商业研究

商业研究

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财务柔性价值的度量及其对现金股利分配的影响 ——来自沪深股市上市公司的经验证据

谢赤1,2，马有源1   

  1. 湖南大学 1.工商管理学院；2.金融与投资管理研究中心，长沙 410082
  • 收稿日期:2016-11-07 出版日期:2017-04-18
  • 作者简介:谢赤（1963-），男，湖南株洲人，湖南大学工商管理学院教授，博士生导师，管理学博士，研究方向：金融工程、公司理财与资本运营；马有源（1991-），男，湖南常德人，湖南大学工商管理学院研究生，研究方向：公司理财与资本运营。
  • 基金资助:
    国家自然科学基金项目，项目编号：71373072，71340014；高等学校博士点专项科研基金项目，项目编号：20130161110031。

The Value of Financial Flexibility Measurement and Its Impact on Cash Dividend Distribution: Empirical Evidence from Listed Companies in Shanghai and

XIE Chi1,2，MA You-yuan1   

  1. 1. College of Business Management, Hunan University, Changsha 410082, China; 2. Research Center for Finance and Investment, Hunan University, Changsha 410082, China
  • Received:2016-11-07 Online:2017-04-18

摘要： 财务柔性价值主要是为企业创造了应对外部环境波动性与复杂性的手段及处理未来不可预知事件的选择权。但这一因素如何在企业财务决策中发挥作用，目前国内还缺少规范化的实证研究。本文以2008年至2014年沪深A股上市公司的财务数据为研究样本，在对财务柔性价值进行实证度量的基础上，将财务柔性价值与现金股利纳入到同一框架，从不同方面探讨财务柔性价值对企业现金股利发放所产生的影响。研究发现：财务柔性价值较高上市公司的现金股利支付意愿较低，财务柔性价值与现金股利支付水平之间存在负相关性；无论是国有控股企业还是流通股和管理层持股比例较大的企业，财务柔性价值较高的企业所发放的现金股利水平较低。本研究加深了有关财务柔性理论的认识，对财务实践也有参考价值。

关键词: 财务柔性价值, 现金股利, 上市公司

Abstract: The value of financial flexibility is to create the means of coping with the external environment fluctuation and complexity and option of dealing with unpredictable events. However, our country lacks of normalized empirical research on how this factor plays an important role in enterprise financial decision-making. Taking annual financial data of listed companies from 2008 to 2014 in Shanghai and Shenzhen stock markets as samples, based on the empirical measurement to the value of financial flexibility, the paper takes financial flexibility and cash dividend into the consistency framework, and investigates the impact of the value of financial flexibility on the cash dividend from different aspects. The results confirm that: the higher the listed company′s value of financial flexibility is, the lower the probability of cash dividend payment is, showing a negative correlation between value of financial flexibility and cash dividend payment level; in enterprises having high value of financial flexibility, their cash dividend levels are low, whether they are state-controlled enterprises or enterprises with larger proportion of tradable shares and managers ′shareholding. This study deepens the understanding of financial flexibility theory, and it also has reference value to financial practice.

Key words: the value of financial flexibility, cash dividend, listed companies