融资约束、现金股利与投资-现金流敏感性  

Financial Constraint,Cash Dividend and Investment-Cash Flow Sensitivity

作　　者：徐寿福[1,2] 邓鸣茂[2] 陈晶萍[1] 

机构地区：[1]上海对外经贸大学金融管理学院,上海201620 [2]上海财经大学金融学院,上海200433

出　　处：《山西财经大学学报》2016年第2期112-124,共13页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金青年项目(71503162);中国博士后科学基金面上资助项目(2015M570357);上海市教委科研创新项目(14YS100)

摘　　要：以2004-2013年A股上市公司为研究对象,检验了融资约束程度对现金股利分配的影响,以及不同融资约束条件下现金股利政策对投资—现金流敏感性的影响。研究发现:融资约束程度越低的公司现金股利分配意愿越强,股利分配水平也越高;低融资约束公司的投资—现金流敏感度与现金股利政策显著负相关,表明现金股利政策能够抑制融资约束公司中自由现金流产生的过度投资问题,但没有证据表明现金股利的发放提高了高融资约束公司的融资约束程度。Based on the data of Chinese listed A-share companies during the period of 2004-2013, this paper explores the influence of financial constraints on corporate cash dividend policies and the effects of corporate cash dividends on investment-cash flow sensitivities under the condition of different financial constraints. We show that corporate cash dividends are positively related to SA indexes measuring corporate financial constraints, which suggest that less constrained firms should have stronger cash dividend propensity and higher cash dividend level. Furthermore, cash dividends are negatively related to investment-cash flow sensitivities of less constrained firms, which suggest that cash dividend policies alleviate free cash flow over-investments and weaken investment-cash flow sensitivities of less constrained firms. But there is no evidence that cash dividends will intensify financial constraints of more constrained firms.

关 键 词：融资约束 现金股利 投资一现金流敏感性 自由现金流 代理冲突 

分 类 号：F830[经济管理—金融学]