导致公司的现金股利政策体现出不同的特征。本文以A股上市公司2005～2011年的数据为研究样本，在实证检验中国上市公司所在地区间市场化程度差异对现金股利政策影响的基础上，进一步考察了市场化进程影响现金股利政策的具体效应。检验结果表明，市场化程度越高，公司现金股利的支付倾向和支付水平均越高；市场化进程对现金股利的影响主要源于市场化进程的缓解融资约束效应。
시장화진정재정체추진적동시，각지구지간발전정도각불평형，종이사공사소처적치리배경혹면림적융자약속존재차이，진이도치공사적현금고리정책체현출불동적특정。본문이A고상시공사2005～2011년적수거위연구양본，재실증검험중국상시공사소재지구간시장화정도차이대현금고리정책영향적기출상，진일보고찰료시장화진정영향현금고리정책적구체효응。검험결과표명，시장화정도월고，공사현금고리적지부경향화지부수평균월고；시장화진정대현금고리적영향주요원우시장화진정적완해융자약속효응。
With the whole advancement of marketization process,there is also a disequilibrium in regional develop-ment,so that the governance environment or financing constraints which a company faces is various between the time and space,leading to the company's different cash dividend policies.Using the data from 2005 to 201 1 as samples,this paper empirically tested the influence of marketization process on cash dividend policies,and on this basis,examined the specific effect of how marketization influenced cash dividend policies.The empirical results show that,in the areas where the mar-ketization is higher,both the tendency and the amount of cash dividend payment is higher,while the positive influence of the marketization process on cash dividend results from the market-oriented reform,alleviating the degree of financing con-straint.