财务冗余对股利分配的影响机理研究

Study on the Mechanism of Financial Redundancy Influence on Dividend Distribution

股利分配政策是上市公司财务管理三大政策之一,关系到企业与投资者利益。而我国证券市场起步晚,机制尚不成熟,上市公司现金股利分配水平普遍偏低、连续性差且稳定性不足。在对财务冗余和股利分配的概念进行界定的基础上,分别从多个理论视角具体分析财务冗余对股利分配,尤其是现金股利分配的影响,发现企业财务冗余对现金股利分配的影响在不同的理论视角下存在着差异化。因此,企业应结合具体市场环境和财务状况以及发展目标制定股利分配政策。

Dividend distribution policy is one of major financial management policies of listed companies,which is related to the interests of enterprises and investors.However,China’s securities market started late,the mechanism is not mature,listed companies cash dividend distribution level is generally low,poor continuity and lack of stability.On the basis of defining the concepts of financial redundancy and dividend distribution,it analyzes the influence of financial redundancy on dividend distribution,especially cash dividend distribution,from several theoretical perspectives.It is found that the impact of corporate financial redundancy on cash dividend distribution has differences from different theoretical perspectives.Therefore,companies should make dividend distribution policies according to the specific market environment financial situation and development goals.