多元化经营与现金股利政策：代理冲突还是融资约束？

Industrial Diversification and Cash Dividend Policy:Agency Conflict or Financing Constraint?

文章以中国A股非金融上市公司为样本,实证考察了多元化经营对公司现金股利政策的影响。研究发现,上市公司多元化经营与现金股利支付倾向和支付水平呈现稳健的负相关性,即多元化经营程度越高,上市公司越不倾向发放现金股利且现金股利支付水平越低;进一步研究发现,多元化经营通过加剧公司融资约束进而减少了现金股利发放,法治环境和金融发展有效缓解了多元化经营与现金股利的负相关性。

With a sample of A share non-financial listed firms in China,this paper examines the influence of diversification on corporate cash dividend policy. The result shows that there is a robust negative correlation between industrial diversification and payment tendency and payment level of cash dividend,which means the more diversified,the more reluctant to pay dividends or lower dividend. Further study finds that industrial diversification reduces cash dividends by increasing financing constraints,and that the rule of law and financial development effectively alleviates the negative correlation between industrial diversification and cash dividend.