内部控制、融资约束和现金股利

Internal Control, Financing Constraints and Cash Dividends

本文以2013年-2017年沪深两市A股上市公司数据为样本,采用tobit模型和logit模型及多元线性回归,考察内部控制质量、融资约束和现金股利之间的关系。研究发现:基于结果模型,内部控制质量的提高有利于改善企业对现金股利的分配意愿及水平;企业面临的融资约束程度与企业现金股利的发放意愿及水平呈负相关关系;对于现金股利的发放倾向及水平而言,融资约束对内部控制与现金股利的关系有部分中介效应。上述研究为解释现金股利政策提供了新的证据,对提高公司治理具有积极意义。

With the A-share listed companies in Shanghai and Shenzhen stock markets from 2013 to 2017 as the research sample, this article uses the Tobit Model, the Logit model and the Multivariable Linear Regression Model to investigate the relations among internal control quality, financing constraints and cash dividends. It finds that under the Outcome Model, the enhancement of internal control quality contributes to the willingness of cash dividends distribution and the quantity of dividends while the financing constraints on the companies has a negative correlation to such willingness;and further, for the tendency of cash dividends distribution and the quantity of dividends, the financing constraints could play a mediation role in the relations between internal control and cash dividends. This article provides new evidence for explaining cash dividend policies and has significance for improving corporate governance.