得食应反哺?制造业企业金融化对现金股利政策的影响研究

Impact of Financialization in Manufacturing Enterprises on Cash Dividend Policy

以2007-2019年沪深A股制造业上市公司为样本,探究制造业企业金融化对现金股利政策的影响。研究发现:制造业企业金融化抑制了现金股利的支付意愿和支付水平,且这种抑制效应在非国有企业、规模小的企业中更加明显。其中,投资金融化和收益金融化对现金股利支付水平均具有显著的抑制效应;相比投资金融化,收益金融化对现金股利支付意愿的抑制效应更加明显。进一步的作用机制检验结果表明,制造业企业金融化主要通过挤占主业投资降低经营利润,从而抑制现金股利的分配;而通过缓解融资约束促进现金股利发放的路径并不显著。经过内生性、倾向得分匹配、替换被解释变量和改变样本区间等稳健性检验后,实证结论依然稳健。基于此,未来企业应端正经营理念,聚焦经营主业,在实现自身高质量发展的同时增加现金分红以反哺投资者。

Taking A-share manufacturing listed companies in Shanghai and Shenzhen stock markets from 2007 to 2019 as the sample,this paper explores the impact of financialization in manufacturing enterprises on cash dividend policy.The research reveals that financialization in manufacturing enterprises inhibits cash dividend payment intention and level,with more obvious inhibition effect in the non-state-owned enterprises and small enterprises.Among them,both investment financialization and income financialization have significant inhibition effect on cash dividend payment level.Compared with investment financialization,income financialization has more obvious inhibition effect on cash dividend payment intention.Further mechanism tests show that financialization in manufacturing enterprises reduces operating profit mainly by crowding out the main investment,and thus inhibits the distribution of cash dividends.However,the path to promote the distribution of cash dividends by alleviating financing constraints is not significant.After robustness tests such as endogeneity,propensity score matching(PSM),substitution of explained variables and change of sample interval,the empirical conclusions remain robust.The enterprises should,with a healthy vision,focus on their main business to realize their own high-quality development as well as increase cash dividends to feed back the investors.