国有资本经营预算对企业现金股利的影响研究OA

The Report to the 20th National Congress of the Communist Party of China proposed to"improve the modern budget system".As an important part of China's government budget,the state-owned capital operation budget has great significance for improving the state-owned capital operation budget system and the state-owned capital supervision system through its linkage mechanism with the micro-level financial decisions of state-owned enterprises.Taking A-share listed local state-owned enterprises and non-state-owned enterprises from 2011 to 2021 as research samples,this paper explores the impact of the implementation of the state-owned capital operation budget system on the cash dividend policy of state-owned enterprises.The research results show that the implementation and deepening of the state-owned capital operation budget significantly raise the cash dividend level of state-owned enterprises.Heterogeneity analysis indicates that the promotional effect of system implementation on cash dividend level is more prominent in state-owned enterprises located in regions with higher economic development level and with lower growth potential.