摘要
企业技术创新对现金股利政策的影响具有生命周期的特征。文章选取2012-2017年创业板上市公司作为研究样本,实证研究企业不同生命周期内,技术创新与现金股利政策之间的影响。研究发现:创业板上市公司技术创新与现金股利之间呈现显著负向关系。与此同时,在企业的成长期,技术创新与现金股利之间呈现显著负相关关系,但是在成熟期和衰退期,这种负相关关系不显著。研究从企业发展的生命周期视角探究技术创新与现金股利之间的关系,深化了对现金股利相关理论的认识,研究结果对于公司治理以及政府监管政策的制定具有一定的现实意义。
The impact of technological innovation on cash dividend policy has the characteristics of life cycle.This paper chooses GEM listed companies from 2012 to 2017 as research samples to empirically study the impact of technological inno vation and cash dividend policy in different life cycles of enterprises.The research finds that there is a significant negative relationship between technology innovation and cash dividend of GEM listed companies.In addition,there is a significant negative correlation between technological innovation and cash dividend in the growth period of enterprises,but this negative correlation is not significant in the maturity and recession period.This paper explores the relationship between technological innovation and cash dividend from the perspective of the life cycle of enterprise development,deepens the understanding of cash dividend theory,and the research results have certain practical significance for corporate governance and the formulation of government regulatory policies.
作者
韩飞
邵东伟
HAN Fei;SHAO Dong-wei(School of Economics and Management,Inner Mongolia University of Technology,Hohhot 010051,China)
出处
《安徽行政学院学报》
2020年第1期54-61,共8页
Journal of Anhui Academy of Governance
关键词
技术创新
现金股利政策
企业生命周期
technological innovation
cash dividend policy
enterprise life cycle[
