现金股利政策与企业可持续成长相关性研究——基于上市国企的实证检验

The Study on the Correlation between Cash Dividend Policy and Sustainable Development of Enterprises:Based on the Empirical Research on Chinese State-owned Listed Company

现金股利政策是现代公司的重要财务管理决策之一,公司如何制定较为科学合理的现金股利政策是现代公司治理中的一大难题,同时这一决策又不可避免地对企业的可持续成长产生重要的影响。基于上市国企的实证检验,选取2009—2015年间存续的上证A股上市国企为样本,研究我国上市国企现金股利政策与企业可持续成长的相关性。研究结果表明,我国上市国企分配现金股利将更有利于企业的可持续成长,并且现金股利分配的数额在合理范围内与企业可持续成长能力正相关。

Cash dividend policy is one of the most important financial management decisions in modern companies.How to formulate a relatively scientific and proper cash dividend policy becomes a big problem in the management of modern companies.And in turn,the made decision will inevitably influence greatly in the sustainable development of the company.This paper chooses the existing state-owned companies listed in Chinese A-share market from 2009 to 2015 as the sample to research and study the correlation between cash dividend policy and the sustainable development of these company based on the empirical research.The analysis result suggests that distribution of cash dividend by listed state-owned companies in China will more benefit the sustainable development of these companies,and we found a positive correlation between the amount of distributive cash dividend and the sustainable development ability of enterprises within a reasonable range.