本文關(guān)鍵詞： 財(cái)務(wù)柔性 股權(quán)融資 現(xiàn)金分紅　出處：《貴州財(cái)經(jīng)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：如今,經(jīng)濟(jì)全球化進(jìn)程的加快,經(jīng)濟(jì)增長模式的調(diào)整,使得企業(yè)面臨的經(jīng)營環(huán)境愈來愈復(fù)雜多變,企業(yè)經(jīng)營也面臨著更多的不確定性。經(jīng)營環(huán)境的不斷變化,使得企業(yè)的戰(zhàn)略選擇、激勵(lì)體系以及財(cái)務(wù)決策也隨之發(fā)生改變。為了使企業(yè)能夠更好的應(yīng)對經(jīng)營環(huán)境和決策結(jié)果的不確定性,具有一定的防御能力,財(cái)務(wù)柔性理論應(yīng)運(yùn)而生。本文通過對國內(nèi)外學(xué)者對財(cái)務(wù)柔性研究的梳理,嘗試從財(cái)務(wù)柔性的視角,探究我國上市公司的股權(quán)融資偏好和現(xiàn)金分紅的特征。文章建立在融資優(yōu)序理論、代理理論以及權(quán)衡理論的基礎(chǔ)上,構(gòu)建模型,實(shí)證研究財(cái)務(wù)柔性對上市公司股權(quán)融資與現(xiàn)金股利政策的影響。本文選取2009—2015年我國上證A股上市公司數(shù)據(jù)為樣本進(jìn)行實(shí)證研究,在變量設(shè)計(jì)、構(gòu)建模型實(shí)證分析之后得出以下研究結(jié)果:(1)財(cái)務(wù)柔性儲(chǔ)備與股權(quán)融資呈正相關(guān)關(guān)系,財(cái)務(wù)柔性儲(chǔ)備越高的企業(yè)更傾向于股權(quán)融資。(2)財(cái)務(wù)柔性邊際價(jià)值對企業(yè)進(jìn)行股權(quán)融資有抑制作用,財(cái)務(wù)柔性邊際價(jià)值高的企業(yè)在進(jìn)行融資決策時(shí)不偏好股權(quán)融資。(3)財(cái)務(wù)柔性儲(chǔ)備對現(xiàn)金分紅有著促進(jìn)作用,財(cái)務(wù)柔性儲(chǔ)備越高企業(yè)越愿意進(jìn)行現(xiàn)金分紅。(4)財(cái)務(wù)柔性邊際價(jià)值與現(xiàn)金分紅之間存在負(fù)相關(guān)關(guān)系,財(cái)務(wù)柔性邊際價(jià)值越高現(xiàn)金分紅意愿越不強(qiáng)烈。最后,根據(jù)研究結(jié)果提出以下政策建議:(1)企業(yè)應(yīng)提高對財(cái)務(wù)柔性的認(rèn)識(shí),保持適量的財(cái)務(wù)柔性;(2)企業(yè)應(yīng)結(jié)合財(cái)務(wù)柔性水平現(xiàn)狀,制定合理的融資決策;(3)企業(yè)應(yīng)該結(jié)合財(cái)務(wù)柔性水平現(xiàn)狀,制定合理的股利政策。對于我國特有的股權(quán)融資偏好現(xiàn)象,本文創(chuàng)新性的將財(cái)務(wù)柔性作為切入點(diǎn),研究財(cái)務(wù)柔性對上市公司股權(quán)融資偏好的影響,為股權(quán)融資的影響因素提供實(shí)證支持,而且在已有的研究中對于財(cái)務(wù)柔性的研究只是片面的,例如研究如何獲取財(cái)務(wù)柔性、怎樣度量財(cái)務(wù)柔性水平,將財(cái)務(wù)柔性與財(cái)務(wù)決策放在一起進(jìn)行研究相對而言較少,因此,本文通過研究財(cái)務(wù)柔性對融資和分配政策的影響,理論和實(shí)證相結(jié)合,可以豐富財(cái)務(wù)柔性的研究內(nèi)容,提高企業(yè)對保持財(cái)務(wù)柔性重要性的意識(shí),也可以從財(cái)務(wù)柔性的角度解釋我國股權(quán)融資偏好現(xiàn)象,另外,研究財(cái)務(wù)柔性與現(xiàn)金分紅之間的相關(guān)性,對于企業(yè)在制定股利分配政策時(shí)提供一些參考價(jià)值。
[Abstract]:Nowadays, with the acceleration of the process of economic globalization and the adjustment of economic growth model, enterprises are facing more and more complex and changeable operating environment, and enterprises are also facing more uncertainty and changing business environment. In order to make the enterprise better deal with the uncertainty of the operating environment and the decision result, it has certain defense ability. The theory of financial flexibility arises at the historic moment. This paper tries to study financial flexibility from the perspective of financial flexibility by combing domestic and foreign scholars' research on financial flexibility. This paper explores the characteristics of equity financing preference and cash dividend of listed companies in China. This paper builds a model on the basis of financing priority theory, agency theory and trade-off theory. Empirical study on the financial flexibility of listed companies on the impact of equity financing and cash dividend policy. After the empirical analysis of the model, the following research results: 1) Financial flexible reserves and equity financing are positively correlated. The higher the financial flexibility reserve, the more inclined to equity financing. (2) the marginal value of financial flexibility has a restraining effect on equity financing. Enterprises with high marginal value of financial flexibility do not prefer equity financing. The higher the financial flexibility reserve, the more willing enterprises are to carry out cash dividend. 4) there is a negative correlation between the marginal value of financial flexibility and the cash dividend, and the higher the marginal value of financial flexibility is, the less the willingness to pay cash dividends is. Finally. According to the results of the study, the following policy recommendations are put forward: (1) Enterprises should improve their understanding of financial flexibility and maintain proper amount of financial flexibility; 2) the enterprise should make reasonable financing decision according to the present situation of financial flexibility level; According to the present situation of financial flexibility, enterprises should formulate reasonable dividend policy. For the unique phenomenon of equity financing preference in China, this paper innovatively regards financial flexibility as the starting point. This paper studies the influence of financial flexibility on the equity financing preference of listed companies, and provides empirical support for the influencing factors of equity financing. Moreover, the research on financial flexibility is only one-sided in the existing research. For example, research on how to obtain financial flexibility, how to measure the level of financial flexibility, financial flexibility and financial decision-making together is relatively less research, so. Through the study of the impact of financial flexibility on financing and distribution policy, the combination of theory and empirical can enrich the research content of financial flexibility and improve the awareness of the importance of maintaining financial flexibility. We can also explain the phenomenon of equity financing preference from the angle of financial flexibility. In addition, the study of the correlation between financial flexibility and cash dividend can provide some reference value for enterprises to formulate dividend distribution policy.
【學(xué)位授予單位】：貴州財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F275;F832.51

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本文編號(hào)：1479242