融资约束、股权结构和股利平稳性

Financing Constraints,Equity Structure and the Stationarity of Dividend

稳定的分红对现金流要求较高,融资约束的存在可能会加剧企业对内部现金流的依赖,影响现金股利的发放。不同股权结构下代理成本差异很大,现金股利分配可以通过减少自由现金流来降低代理成本,因此股权结构对融资约束与股利平稳性关系的调节作用值得研究。从代理成本的视角,以我国2012—2016年A股上市公司数据为研究对象,对融资约束、股权结构和股利平稳性之间的关系进行了理论分析与实证检验。研究结果表明,融资约束抑制了股利平稳性,股权结构在二者之间的关系中起到了调节作用,具体表现为,国有控股、较高的股权集中度和股权制衡度均能够削弱融资约束对股利平稳性的负向影响。因此,加强上市公司股权结构的治理以及解决企业当前的融资困境对促进现金股利的平稳性尤为重要。

Stable dividends have higher requirements on cash flow,and financing constraints may increase the de-pendence of enterprises on internal cash flow and affect the distribution of cash dividends.The agency costs vary greatly under different ownership structures.Cash dividend distribution can reduce agency costs by reducing free cash flow.Therefore,it is worthy to study the financing constraints caused by equity structure and the adjustment affect of divi- dend stability relationship.From the perspective of agency cost,this paper takes the data of listed company A-share in China from 2012 to 2016 as the research object,and conducts theoretical analysis and empirical test on the relationship between financing constraints,equity structure and dividend stability.The result shows that the financing constraints re- strain the stability of dividends,and the ownership structure plays a regulatory role in the relationship between the two.The specific performance is that state-owned holdings,higher equity concentration and equity checks and balances can weaken the financing constraints and negatively affects dividend stability.Therefore, it's particularly important to strengthen the governance of the listed company's equity structure and solve the current financing dilemma of enterpris- es to promote the stability of cash dividends.