先进制造业企业股利平稳性对创新产出的影响  

The Impact of Dividend Stability on Innovation Output in Advanced Manufacturing Enterprises

作　　者：胡佳利 姚芊[1] HU Jiali;YAO Qian(School of Management,Shanghai University of Engineering Science)

机构地区：[1]上海工程技术大学管理学院

出　　处：《金融经济》2024年第7期22-37,共16页Finance Economy

基　　金：国家社会科学基金项目“数字普惠金融激励性监管制度研究”(22BFX112)。

摘　　要：强化企业科技创新主体地位,既是实现高质量发展的内在要求,也是构建新发展格局的迫切需要。本文以2015—2022年我国A股先进制造业行业上市公司为研究样本,考察了股利平稳性对创新产出的影响及其中的作用机制,并检验了不同性质的财务冗余如何调节两者的关系。结果表明,股利平稳性与创新产出负相关,现金股利波动性越大,创新产出越多,且这种作用在股利正向波动的企业中更加显著;在股利正向波动的企业中,低平稳性的股利通过缓解融资约束和增强投资者关注增加企业创新产出;相较于现金冗余,负债冗余更能够强化非平稳性股利对创新产出的促进作用。异质性分析表明,股利平稳性对创新产出的影响在小规模企业、非国有企业和强竞争企业中更加显著。本文丰富了股利平稳性经济后果和创新产出影响因素的相关研究,为企业优化现金股利政策、提升创新产出提供了理论支持与实践建议。Strengthening the leading role of enterprises in technological innovation is both an intrinsic requirement for achieving high-quality development and an urgent need for building a new development pattern.This paper uses data from A-share listed companies in China's advanced manufacturing industry from 2015 to 2022 to investigate the impact of dividend stability on innovation output and the mechanisms involved.It also examines how different types of financial slack modulate this relationship.The results indicate a negative correlation between dividend stability and innovation output:the greater the volatility of cash dividends,the higher the innovation output,and this effect is more pronounced in companies with positive dividend fluctuations.In companies with positive dividend fluctuations,low stability dividends promote corporate innovation output by alleviating financing constraints and enhancing investor attention.Compared to cash slack,debt slack more effectively strengthens the promotion effect of non-stable dividends on innovation output.Heterogeneity analysis reveals that the impact of dividend stability on innovation output is more significant in small-scale enterprises,non-state-owned enterprises,and highly competitive enterprises.The research conclusions enrich the literature on the economic consequences of dividend stability and the influencing factors of innovation output,providing theoretical support and practical suggestions for enterprises to optimize cash dividend policies and enhance innovation output.

关 键 词：股利平稳性 创新产出 先进制造业 现金冗余 负债冗余 现金股利政策 

分 类 号：F275.5[经济管理—企业管理]