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

发布时间：2018-02-22 14:06

本文关键词： 财务柔性价值现金股利上市公司　出处：《商业研究》2017年04期 　论文类型：期刊论文

【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。
[Abstract]:The financial flexibility value mainly creates the means to deal with the volatility and complexity of the external environment and the option to deal with the future unpredictable events, but how does this factor play a role in the enterprise financial decision-making? This paper takes the financial data of Shanghai and Shenzhen A shares listed companies from 2008 to 2014 as the research sample, on the basis of the empirical measurement of the financial flexibility value. Financial flexible value and cash dividend are incorporated into the same framework, This paper discusses the influence of financial flexible value on cash dividend payment from different aspects. It is found that the willingness to pay cash dividend of listed companies with higher financial flexibility value is lower than that of listed companies. There is a negative correlation between the value of financial flexibility and the level of cash dividend payment. The cash dividend paid by the enterprises with higher financial flexibility value is lower. This study deepens the understanding of the theory of financial flexibility and has reference value to the financial practice.
【作者单位】：湖南大学工商管理学院;湖南大学金融与投资管理研究中心;
【基金】：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
【分类号】：F275

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