公司成熟度、剩余负债能力与现金股利政策——基于财务柔性视角的实证研究

Firm Maturity,Spare Debt Capacity and Cash Dividend Policy:Empirical Study from a Perspective of Financial Flexibility

文章基于财务柔性视角,探讨了剩余负债能力对公司现金股利支付生命周期特征的影响机理,并利用中国上市公司2005-2011年数据进行了实证检验。研究发现,现金股利支付与公司成熟度总体上正相关,但当公司剩余负债能力不同时,两者的正相关关系会发生变化:当剩余负债能力较高时,两者之间不再存在正相关关系;而当剩余负债能力较低时,两者之间的正相关关系增强。文章研究结论从财务柔性角度拓展了现金股利政策的生命周期理论,并为公司管理者和政府监管部门的相关决策提供了新的思路。

From a perspective of financial flexibility, this paper discusses the effect of spare debt capacity on the life cycle characteristics of cash dividend pay- ments and makes an empirical test by using the data of Chinese listed companies from 2005 to 2011. It comes to the following conclusions, overall cash dividend payments are positively correlated with firm maturity, but in companies with dif- ferent spare debt capacity, this positive correlation will change, that is to say in companies with higher spare debt capacity, this positive correlation does not exist and in companies with lower spare debt capacity, this positive correlation strengthens. These conclusions extend the life cycle theory of cash dividend policy from a perspective of financial flexibility and provide new ideas for decision-making of managers and regulators.