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rong zi yue shu xian jin gu li yu gong si tou zi ji yu jin rong wei ji he ban qiang zhi fen hong de fen xi
Author(s): 
Pages: 71-77
Year: Issue:  9
Journal: Xinjiang State Farms Economy

Keyword:  金融危机半强制分红融资约束现金股利投资行为;
Abstract: 文章以2007-2013年的A股上市公司为样本,考察了在金融危机时期我国公司面对外部融资约束时,如何在半强制分红政策的引导下平衡其现金股利发放与投资需求决策.研究结果表明,金融危机时期,上市公司将面临严重的资金短缺;面对这一情况,上市公司管理层会在减少股利派发与缩减投资规模中,优先选择前者,而后才会选择减少投资支出.结论验证了在金融危机情境下MM理论的适用性,即公司总是会优先考虑满足其投资需求,而现金股利作为一种剩余价值分配形式,仅在现金流充裕时才会进行派发.
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