差异化战略下现金股利政策研究

A Study on Cash Dividend Policy under Differentiation Strategy

选取2007—2018年中国A股上市公司财务数据,从融资约束的视角出发,研究企业战略差异对现金股利政策的影响,并基于制度背景研究了产权性质和市场化水平的调节效应。实证结果表明:企业战略差异会降低现金股利支付倾向和现金股利支付水平,国有产权性质和较高的市场化水平均削弱了企业战略差异对现金股利政策的负向影响。战略差异通过加剧企业融资约束程度,降低了现金股利支付倾向和支付水平。从理论上来看,将战略理论与股利分配理论结合起来,拓展了战略理论在财务研究中的应用。从实践上来看,企业要结合自身战略选择制定现金股利政策,采用差异化战略的企业为缓解融资约束,应采用稳健的现金股利政策。

Based on the financial data of Chinese A-share listed companies from 2007 to 2018 and from the perspective of financing constraints, this paper empirically examines the impact of corporate strategic differences on cash dividend policy, as well as the regulatory effects of the nature of property rights and the level of marketization on the relationship between them. It is found that corporate strategy difference will reduce cash dividend payment tendency and cash dividend payment level, while the state-owned property right and the higher marketization level weaken the negative impact of corporate strategy difference on cash dividend policy. Further research shows that the strategic difference reduces the tendency and level of cash dividend payment by increasing the degree of financing constraint.In theory, the combination of strategic theory and dividend distribution theory expands the application of strategic theory in financial research.The results show that enterprises should formulate cash dividend policies based on their own strategic choices, and enterprises with differentiation strategies should adopt prudent cash dividend policies to alleviate financing constraints.