Abstract:
This paper examines the influence of venture capital on the dividend policy of listed companies. We find that venture capital backed listed companies are more inclined to pay cash dividend and have a higher dividend payment than non VC-backed companies. This effect is ever stronger when venture capitalists hold larger shareholding. During the financial crisis, venture capitalists could help companies loosen the financial constraints, and thus enhance their dividend payment. Venture capitalists which participate the board of directors, or which face short-term funding pressure are more likely to prompt the listed companies to increase the cash dividend payment.
吴超鹏, 张媛. 风险投资对上市公司股利政策影响的实证研究[J]. 金融研究, 2017, 447(9): 178-191.
WU Chaopeng, ZHANG Yuan. The Impact of Venture Capital on the Dividend Policy of Listed Companies: Evidence from China. Journal of Financial Research, 2017, 447(9): 178-191.
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