现金股利的财务保障及其对融资策略的影响——基于我国房地产上市公司的分析

The Financial Coverage of Cash Dividend and Its Influence on Financing Strategy——Based on China's Real Estate Listed Companies

现金股利是上市公司最基本的股利分配形式,从财务视角来看,现金股利分配会直接影响公司的净收益和现金流量,从而对公司的融资安排产生影响。我国房地产上市公司的现金股利分配水平总体偏低以及账务保障不足,是房地产行业对相关政策约束的本能反应和行业发展成熟度不够以及宏观环境影响下的周期性规律共同造成的。现金股利的财务保障与企业融资需求直接表现为房地产上市公司在内源资金的分配和留存之间的选择,内源融资、外源融资和现金股利分配三者之间的权衡是理性股利政策和融资策略的最佳安排。

Cash dividend is the most basic form of dividend distribution in the listed companies. From a financial point of view,the distribution of cash dividend will influence the listed companies'net profit and cash flow directly;thereby it will have an impact on the financing arrangement of the listed companies. In order to illustrate deep-seated cause of cash dividend distribution,this paper studies the cash dividend distribution of China's real estate listed companies. We will illustrate the financial coverage of cash dividend distribution further and seek the source of the cash dividend distribution by analyzing the cash dividend distributions' status quo of the real estate listed companies,and in this way we hope to reveal the influence of cash dividend distribution on the financing strategy of the real estate listed companies.