财务柔性、股权集中度与现金股利政策——基于A股上市公司数据的实证研究  

Financial Flexibility,Ownership Concentration and Cash Dividends Policy:An Empirical Study in A-share Listed Companies

作　　者：赵瑞杰 吴朝阳[2] 

机构地区：[1]山西省运城市委党校,山西运城044000 [2]山西省社会科学院,山西太原030006

出　　处：《经济问题》2017年第11期114-117,共4页On Economic Problems

摘　　要：以我国深、沪股市A股上市公司2011-2015年财务数据为样本,运用多元回归模型,分析了财务柔性、股权集中度与现金股利分配政策间的依存关系。研究发现:财务柔性与现金股利分配正相关,股权集中度越高的公司越倾向于支付现金股利,但股权集中度对财务柔性与现金股利分配关系具有负向调节效应。Using multiple regression model,this study analyses the dependencies among the financial flexibility,ownership concentration and cash dividends policy based on the sample which is comprised of the financial data from listed companies in Shanghai and Shenzhen Stock Exchange during 2011 to 2015.The results indicate the positive relationship between financial flexibility and cash dividends.Moreover,the findings also reveal that companies with higher ownership concentration have the greater tendency to pay cash dividends,but ownership concentration exerts negative moderating effect on the relationship between financial flexibility and cash dividends.Theoretically,this study enriches the dividend distribution theory by providing a new angle of view.

关 键 词：财务柔性 股权集中度 现金股利政策 

分 类 号：F830.91[经济管理—金融学]