盈利能力、现金流波动与现金股利——CEO权力的调节效应

Profitability,Cash Flow Fluctuation and Cash Dividend:The Moderating Effect of CEO's Power

选取我国A股市场2006—2021年的上市公司数据,实证分析低盈利能力高现金流波动对公司支付和增加现金股利意愿、外部融资需求的影响及CEO权力的调节作用。研究发现,低盈利能力高现金流波动会降低公司支付和增加现金股利的意愿、增加股权再融资的需求,但是CEO权力会显著增加这类公司支付、增加现金股利的意愿;进一步分析可知,CEO权力可以显著增加非国有产权公司、低竞争程度公司支付和增加现金股利的意愿,显著增加有股权激励制度公司的股权激励制度意愿和无股权激励制度公司增加股利的意愿。

This paper selects the data of China's A-share market from 2001—2021 to analyze the impact of low profitability and high cash flow volatility on the company's willingness to pay cash dividends,increase cash dividends,and external financing level,as well as the moderating effect of CEO's power on the willingness to pay and increase cash dividends.It is found that low profit and high cash flow fluctuation will reduce the willingness of companies to pay and increase cash dividends,and increase the demand for equity refinancing.CEO power will significantly increase the willingness of companies with low profit and high cash flow fluctuation to pay and increase cash dividends.When the profitability is low and the cash flow fluctuates,the CEO power can significantly increase the willingness of non-state-owned companies and companies with low competitiveness to pay and increase cash dividends,and significantly increase the willin-gness of companies with equity incentive system to pay dividends and companies without dividend payment to increase dividends.