再融资需求、监管高压和现金分红  

Refinancing Demand,Supervision of High Pressure and Cash Dividends

作　　者：李敬[1] 姜德波[2] LI Jing JANG Debo(School of Economics and Management, Taizhou Polytechnic College, Taizhou 225300, China School of Economics and Trade, Nanjing Audit University, Nanjiing 211815, China)

机构地区：[1]泰州职业技术学院经济与管理学院,江苏泰州225300 [2]南京审计大学经济与贸易学院,江苏南京211815

出　　处：《审计与经济研究》2017年第2期88-97,共10页Journal of Audit & Economics

摘　　要：2011年到2013年是半强制分红政策之后中国证监会在现金分红问题上的高压期,在此背景下进行实证分析发现,上市公司现金分红能力和其资产规模、第一大股东持股比例、资产收益率和净现金流正相关,和资产负债水平以及企业成长性负相关,而企业生命周期和派现意愿正相关但与派现水平负相关;监管的高压期下,显著提升的是派现意愿而非派现水平;限定再融资方式后,通过定向增发满足再融资需求的上市公司并没有因趋严的现金分红监管而显著提高其派现意愿和派现水平。From 2011 to 2013 ,CSRC put a higher pressure on the listed companies about their cash dividend policy after the semi-mandatory dividend policy issued. In this background, we fi-nd that cash dividend gets an positive effect from asset scale, fist shareholder＇s ownership proportion, ROE and net cash flow, and gets an negative effect from asset-liability ratio and growth capacity. Corporate lifecycle has a positive correlation with the willingness of dividend-paying, but has a negative correlation with the level of dividend-paying. Under higher pressure of regulatory, listed companies increased the willingness to pay rather than the level of cash dividend. In the same condition, Listed companies, using private placement to satisfy its＇ refinancing de- mands, are not significantly to raise their willingness and level of dividend-paying.

关 键 词：现金分红 派现意愿 派现水平 定向增发 再融资需求 证券市场 企业生命周期 监管高压 

分 类 号：F275.4[经济管理—企业管理]