旅游上市公司现金股利支付水平对企业价值的影响研究——基于融资约束的调节检验

Study on the Influence of Cash Dividend Payment Level of Listed Tourism Companies on Enterprise Value——An Adjustment Test Based on Financing Constraints

旅游业在提升经济总量、改善经济质量及促进社会就业等方面发挥着重要作用。文章以我国旅游上市公司2011-2018年面板数据作为研究样本,运用多元回归、调节效应检验分析现金股利支付水平对企业价值的影响及融资约束的调节作用。研究结果表明,旅游上市公司现金股利支付水平与企业价值显著正相关,且现金股利支付水平对企业价值的影响存在滞后性;旅游上市公司融资约束与企业价值显著负相关,且融资约束对现金股利支付水平与企业价值之间的关系存在负向调节作用。

Tourism is very important in promoting economic aggregate,improving economic quality and promoting social employment.Taking the panel data of listed tourism companies from 2011 to 2018 as research object,this paper analyzes the influence of cash dividend payment level on enterprise value and the adjustment effect of financing constraints by using multiple regression and adjustment effect test.The results show that there is a significant positive correlation between listed tourism companies’cash dividend payment level and enterprise value,and there is a significant negative correlation between listed tourism companies’financing constraints and enterprise value.Moreover,financing constraints have a negative moderating effect on the relationship between cash dividend payment level and enterprise value.