营商环境对公司股利政策的影响机制研究

Research on the Mechanism of the Influence of Business Environment on the Dividend Policy of Companies

通过“替代模型”和“结果模型”研究营商环境对公司股利政策的影响机制,根据财务柔性边际价值的中介效应具体分析“结果模型”的整条逻辑链,并完善营商环境对公司股利政策的分析框架。实证结果证明,营商环境对我国公司股利政策的影响机制符合“结果模型”,即处于营商环境较差地区的公司面临的信息不对称程度更高,外部融资约束更大,更依赖债务融资,因此更倾向于减少现金股利的发放,从而增加公司的财务柔性。

The mechanism of the influence of business environment on the dividend policy of companies is studied through using“substitution model”and“result model”and the whole logical chain of result model is analyzed concretely according to the medium effect of financial flexible marginal value to improve the analysis framework of business environment to the dividend policy of companies.The empirical result proves that the mechanism of the influence of business environment on the dividend policy of companies is up to“result model”.The companies in the region with poor business environment get higher asymmetric information,have bigger external financing constraints and depend more on debt financing.Therefore,the companies tend to reduce cash dividends to increase the financial flexibility.