财务弹性、管理者过度自信与现金股利--基于沪深A股上市公司的实证分析

Financial Flexibility, Manager’s Overconfidence and Cash Dividend:Empirical Analysis of A-share Listed Companies in Shanghai and Shenzhen Security Market

以财务弹性为出发点,通过对沪深A股非金融类上市公司实证分析财务弹性和现金股利之间的关系,结果显示财务弹性较高的企业有着更强的现金股利支付意愿,财务弹性正向影响现金股利支付水平,管理者过度自信心理特征对财务弹性和现金股利支付水平之间的关系起负向调节作用,基于最终控制人进行分组后发现,在国有控股上市公司中财务弹性和现金股利支付率之间关系增强,而在非国有上市公司中两者关系减弱。

Based on the starting point of financial flexibility, this paper empirically analyzes the relationship between financial flexibility and cash dividend of A-share non-financial listed companies in Shanghai and Shenzhen security market. The results show that enterprises with higher financial flexibility have stronger willingness to pay cash dividend. Financial flexibility has a positive impact on cash dividend payment level, and managers ’psychological characteristic of overconfidence has a negative impact on financial flexibility and cash dividend payment level. Based on grouping the companies by ultimate controllers, we find that the relationship between financial flexibility and cash dividend payout rate is stronger in state-owned listed companies, but weaker in non-stateowned listed companies.