财务柔性与房地产企业价值:基于现金股利的中介作用

Financial Flexibility and Real Estate Enterprise Value:Mediation Based on Cash Dividends

对企业而言,股利政策是企业与外界交流的途径,也是企业树立良好形象的窗口,股利政策更加影响着企业的股价与长远发展。发放现金股利这一信息会提高投资者信心,吸引更多投资者,提升企业价值。但同时会减少企业留存收益,分散企业现金流向。财务柔性水平较高的企业会事前把握财务风险,掌握现金流,储备充足的现金以供支配。企业发放现金股利的根本目的是提高现金股利水平,从而提升企业价值。本文以2015—2020年沪深A股房地产企业为例对企业价值、柔性财务等进行分析。

For enterprises,dividend policy is a way for enterprises to communicate with the outside world,and also a window for enterprises to establish a good image.Dividend policy further affects the stock price and long-term development of enterprises.The information of issuing cash dividends will enhance investor confidence,attract more investors,and enhance enterprise value.But at the same time,it will reduce the retained earnings of enterprises and disperse their cash flow.Enterprises with a high level of financial flexibility will grasp financial risks in advance,master cash flow,and reserve sufficient cash for disposal.The fundamental purpose of issuing cash dividends is to improve the level of cash dividends,thereby enhancing the value of the enterprise.This article takes Shanghai and Shenzhen A-share real estate companies from 2015 to 2020 as an example to analyze enterprise value and flexible finance.