财务共享服务背景下高水平现金股利组态分析——基于“沪股通”案例模糊集定性的比较  

Configuration Analysis of High-level Cash Dividends under the background of Financial Sharing Services--FsQCA Analysis based on“Shanghai Stock Connect”Cases

作　　者：李雷 Li Lei(School of Business Administration Chaohu University,Hefei Anhui 238024)

机构地区：[1]巢湖学院工商管理学院,安徽合肥238024

出　　处：《沈阳师范大学学报(社会科学版)》2025年第1期64-72,共9页Journal of Shenyang Normal University(Social Science Edition)

基　　金：安徽省社会科学创新发展研究课题(2021CX030)。

摘　　要：基于371家沪股通标的股上市公司数据,使用模糊集定性比较分析法(fsQCA),对七个影响上市公司现金股利水平的因素进行分析,探讨财务共享服务普及背景下推动中国上市公司派发高水平现金股利的组态。研究发现:高公司规模是构成高水平现金股利的必要条件;有两种组态可以推动上市公司派发高水平现金股利,包括实施财务共享服务模式下高股权集中度、高现金流型组态和低盈利型组态;有四种组态可以引起上市公司派发低水平现金股利,而低现金流在这四种组态中均发挥核心作用。研究财务共享服务普及背景下推动上市公司派发高水平现金股利,有助于进一步洞悉现金股利政策决策中复杂的因果机制,提高股东回报,推动我国资本市场和上市公司平稳健康发展。Based on the data of 371 listed companies with the subject shares of the“Shanghai Stock Connect”,this study applies the fuzzy set qualitative comparative analysis(fsQCA)to analyze the mechanism of seven factors affecting the cash dividend level of listed companies,and discusses the configurations of promoting the distribution of high-level cash dividends by Chinese listed companies under the background of the popularization of financial sharing services.Results show that high company size is a necessary condition for a high-level of cash dividends.There are two configurations that can promote listed companies to distribute high-level cash dividends,including the implementation of high equity concentration,high cash flow configuration and non-profit configuration under the financial sharing service mode.There are four configurations that cause listed companies to pay non high level cash dividends,and non high cash flow played a core role in all four configurations.The research on promoting listed companies to pay high-level cash dividends under the background of the popularization of financial sharing services would help to further understand the complex causal mechanism in cash dividend policy decision-making,improve shareholder returns and promote the stable and healthy development of China's capital market and listed companies.

关 键 词：财务共享 现金股利水平 沪股通 模糊集定性比较分析 

分 类 号：F275[经济管理—企业管理]