摘要
在实体经济"脱实向虚"的风险环境下,本文以2007—2017年中国A股上市的非金融和房地产类企业为研究样本,实证考察实体企业金融资产配置对股利派发意愿与水平的影响。研究发现:实体企业金融资产配置对股利派发意愿与水平均有显著的负面影响,而主营业务绩效下降是实体企业金融资产配置影响股利派发的重要中介因子;宽松的货币政策以及国有企业的性质会削弱金融资产配置对股利派发的负面影响。本文的研究为实体企业配置金融资产影响股利派发提供了微观层面的证据,并对政府引导资金"脱虚向实"具有一定的参考价值。
In the risky environment of the real economy,this paper takes the nonfinancial and non-real estate enterprises listed in China’s A-shares from 2007 to 2017 as research samples,empirically studied the impact of financial assets allocation of the entity on the willingness and level of dividend distribution.The study finds that the financial assets allocation has a significant negative impact on the willingness and level of dividend distribution.And the decline in the performance of main business is an important intermediary factor for the distribution of dividends affected by financial assets allocation,loose monetary policy and the nature of state-owned enterprises would weaken the negative impact of financial assets allocation on dividend distribution.The study provides evidence for influence of the financial assets allocation on the dividend distribution of entities at micro-level,and also provides some reference for guiding funds to economy.
作者
王翔
陈燕
Wang Xiang;Chen Yan(School of Finance and Business,Shanghai Normal University,Shanghai 200234)
出处
《金融管理研究》
2020年第2期196-211,共16页
The Journal of Finance and Management Research
关键词
实体企业
金融资产
股利派发
主营业务绩效
Entity Enterprise
Financial Assets
Dividend Distribution
Main Business Performance
