股权资本成本波动与现金股利的动态调整  

The Volatility of Cost of Equity Capital and Dynamic Adjustment of Cash Dividend

作　　者：汪平[1,2] 张丽敏[1] 

机构地区：[1]首都经济贸易大学会计学院 [2]山东财经大学公司财务研究中心

出　　处：《投资研究》2016年第1期4-18,共15页Review of Investment Studies

基　　金：国家社科基金项目"资本成本约束下混合所有制公司股权结构优化研究"(15BGL066);国家社科基金项目"资本成本锚定的国有企业投资效率提升机制研究"(15BJY013);北京社科规划重点项目"资本成本测算及其应用领域研究"(15JGA010)

摘　　要：股利政策是企业至关重要的一项财务政策,其对企业的可持续发展及股东财富最大化财务目标的实现具有非常重要的意义。本文利用中国上市公司A股2001-2014年的数据,对现金股利的动态调整机制进行研究。结果表明,基于股权资本成本波动的现金股利动态调整机制更有利于股东财富最大化目标的实现,是我们判断一家公司股利政策是否科学合理的重要标准。在股权资本成本约束下进行现金股利的动态调整,宏观上则有利于培育我国上市公司对投资者的责任担当意识,稳固资本市场基础。Dividend policy is one of the most important financial policies, which has great implication to the sustainable development of enterprises and the realization of the maximization of shareholders＇ wealth. By applying the data of Chinese listed companies in the A-share market during 2001-2014, this paper studies the dynamic adjustment mechanism of cash dividend . The results show that the cash dividend dynamic adjustment mechanism based on the volatility of cost of equity capital is more easier to realize the goal of the maximization of shareholders＇ wealth. The dynamic adjustment of cash dividend under the restriction of the cost of equity capital is also beneficial to the cultivation of the awareness of Chinese listed companies taking responsibility for the investors and bolster Chinese capital market base.

关 键 词：股权资本成本 现金股利 股东财富最大化 动态调整 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]