Abstract: The cash dividend policy has an impact on the protection of shareholders' rights and interests and the creation of enterprise value.Most of the existing studies examine the impact of monetary policy on cash dividends from the perspective of corporate financing,and there is a lack of comprehensive analysis of the mechanism of action.This paper combs three ways by which the monetary policy takes effect on the cash dividend decision-making,i.e.,the investment environment,the financing environment and the stock price,and constructs a logic framework of the micro effect of the monetary policy.It is found that the dividend policy is counter-cyclical,that is,under the loose monetary policy,enterprises tend not to distribute cash dividends or reduce the distribution level.After alleviating endogenous problems using “the BRICs monetary policy” as the instrumental variable of “monetary policy”,our findings are robust.In a more relaxed monetary policy environment,the more radical the company's strategy is,the more likely the company is not to distribute cash dividends or reduce the level of the cash dividend distribution.Further research shows that under the loose monetary policy environment,overconfident executives may ease the extent of their reduction of cash dividend distribution,and the cash dividend payment is not conducive to the improvement of the company's value.

Key words: Monetary Policy, Enterprise Strategy, Cash dividend, Overconfidence, Enterprise Value

摘要： 现金股利政策关乎股东权益保护与企业价值创造。现有研究大多基于企业融资视角考察货币政策对现金股利的影响,缺少对作用机制的全面分析。本文梳理了货币政策作用于企业现金股利决策的三条路径:投资环境、融资环境和股票价格,并构建了货币政策微观效应的逻辑框架。研究发现:股利分配政策存在逆周期性特征,即宽松的货币政策下,企业倾向不分配现金股利或降低分配水平,引入金砖国家货币政策为工具变量,使用工具变量法缓解内生性问题后,发现基本结论不变。战略激进程度存在顺周期性特征,在更宽松的货币政策环境里,企业战略越激进,越倾向于不分配现金股利或减少现金股利分配水平。进一步研究发现:货币政策宽松环境下,过度自信的高管可能缓解其削减现金股利分配的程度,现金股利支付不利于企业价值的提升。

关键词: 货币政策, 企业战略, 现金股利, 过度自信, 企业价值