{"title":"数字金融与股利政策：来自中国的证据","authors":"Yunxing Song , Suin Lee , Bin Wang","doi":"10.1016/j.pacfin.2025.102704","DOIUrl":null,"url":null,"abstract":"<div><div>This study investigates the effect of digital finance on dividend payouts. Using the digital finance index from PKU-DFICC and a sample of Chinese listed firms, we find a positive relation between digital finance and dividend payouts. Supporting our hypothesis that digital finance reduces information asymmetry and increases insiders' incentive to pay out dividends, the positive relation is stronger for firms with severe information asymmetry. Additionally, digital finance's role in reducing financing constraints also promotes dividend payouts. Overall, our findings suggest noteworthy implications of digital finance on financial markets via dividend payout policy.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102704"},"PeriodicalIF":5.3000,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Digital finance and dividend policy: Evidence from China\",\"authors\":\"Yunxing Song , Suin Lee , Bin Wang\",\"doi\":\"10.1016/j.pacfin.2025.102704\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>This study investigates the effect of digital finance on dividend payouts. Using the digital finance index from PKU-DFICC and a sample of Chinese listed firms, we find a positive relation between digital finance and dividend payouts. Supporting our hypothesis that digital finance reduces information asymmetry and increases insiders' incentive to pay out dividends, the positive relation is stronger for firms with severe information asymmetry. Additionally, digital finance's role in reducing financing constraints also promotes dividend payouts. Overall, our findings suggest noteworthy implications of digital finance on financial markets via dividend payout policy.</div></div>\",\"PeriodicalId\":48074,\"journal\":{\"name\":\"Pacific-Basin Finance Journal\",\"volume\":\"90 \",\"pages\":\"Article 102704\"},\"PeriodicalIF\":5.3000,\"publicationDate\":\"2025-04-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Pacific-Basin Finance Journal\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0927538X25000411\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"2025/2/10 0:00:00\",\"PubModel\":\"Epub\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Pacific-Basin Finance Journal","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0927538X25000411","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"2025/2/10 0:00:00","PubModel":"Epub","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Digital finance and dividend policy: Evidence from China
This study investigates the effect of digital finance on dividend payouts. Using the digital finance index from PKU-DFICC and a sample of Chinese listed firms, we find a positive relation between digital finance and dividend payouts. Supporting our hypothesis that digital finance reduces information asymmetry and increases insiders' incentive to pay out dividends, the positive relation is stronger for firms with severe information asymmetry. Additionally, digital finance's role in reducing financing constraints also promotes dividend payouts. Overall, our findings suggest noteworthy implications of digital finance on financial markets via dividend payout policy.
期刊介绍：
The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.
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