财务柔性、都市因素和现金股利政策  

Financial Flexibility,Metropolitan Factors and Cash Dividend Policy

作　　者：晋盛武[1,2] 赵鹤森 束克东[1,2] JIN Sheng-wu;ZHAO He-sen;SHU Ke-dong(School of Economics,Hefei University of Technology,Hefei 230601,China;Center for Industrial Information and Economic Research,Hefei University of Technology,Hefei 230601,China)

机构地区：[1]合肥工业大学经济学院,安徽合肥230601 [2]合肥工业大学工业信息与经济研究中心,安徽合肥230601

出　　处：《华东经济管理》2018年第4期160-166,共7页East China Economic Management

基　　金：国家自然科学基金项目(71273082)

摘　　要：企业的股利发放问题是市场投资者非常关注的问题,但一直为企业管理者所忽视,文章基于都市因素和企业的财务柔性,对上市公司现金股利发放进行理论分析和实证研究。通过选取2009-2015年我国A股上市公司数据、采用平衡面板数据和非平衡面板数据的实证对比,研究了企业现金股利支付水平与其财务柔性之间的关系。结果表明,现金柔性和负债柔性均对公司的现金股利发放水平有显著正相关作用,其中都市企业的负债柔性对现金股利支付水平的影响较非都市企业更大,而现金柔性对现金股利分配的影响较非都市企业更小。公司管理层可结合所处区位调整内部财务柔性,制定合理的现金股利政策。The issue of dividend payment is very important for investors,which is often neglected by enterprise managers.Based on metropolitan factors and corporate financial flexibility,this paper makes a theoretical analysis and empirical study on the cash dividend payment of listed companies.The paper,by selecting the data from A-share listed companies in China for 2009 to 2015,employs the empirical comparison of the balanced panel data and the unbalanced panel data to study the relationship between the level of cash dividend payment and its financial flexibility.The results show that:Both cash flexibility and debt flexibility have significant positive effects on the cash dividend payment.Among them,the impact of debt flexibility of metropolitan enterprises on cash dividend payment is greater than that of that of non metropolitan enterprises,whereas cash flexibility has a smaller impact on cash dividend distribution than non metropolitan enterprises.The corporate management can adjust the internal financial flexibility according to the location of the company,and make a reasonable cash dividend policy

关 键 词：现金股利 现金柔性 负债柔性 都市因素 

分 类 号：F275[经济管理—企业管理]