多元化经营与现金股利政策:代理冲突还是融资约束?

被引：10

作者：

刘卿龙 ^{[1
,2
]}

杨兴全 ^{[1
]}

机构：

[1] 石河子大学经济与管理学院

[2] 中国人民解放军部队

来源：

会计与经济研究 | 2018年 / 04期

关键词：

多元化经营; 现金股利政策; 代理冲突; 融资约束;

D O I：

10.16314/j.cnki.31-2074/f.2018.04.006

中图分类号：

F275 [企业财务管理]; F832.4 [信贷]; F832.51 [];

学科分类号：

1202 ; 120202 ; 1201 ; 020204 ;

摘要：

文章以中国A股非金融上市公司为样本,实证考察了多元化经营对公司现金股利政策的影响。研究发现,上市公司多元化经营与现金股利支付倾向和支付水平呈现稳健的负相关性,即多元化经营程度越高,上市公司越不倾向发放现金股利且现金股利支付水平越低;进一步研究发现,多元化经营通过加剧公司融资约束进而减少了现金股利发放,法治环境和金融发展有效缓解了多元化经营与现金股利的负相关性。

引用

页码：76 / 89

页数：14

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