融资约束下的上市公司现金股利分配研究

发布时间：2018-07-05 06:03

本文选题：融资约束 + 现金股利　；参考：《成都理工大学》2016年硕士论文

【摘要】：筹资政策和股利政策是现代公司财务决策的重要内容,融资约束属于筹资政策的范畴,现金股利为股利政策的主要表现形式,其共同作用于现代公司金融体系,是公司管理者和股东在决策时需要充分衡量考虑的问题。资本市场的非完美性,导致相关信息传递不对称,公司对外融资因此而产生的代理成本大于内部资金使用成本,表明该公司面临融资约束问题。融资约束的存在导致公司在需要融资的时候首选内部融资渠道,从而影响到公司现金股利的发放。而由于逆向选择的存在,公司现金股利的减少进一步加强了信息不对称导致的代理成本,从而致使公司进入融资约束和现金股利的两难境地。因此,融资约束与实行现金股利的股利分配政策之间具有显著的内生性特征。探讨融资约束对现金股利政策的影响有助于上市公司做出正确的管理决策,也可以帮助市场管理者进行有效的政策指引。国内外学者在融资约束与现金股利方面进行了研究,但基本是对两方面内容进行单独论述。一方面对股利政策的研究主要体现在企业生命周期和股权结构对其产生的影响,融资约束对公司股利分配的影响却鲜有学者关注,而少部分的研究也缺乏定量的结果和更为细致的分析;另一方面关于融资约束的影响以前的研究主要关注点在企业的财务决策上,现金股利支付通常只作为区分公司融资约束的一个指标,而从公司融资约束角度分析现金股利分配具有治理功能的研究甚是缺乏。本文将从融资约束的角度出发详细探讨企业的现金股利分配行为,定量地刻画融资约束对公司现金股利分配的影响。在对企业面临的融资约束程度的衡量上,本文以Almeida模型为基础,构建了现金-现金流模型来衡量企业融资约束程度,避免了以往研究常用的单变量指标和多变量指标的不稳定性问题,也克服了以投资-现金流敏感性为指数导致的内生性问题。选取沪深上市公司2009年-2014年时段样本进行研究,详细刻画了上市公司的股利分配行为,通过构建现金-现金流敏感性模型,度量了此阶段不同上市公司所面临的融资约束程度,按照公司规模大小、股利分配方式等指标划分,分类考察融资约束对上市公司现金股利分配的影响。结果发现,我国上市公司普遍存在融资约束,具体表现为现金-现金流敏感性为正,且不分红企业比分红企业更严重。股息股利支付水平对分红良好的企业融资约束改善程度更大,现金股利分配高的企业面临更低的融资约束。由于之前的研究没有对比具有不同融资约束的上市公司在再融资新政出台前后现金分红政策的变化,论文实证部分将2009-2011年、2012-2014年分为两个时段将再融资新政的出台视为可能产生使上市公司融资约束与股利政策的外生事件,以考察融资约束对上市公司现金股利分配的影响。最后,以主板上市公司子样本进行稳健性检验,结果仍然支持本文的研究结论。
[Abstract]:The financing policy and the dividend policy are the important content of the financial decision of the modern company. The financing constraint belongs to the category of the financing policy. The cash dividend is the main manifestation of the dividend policy. It works in the modern company's financial system. It is the problem that the managers and shareholders need to consider fully in the decision. The capital market is not perfect. As a result, the agency cost of the company's external financing is greater than the cost of internal capital use, which indicates that the company faces the problem of financing constraints. The existence of financing constraints leads to the company's first choice of internal financing channels in the need of financing, which affects the distribution of the company's cash dividend. In the presence of choice, the reduction of corporate cash dividends further strengthens the agency cost caused by information asymmetry, thus causing the company to enter the dilemma of financing constraints and cash dividends. Therefore, there is a significant endogenous characteristic between the financing constraints and the dividend distribution policy of cash dividends. The impact of the policy will help the listed companies make the correct management decisions and help the market managers to carry out effective policy guidance. Domestic and foreign scholars have studied the financing constraints and cash dividends, but the two aspects are mainly discussed. On the one hand, the study of the dividend policy is mainly reflected in the enterprise life week. There are few scholars pay attention to the impact of the period and the ownership structure on the company's dividend distribution, but few of the studies also lack the quantitative results and more detailed analysis. On the other hand, the previous research on the influence of financing constraints mainly focuses on the financial decision of the enterprise, and the cash dividend payment is usually only As an indicator to distinguish the financing constraints of a company, the research on the function of the cash dividend distribution from the perspective of corporate financing constraints is very short. This paper will discuss the cash dividend distribution behavior in detail from the perspective of financing constraints, and quantitatively describe the impact of financing on the distribution of cash dividends. Based on the Almeida model, this paper constructs a cash cash flow model to measure the degree of enterprise financing constraints, avoiding the instability of one variable index and multivariate index commonly used in previous studies, and overcoming the endogenous problems resulting from the index of investment cash flow sensitivity as the basis of the measurement of the degree of financing constraints faced by the industry. This paper studies the sample of Shanghai and Shenzhen listed companies in the period of -2014 years of 2009, and depicts the dividend distribution behavior of Listed Companies in detail. By constructing the cash cash flow sensitivity model, the degree of financing constraints faced by different listed companies in this stage is measured. According to the small size of the company and the dividend distribution mode, the classification of the listed companies is classified and studied. The effect of capital constraint on the cash dividend distribution of listed companies shows that the financing constraints are common in Listed Companies in China, and the specific performance is that the cash cash flow sensitivity is positive, and the non dividend enterprises are more serious than the red ones. The dividend payment level has a greater degree of improvement on the financial constraints of the good companies and the high cash dividend distribution. Enterprises face lower financing constraints. Since the previous research does not compare the changes in the cash dividend policy of listed companies with different financing constraints before and after the new policy of refinancing, the empirical part of the paper will be divided into two periods in the two period of the 2012-2014 years as possible to produce the financing of the listed companies. In order to examine the effect of financing constraints on the cash dividend distribution of listed companies, the effects of financing constraints on the dividend distribution of listed companies are examined. Finally, the robustness test is carried out with the subsamples of the listed companies of the main board. The results still support the conclusion of this paper.
【学位授予单位】：成都理工大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275

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