融资约束、再融资能力与现金分红

文章将2008年关于上市公司现金分红的新规定作为公司再融资能力下降的外部冲击,检验再融资能力的下降对上市公司现金分红的影响。通过两次差分法(DID)比较研究新政对具有不同融资约束公司现金分红的不同影响,结果发现再融资能力的下降使得上市公司现金分红显著减少。新政颁布后,有融资约束的公司显著增加了现金分红;而新政颁布前,有融资约束的公司现金分红显著低于无融资约束的公司,文章的证据支持现金分红可作为区分国内上市公司融资约束的有效指标。

Financing Constraints,Refinancing Ability and Cash Dividends

Taking the new regulation of 2008 on cash dividends of listed companies as the external impact resulting in the drop of company refinancing ability,this paper studies the effect of the drop of refinancing ability on the cash dividends of listed companies.Through the method of difference-in-difference to have a comparative study of the different effects of the new policy on the cash dividends of firms with different financing constrains,it obtains such findings that the drop of refinancing ability reduces the cash dividends of the listed companies significantly.Since the issuing of the new regulations,firms with financing constrains have increased their cash dividends significantly;while before the issuing of the new regulations,the cash dividends of the companies with financing constrains are significantly lower than that of the companies without financing constrains.So the evidence of the paper is sufficient to prove that the cash dividends can be used as an effective indicator to distinguish financing constrains among the domestic listed companies.