财务柔性对上市公司股权融资与现金分红影响研究

发布时间：2018-01-31 14:09

本文关键词： 财务柔性股权融资现金分红　出处：《贵州财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：如今,经济全球化进程的加快,经济增长模式的调整,使得企业面临的经营环境愈来愈复杂多变,企业经营也面临着更多的不确定性。经营环境的不断变化,使得企业的战略选择、激励体系以及财务决策也随之发生改变。为了使企业能够更好的应对经营环境和决策结果的不确定性,具有一定的防御能力,财务柔性理论应运而生。本文通过对国内外学者对财务柔性研究的梳理,尝试从财务柔性的视角,探究我国上市公司的股权融资偏好和现金分红的特征。文章建立在融资优序理论、代理理论以及权衡理论的基础上,构建模型,实证研究财务柔性对上市公司股权融资与现金股利政策的影响。本文选取2009—2015年我国上证A股上市公司数据为样本进行实证研究,在变量设计、构建模型实证分析之后得出以下研究结果:(1)财务柔性储备与股权融资呈正相关关系,财务柔性储备越高的企业更倾向于股权融资。(2)财务柔性边际价值对企业进行股权融资有抑制作用,财务柔性边际价值高的企业在进行融资决策时不偏好股权融资。(3)财务柔性储备对现金分红有着促进作用,财务柔性储备越高企业越愿意进行现金分红。(4)财务柔性边际价值与现金分红之间存在负相关关系,财务柔性边际价值越高现金分红意愿越不强烈。最后,根据研究结果提出以下政策建议:(1)企业应提高对财务柔性的认识,保持适量的财务柔性;(2)企业应结合财务柔性水平现状,制定合理的融资决策;(3)企业应该结合财务柔性水平现状,制定合理的股利政策。对于我国特有的股权融资偏好现象,本文创新性的将财务柔性作为切入点,研究财务柔性对上市公司股权融资偏好的影响,为股权融资的影响因素提供实证支持,而且在已有的研究中对于财务柔性的研究只是片面的,例如研究如何获取财务柔性、怎样度量财务柔性水平,将财务柔性与财务决策放在一起进行研究相对而言较少,因此,本文通过研究财务柔性对融资和分配政策的影响,理论和实证相结合,可以丰富财务柔性的研究内容,提高企业对保持财务柔性重要性的意识,也可以从财务柔性的角度解释我国股权融资偏好现象,另外,研究财务柔性与现金分红之间的相关性,对于企业在制定股利分配政策时提供一些参考价值。
[Abstract]:Nowadays, with the acceleration of the process of economic globalization and the adjustment of economic growth model, enterprises are facing more and more complex and changeable operating environment, and enterprises are also facing more uncertainty and changing business environment. In order to make the enterprise better deal with the uncertainty of the operating environment and the decision result, it has certain defense ability. The theory of financial flexibility arises at the historic moment. This paper tries to study financial flexibility from the perspective of financial flexibility by combing domestic and foreign scholars' research on financial flexibility. This paper explores the characteristics of equity financing preference and cash dividend of listed companies in China. This paper builds a model on the basis of financing priority theory, agency theory and trade-off theory. Empirical study on the financial flexibility of listed companies on the impact of equity financing and cash dividend policy. After the empirical analysis of the model, the following research results: 1) Financial flexible reserves and equity financing are positively correlated. The higher the financial flexibility reserve, the more inclined to equity financing. (2) the marginal value of financial flexibility has a restraining effect on equity financing. Enterprises with high marginal value of financial flexibility do not prefer equity financing. The higher the financial flexibility reserve, the more willing enterprises are to carry out cash dividend. 4) there is a negative correlation between the marginal value of financial flexibility and the cash dividend, and the higher the marginal value of financial flexibility is, the less the willingness to pay cash dividends is. Finally. According to the results of the study, the following policy recommendations are put forward: (1) Enterprises should improve their understanding of financial flexibility and maintain proper amount of financial flexibility; 2) the enterprise should make reasonable financing decision according to the present situation of financial flexibility level; According to the present situation of financial flexibility, enterprises should formulate reasonable dividend policy. For the unique phenomenon of equity financing preference in China, this paper innovatively regards financial flexibility as the starting point. This paper studies the influence of financial flexibility on the equity financing preference of listed companies, and provides empirical support for the influencing factors of equity financing. Moreover, the research on financial flexibility is only one-sided in the existing research. For example, research on how to obtain financial flexibility, how to measure the level of financial flexibility, financial flexibility and financial decision-making together is relatively less research, so. Through the study of the impact of financial flexibility on financing and distribution policy, the combination of theory and empirical can enrich the research content of financial flexibility and improve the awareness of the importance of maintaining financial flexibility. We can also explain the phenomenon of equity financing preference from the angle of financial flexibility. In addition, the study of the correlation between financial flexibility and cash dividend can provide some reference value for enterprises to formulate dividend distribution policy.
【学位授予单位】：贵州财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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