公司战略、融资约束与现金分布决策——基于A股上市公司的经验证据  

Corporate Strategy,Financing Constraints and Cash Distribution Decision:An Empirical Analysis Based on A-Share Listed Companies in China

作　　者：徐健 张先治[1] XU Jian;ZHANG Xian-zhi(School of Accounting,Dongbei University of Finance and Economics,Dalian 116025,China)

机构地区：[1]东北财经大学会计学院,辽宁大连116025

出　　处：《现代财经（天津财经大学学报）》2021年第2期79-98,共20页Modern Finance and Economics：Journal of Tianjin University of Finance and Economics

基　　金：国家社会科学基金重点项目(19AGL014)。

摘　　要：不同于既往现金分布决策影响因素研究限于公司治理的视角,本文将研究设定在公司战略层面,以现金在A股上市公司及其子公司之间的分布状况为考察对象,实证研究公司战略对现金分布决策的影响以及融资约束对其产生的调节效应。研究结果表明,公司战略影响现金分布决策,激进的战略对现金分布在子公司的比重具有促进效应,战略激进程度越高,现金分布在子公司的比重越高;融资约束差异能够显著影响公司战略与现金分布决策的关系,融资约束会削弱激进的战略对现金分布在子公司比重的促进效应。进一步研究发现,相较于国有控股公司,非国有控股公司的激进战略对现金分布在子公司比重的促进效应更强。这一结论基于公司战略激进程度的视角,在理论上拓展了现金分布决策的影响因素研究,并在实践上对企业优化现金分布决策、提高资金使用效率具有一定借鉴意义。Different from the previous studies on influencing factors of cash distribution decision,which were limited to the perspective of corporate governance,this paper sets the research at the level of corporate strategy,taking the cash distribution between A-share listed companies and their subsidiaries in China as the research object,and empirically studies the impact of corporate strategy on cash distribution decisions and the moderating effect of financing constraints on it.The results show that corporate strategy affects cash distribution decisions,and the aggressive strategy has a promoting effect on the proportion of cash distributed in subsidiaries.The more aggressive the strategy is,the higher the proportion of cash distributed in subsidiaries.The difference in financing constraints can significantly affect the relationship between the corporate strategy and cash distribution decisions,and the financing constraints can weaken the promotion effect of aggressive strategy on the proportion of cash distribution in subsidiaries.Further research shows that,compared with state-owned holding companies,the aggressive strategy of non-state holding companies has a stronger promotion effect on the proportion of cash distributed in subsidiaries.Based on the perspective of corporate strategic aggressiveness,this conclusion expands the research on influencing factors of cash distribution decision in theory,and has certain reference significance in practice for enterprises to optimize cash distribution decision and improve capital utilization efficiency.

关 键 词：公司战略 融资约束 现金分布决策 终极控制人 

分 类 号：F275.5[经济管理—企业管理]