剩余负债能力、股权制衡与现金股利支付水平——来自制造业的经验验证  

Residual Debt Capacity, Equity Balance and Cash Dividend Payment Level—Experience Verification from Manufacturing Industry

作　　者：仲伟露 姚芊 

机构地区：[1]上海工程技术大学,上海

出　　处：《应用数学进展》2022年第11期7777-7785,共9页Advances in Applied Mathematics

摘　　要：现金股利政策作为企业重要的财务政策组成部分,是向外界传递企业内部经营状况信息的重要途径。企业在制定现金股利政策时需要同时考虑企业内外部条件因素,如企业制度环境、财务资源、投资机会以及股东利益等。而公司决策的结果最直接影响的就是股东的利益,因此股东在其中有着不可或缺的作用。文章以我国沪深A股制造业上市公司2015~2020年财务数据为样本,分析企业剩余负债能力、股权制衡对现金股利支付水平的影响以及作用机理。研究发现:剩余负债能力与现金股利支付水平呈正相关关系;而股权制衡度能促进剩余负债能力对现金股利支付水平的正向作用。因此,企业要注重投融资与股利财务政策之间的关联性,并考虑公司治理情况对各项财务决策的影响。As an important part of the financial policy of an enterprise, the cash dividend policy is an im-portant way to transmit information about the internal business situation of the enterprise to the outside world. When making a cash dividend policy, enterprises need to consider internal and ex-ternal factors, such as enterprise system environment, financial resources, investment opportuni-ties and shareholders’ interests. The result of corporate decision-making directly affects the inter-ests of shareholders, so shareholders play an indispensable role in it. Taking the financial data of A-share manufacturing listed companies in Shanghai and Shenzhen from 2015 to 2020 as a sample, this paper analyzes the impact of enterprises’ residual debt capacity, equity checks and balances on the level of cash dividend payment and its mechanism. It is found that the residual debt capacity is positively related to the level of cash dividend payment;however, equity balance can promote the positive effect of residual debt capacity on cash dividend payment. Therefore, enterprises should pay attention to the correlation between investment and financing and dividend financial policies, and consider the impact of corporate governance on various financial decisions.

关 键 词：剩余负债能力 股权制衡 现金股利支付水平 

分 类 号：F275[经济管理—企业管理]