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本文以2012-2016年沪深A股上市公司数据,考察由省委书记变更导致的政治不确定性对企业股利政策的影响。研究发现,研究发现:(1)政治不确定性导致企业倾向于少发或者停发股利,会采取更加稳健的股利政策。(2)当发生政治不确定时,较国有企业,民营企业更采取更为稳定的股利政策。本文完善了从宏观到微观研究的研究,对了解企业行为起到了重要作用。
Based on the data of Shanghai and Shenzhen A-share listed companies from 2012 to 2016, this paper examines the impact of political uncertainty caused by the change of party secretary on the dividend policy of enterprises. The study found that: (1) political uncertainty led to the business tend to fewer or stopped dividends, will adopt a more robust dividend policy. (2) When there is political uncertainty, a more stable dividend policy will be adopted than state-owned enterprises and private-owned enterprises. This article improves the research from macro to micro studies and plays an important role in understanding the behavior of enterprises.