金融发展与现金股利政策分析
——基于融资约束与自由现金流的检验

摘要/Abstract

摘要： 现金股利是投资者获取回报的重要方式，确保投资者获得合理回报既是上市公司履行股东受托责任的重要体现，也是资本市场健康发展的内在要求。基于公司财务特征分析企业融资约束及自由现金流与现金股利政策间的关系，探讨不同金融发展水平下公司财务特征变量对现金股利政策的影响作用是否会发生变化，发现企业融资约束与现金股利政策之间呈负相关性，而金融发展水平的提高能够显著缓解公司融资约束与现金股利政策之间负相关性；自由现金流越充足的公司越愿意实施积极的现金股利政策，但伴随外界金融发展水平的提升，公司自由现金流与现金股利政策之间的这种关系会得到显著弱化。以上研究结果对正确认识金融发展如何对企业微观经济变量产生作用，进而影响公司财务决策具有一定帮助；同时，对现阶段如何通过市场手段克服半强制分红政策对融资约束企业造成的“监管悖论”具有一定政策启示。

关键词: 现金股利政策, 融资约束, 自由现金流, 金融发展

Abstract: Cash dividend is an important way for investors to obtain returns. Ensuring investors′ reasonable returns not only is an important manifestation of the fiduciary duties of shareholders of listed companies，but also is an inherent requirement of the healthy development of capital market. Based on the financial characteristics of listed company, the paper analyzes the relationship between financing constraints, free cash flow and cash dividend policy,and discusses whether the impact of financial characteristics on cash dividend policy under different levels of financial development will change, finding that there is a negative correlation between the financing constraints and the cash dividend policy, and the improvement of the financial development level can significantly alleviate the negative correlation between the corporate financing constraints and the cash dividend policy; free cash flow is positively related to cash dividend policy, but with the improvement of external financial development, this relationship will be significantly weakened. The above research results can be used to correctly understand how financial development plays a role in micro economic variables of enterprises, and then affects company′s financial decisions; at the same time, it has some policy implications for how to overcome the “regulatory paradox” caused by the semi compulsory dividend policy through market means for financing constrained enterprises at present stage.

Key words: cash dividend policy, financing constraints, free cash flow, financial development

吴春贤，张静. 金融发展与现金股利政策分析 ——基于融资约束与自由现金流的检验[J]. 商业研究.

WU Chun-xian，ZHANG Jing. An Analysis of Financial Development and Cash Dividend Policy: A Test based on Financing Constraints and Free Cash Flow[J]. 商业研究.

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金融发展与现金股利政策分析 ——基于融资约束与自由现金流的检验

An Analysis of Financial Development and Cash Dividend Policy: A Test based on Financing Constraints and Free Cash Flow

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