摘要
选取市场化程度较高的制造业上市公司为样本,通过对具有持续竞争优势的公司融资性负债的独特性进行研究及如何适时地采取股利派发政策进行调整,实证检验可以发现,持续竞争优势公司的融资性负债水平显著较低;环境的不确定对持续竞争优势公司的融资性负债具有重要的调节作用,随着环境不确定性增加,该类公司会适当调高融资性负债水平。为应对环境的不确定,预期调整的目标融资性负债水平越高,持续竞争优势公司越有可能减少现金股利的派发,体现了资本结构政策对环境的适应性。相比而言,缺乏竞争优势的公司的融资性负债水平对环境不确定性缺乏敏感,公司的股利派发政策也没有体现在预期的融资性负债水平的动态调整中。研究结果说明持续竞争优势公司既具有稳健的日常财务政策,又能及时应对环境变化的动态管理能力。
With listed companies in the manufacturing industry as samples,the paper examines empirically the uniqueness of financing liability of companies with continuingcompetitiveness and their regulation of dividend distribution policies.It finds that companies with continuing competiveness has low-level financing liability,that environmental uncertainty has an impact on their financing liability decisions,and that their financing liability may increase as the environment becomes uncertain,that they may reduce dividend distribution as a response to environmental uncertainty which shows the sensitivity of their capital portfolio policies to the environment.In contrast,the financing liability level of companies with lesser competiveness is not as sensitive to the environment,their dividend distribution policies do not react to their financing liability regulations.The results show that companies with continuing competitiveness has sound financing policies and at the same time can respond to environmental uncertainty.
出处
《苏州大学学报（哲学社会科学版）》
CSSCI
北大核心
2017年第4期100-108,共9页
Journal of Soochow University(Philosophy & Social Science Edition)
基金
国家自然科学基金项目"风险投资
财务信息质量与股票崩盘风险"(项目编号:71302121)
江苏省社会科学基金项目"江苏制造业企业创新驱动型低成本战略研究"(项目编号:16EYD005)的阶段性成果
关键词
竞争优势
股利
融资性负债
competitiveness
dividend
financing liability
