公司成熟度、剩余负债能力与现金股利政策——基于财务柔性视角的实证研究
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财经研究 2013 年 第 39 卷第 11 期, 页码：60 - 69
摘要
参考文献
摘要
文章基于财务柔性视角,探讨了剩余负债能力对公司现金股利支付生命周期特征的影响机理,并利用中国上市公司2005-2011年数据进行了实证检验。研究发现,现金股利支付与公司成熟度总体上正相关,但当公司剩余负债能力不同时,两者的正相关关系会发生变化:当剩余负债能力较高时,两者之间不再存在正相关关系;而当剩余负债能力较低时,两者之间的正相关关系增强。文章研究结论从财务柔性角度拓展了现金股利政策的生命周期理论,并为公司管理者和政府监管部门的相关决策提供了新的思路。
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[18]Gamba A,Triantis A.The value of financial flexibility[J].Journal of Finance,2008,63(5):2263-2296.
[19]Marchica M T,Mura R.Financial flexibility,investment ability and firm value:Evidence from firms with spare debt capacity[J].Financial Management,2010,39(4):1339-1365.
[20]Rapp M S,Schmid T,Urban D L.The value of financial flexibility and payout policy[R].Working Paper,Philipps-Universitat Marburg,2012.
[2]董理,茅宁.财务弹性问题前沿研究述评与未来展望[J].外国经济与管理,2013,(4):71-80.
[3]胡元木,赵新建.西方股利政策理论的演进与评述[J].会计研究,2011,(10):82-87.
[4]宋福铁,屈文洲.基于企业生命周期理论的现金股利分配实证研究[J].中国工业经济,2010,(2):140-149.
[5]宋福铁,梁新颖.企业生命周期理论与上市公司现金股利分配实证研究[J].财经研究,2010,(9):123-133.
[6]杨汉明.寿命周期、股利支付与企业价值[J].管理世界,2008,(4):181-182.
[7]Arslan,Florackis C,Ozkan A.Financial flexibility,corporate investment and performance:Evidence from financial crises[J].Review of Quantitative Finance and Accounting,2013,forthcoming.
[8]Blau B M,Fuller K P.Flexibility and dividends[J].Journal of Corporate Finance,2008,14(2):133-152.
[9]Bulan L T,Subramanian N.The firm life cycle theory of dividends[A].Baker K H.The Blackwell companion to dividends and dividend policy[C].Malden,MA:Blackwell Publishing,2008a.
[10]Bulan L T,Subramanian N.A closer look at dividend omissions:Payout policy,investment and financial flexibility[R].Working Paper,Brandeis University,2008b.
[11]Byoun S.Financial flexibility and capital structure decision[R].Working Paper,Baylor University,2011.
[12]DeAngelo H,DeAngelo L,Stulz R.Dividend policy and the earned/contributed capital mix:A test of the life-cycle theory[J].Journal of Financial Economics,2006,81(2):227-254.
[13]DeAngelo H,DeAngelo L.Capital structure,payout policy,and financial flexibility[R].Working Paper,University of Southern California,2007.
[14]DeAngelo H,DeAngelo L,Skinner D J.Corporate payout policy[J].Foundations and Trends in Finance,2009,3(2-3):95-287.
[15]DeAngelo H,DeAngelo L,Whited T M.Capital structure dynamics and transitory debt[J].Journal of Financial Economics,2011,99(2):235-261.
[16]Denis D J,Osobov I.Why do firms pay dividends?International evidence on determinants of dividend policy[J].Journal of Financial Economics,2008,89(1):62-82.
[17]Fama E,French K.Disappearing dividends:Changing firm characteristics or lower propensity to pay?[J].Journal of Financial Economics,2001,60(1):3-43.
[18]Gamba A,Triantis A.The value of financial flexibility[J].Journal of Finance,2008,63(5):2263-2296.
[19]Marchica M T,Mura R.Financial flexibility,investment ability and firm value:Evidence from firms with spare debt capacity[J].Financial Management,2010,39(4):1339-1365.
[20]Rapp M S,Schmid T,Urban D L.The value of financial flexibility and payout policy[R].Working Paper,Philipps-Universitat Marburg,2012.
引用本文
董理, 茅宁. 公司成熟度、剩余负债能力与现金股利政策——基于财务柔性视角的实证研究[J]. 财经研究, 2013, 39(11): 60–69.
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