国企分红、可持续增长与企业价值

Dividend Distribution, Sustainable Growth and Enterprise Value of State-owned Enterprises

可持续增长一直是企业非常重要的财务战略,是企业维持生存发展最关键的问题。OECD(2014)亦指出,在制定国有企业的股利政策时,既要考虑国家股东的利益,也要考虑企业的可持续发展。基于此,文章以2006-2013年412家国有上市企业作为样本,运用面板结构的自回归模型(PSVAR)对国企分红、可持续增长与企业价值三者之间的关系进行了研究,研究发现:从短期来看,现金股利分配不利于企业的可持续增长,但长期来看,现金股利支付将有利于企业的可持续增长;现金股利可以促进企业价值的提高,但是影响周期较短;可持续增长具有对企业价值长期持久的促进价值;可持续增长可以促进现金股利对提高企业价值的积极影响作用。

The sustainable growth has always been a very important financial strategy of enterprises, and is essential for an enterprise to sustain survival. OECD (2004) also indicated that when establishing the dividend policy of the state-owned enterprises, it is required to consider both the interest of national shareholders and the sustainable development of enterprises. Based on this, with 412 state-owned listed enterprises from 2006 to 2013 as the example, the autoregression model of panel structure (PSVAR) is used to research the relations among dividend distribution, sustainable development and enterprise value of the state-owned enterprises. And through research, it is found that: in the short term, the cash dividend distribution is not beneficial to the sustainable growth of enterprises, but in the long term, it is beneficial for the sustainable development of enterprise;the cash dividend can increase the enterprise value, but it has a short influence cycle;sustainable growth has a long-lasting promotion role to the enterprise value;sustainable growth can promote the active influence and effect of cash dividend to improve the enterprise value.