持续竞争优势、股利派发与融资性负债调整

发布时间：2017-12-27 02:34

本文关键词：持续竞争优势、股利派发与融资性负债调整　出处：《苏州大学学报(哲学社会科学版)》2017年04期 　论文类型：期刊论文

【摘要】：选取市场化程度较高的制造业上市公司为样本,通过对具有持续竞争优势的公司融资性负债的独特性进行研究及如何适时地采取股利派发政策进行调整,实证检验可以发现,持续竞争优势公司的融资性负债水平显著较低;环境的不确定对持续竞争优势公司的融资性负债具有重要的调节作用,随着环境不确定性增加,该类公司会适当调高融资性负债水平。为应对环境的不确定,预期调整的目标融资性负债水平越高,持续竞争优势公司越有可能减少现金股利的派发,体现了资本结构政策对环境的适应性。相比而言,缺乏竞争优势的公司的融资性负债水平对环境不确定性缺乏敏感,公司的股利派发政策也没有体现在预期的融资性负债水平的动态调整中。研究结果说明持续竞争优势公司既具有稳健的日常财务政策,又能及时应对环境变化的动态管理能力。
[Abstract]:Manufacturing from a higher degree of market of listed companies as a sample, and study how to timely adjust dividend payout policy through debt financing for the unique company has sustained competitive advantage, the empirical test can be found, sustained competitive advantage of the company's financial liabilities are significantly lower; environmental uncertainty to continue the competitive advantage of the company's debt financing plays an important role in the regulation, with increased uncertainty, the company will be appropriate to increase the level of financing liabilities. In order to cope with environmental uncertainty, the higher the expected adjusted target financing debt level is, the more likely the company with sustainable competitive advantage will reduce the distribution of cash dividends, reflecting the adaptability of capital structure policy to the environment. In contrast, the level of financing liabilities of companies lacking competitive advantage is not sensitive to environmental uncertainty, and dividend policy is not reflected in the dynamic adjustment of expected financing liabilities. The results show that companies with sustainable competitive advantage have stable daily financial policies and respond to the dynamic management ability of environmental changes in time.
【作者单位】：苏州大学东吴商学院;
【基金】：国家自然科学基金项目“风险投资、财务信息质量与股票崩盘风险”(项目编号:71302121) 江苏省社会科学基金项目“江苏制造业企业创新驱动型低成本战略研究”(项目编号:16EYD005)的阶段性成果
【分类号】：F406.7;F425
【正文快照】： 一、问题的提出近年来国内原辅材料大幅上涨,劳动力成本上升,人民币汇率波动加剧,制造业企业之间的竞争更加激烈,环境不确定性愈发明显。持续竞争优势是企业积极地维持原有竞争优势,采用战略管理手段在生产、研发、技术等领域寻求突破,并不断创建新的动态能力,从而使企业长

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