财务柔性、研发投入与现金股利政策——基于制造业A股上市公司数据的实证研究

Financial Flexibility,R&D Investment and Cash Dividend Policy——An Empirical Study based on the Data of A-share Listed Companies in the Manufacturing Industry

国内从财务柔性角度出发研究股利政策的方式尚未普及,对现金股利分配与研发投入关系的研究也并未形成统一口径,而对财务柔性、研发投入与现金股利分配三者关系共同的研究涉及更少。本文研究的目的在于证明目前中国制造业上市公司的现金股利分配满足“研发-分红”理论,即二者呈负相关关系,并且将财务柔性因素纳入现金股利分配与研发投入关系的研究。本文只对中国制造业上市公司做出研究,那对整个行业以及全行业是否具有普遍适用性还有待研究证明。研究发现:为了现金股利分配与财务柔性正相关;现金股利分配与研发投入负相关;财务柔性储备因素对现金股利分配与研发投入具有负向调节效应。

The domestic research on dividend policy from the perspective of financial flexibility has not yet been popularized,and the research on the relationship between cash dividend distribution and R&D investment has not formed a unified caliber,and the relationship between financial flexibility,R&D investment and cash dividend distribution has been jointly studied.There is less involved.The purpose of this paper is to prove that the current cash dividend distribution of listed Chinese manufacturing companies meets the“R&D-dividend”theory,that is,the two are negatively correlated,and the financial flexibility factor is included in the study of the relationship between cash dividend distribution and R&D investment.This article only studies the listed companies in China's manufacturing industry.Whether it has universal applicability to the entire industry and the entire industry remains to be proved by research.The research found that:cash dividend distribution is positively correlated with financial flexibility;cash dividend distribution is negatively correlated with R&D investment;financial flexibility reserve factors have a negative regulating effect on cash dividend distribution and R&D investment.