参股金融机构、融资约束与上市公司现金股利
Holding Financial Institutions,Financing Constraints and Cash Dividends Of Listed Companies.
Abstract
股利政策作为上市公司的核心财务活动,是企业回报投资者的重要途径,因此,上市公司的现金分红水平一直深受公司管理层、资本市场投资者以及监管者的关注。虽然监管部门一直致力于鼓励上市公司进行股利分配,但我国企业的总体股利水平仍然低于西方国家。现金股利首先是一种企业现金资源的分配行为,当企业内部资金不足时很难进行现金股利的分配。当一个国家的资本市场比较发达时,企业的外部融资约束较小,能够方便地筹集资金以满足经营需求,因此外部的融资环境对股利分配水平的制约相对较小。但目前就中国的资本市场而言,上市企业普遍面临较强的外部融资约束,严重制约着企业现金股利的分配。 近年来,随着我国政府逐渐放松对金融行业的管制... As the core of listed company’s financial activities, the dividend policy is an important way of investors to get their returns. So the cash dividend level of listed companies has been deeply influenced by company management, capital market investors and regulators.Our capital market is developing in recent years, but the dividend distribution level of our enterprises is still behind the developed...