生命周期视角下股利政策与投资-现金流敏感性关系重构  

Reconstruction of the Relation between Dividend Policy and Investment-Cash Flow Sensitivity under the Perspective of Life Cycle

作　　者：董竹[1] 张欣 Dong Zhu;Zhang Xin(School of Business,Jilin University,Changchun 130012,China)

机构地区：[1]吉林大学商学院,吉林长春130012

出　　处：《当代经济管理》2020年第4期79-88,共10页Contemporary Economic Management

基　　金：教育部哲学社会科学研究重大攻关项目《资本市场的系统性风险测度与防范体系构建研究》(17JZD016);教育部人文社会科学研究项目《新常态下我国资本市场与经济增长的长期协调发展研究》(16JJD790016)。

摘　　要：以2008-2016年沪深A股上市公司为研究对象,基于企业生命周期和所有权性质的双重研究视角,实证检验了现金股利政策对投资-现金流敏感性的影响。研究结果表明:成长期的国有企业由于预算软约束的存在产生了扭曲的投资-现金流敏感性,现金股利能够通过抑制过度投资缓解其扭曲的投资-现金流敏感性;成长期的民营企业的投资-现金流敏感性来源于真实的融资约束水平,支付现金股利会进一步提高其投资-现金流敏感性;成熟期的国有企业和民营企业的投资-现金流敏感性均来源于代理冲突,现金股利政策能够弱化其投资-现金流敏感性;衰退期的国有企业和民营企业也由于预算软约束的存在产生了扭曲的投资-现金流敏感性,现金股利政策会进一步扭曲其投资-现金流敏感性。Based on the data of Chinese listed A-share companies during the period of 2008 to 2016,this paper explores the influence of corporate cash dividends on investment-cash flow sensitivities from the dual perspectives of different stages of the corporate life cycle and different natures of ownership. The research results indicate that: for state-owned listed companies in growth period,cash dividend policies can alleviate,by constraining overinvestment,their distorted investment-cash flow sensitivity resulted from the existence of soft budget constraints;for private-owned listed companies in growth period,cash dividends will further increase its investment-cash flow sensitivity which is constrained by the the real level of financing constraints;for state-owned listed companies and private-owned listed companies in mature period,cash dividends policies can weaken their investmentcash flow sensitivity originated in agency conflicts;for state-owned listed companies and private-owned listed companies in decline period,cash dividend policies will further distort its investment-cash flow sensitivity which is first distorted by the existence of soft budget constraints.

关 键 词：现金股利 投资-现金流敏感性 企业生命周期 所有权性质 

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