股利部分支付时MM定理再检验——基于中国分经济区新能源上市公司比较研究

Dividend MM Theorem of Partial Payment——Based on Empirical Research on the Nation and Western Areas of New Energy Listed Companies

使用我国136家新能源上市公司的数据,以MM定理为基础并引入股利支付率和外部融资比例,检验资本结构和股利支付率对公司市场价值的影响,发现中国新能源公司总体样本的负债比率、外部融资率对公司市场价值均具有负影响,在不完全支付股利条件下财务杠杆对资本成本的影响增强,检验结果说明MM定理及U型资本线不成立。分经济区检验结果为东部地区负债比率对公司市场价值无影响,外部融资率对市场价值具有显著负影响。中、西部和东北地区公司负债比率对公司市场价值具有负影响,收益比率对市场价值具有正影响。各地区股利支付率对公司市场价值的影响均不显著,财务杠杆率增加则增加公司加权平均资本成本,东部和西部地区股利支付率与加权平均资本成本显著负相关。MM定理以及由之拓展的结论对不同地区新能源上市公司财务指标的解释存在差异,背景原因是公司行业特征、所在地区资本市场深化程度以及资本结构变动的边际效应等因素所致。

Through the use of 136 new energy listed companies in our country,based on the MM theorem,introducing the dividend Payout Ratio and External Financing Ratio,we find that the debt ratio,external financing ratio has a negative effect on China＇s new energy company＇s market value. When a company is with a payout policy,the impact of leverage on the cost of capital is enhanced. Our test shows that both MM theorem and the U-shape cost of capital curve cannot be proved in our analysis. Empirical tests in different regions show that the debt ratio has no impact on market value and the increasing of external financing ratio decrease market value significantly in eastern Areas. While in other areas,the debt ratio has a negative effect on market value,earning ratio has a positive affect on market value. The affection of payout ratio on market value is not significant. When leverage increases,the weighted average cost of capital also increases. In eastern and western areas,payout ratio has a significantly negative impact on weighted average cost of capital. The difference of the explanation of MM theorem and the expansion of the conclusions towards the difference of financial indications in different regions is due to factors such as the characters of the company＇s industry,the deepening of capital market and the marginal effect of changes in capital structure.