现金分红、债务政策稳健性与公司业绩

上市公司现金分红和债务决策是资本市场关注的热点问题。文章以我国A股上市公司为研究对象，考察了现金分红与债务政策稳健性及其对企业业绩的影响关系。研究发现上市公司现金分红行为对公司债务政策稳健性有着显著的影响，相对于无现金分红公司而言，现金分红公司有着更高的债务政策稳健性；现金分红公司的业绩水平显著高于无现金分红公司的对应水平，说明上市公司现金分红行为对公司业绩的提升具有促进作用；在现金分红与公司业绩的关系中，债务政策稳健性具有显著的中介效应。上述研究结论对规范我国上市公司现金分红行为、揭示其对债务政策稳健性与公司业绩的影响具有一定的理论和实践意义。

Cash Dividends, Debt Policy Conservatism and Corporate Performance

The listed companies’ cash dividends and debt decision making are the hot issues of capital market. Using annual report data of Chinese A-share listed companies, the researcher analyzes the relationships between cash dividends, debt policy conservatism and corporate performance. It is found that cash dividend behavior of listed companies have significantly impact on debt policy conservatism and corporate performance, the cash dividend companies have higher debt policy conservatism and corporate performance than the non-cash dividend company, debt policy conservatism has significant mediating effect in relationship between cash dividends and corporate performance. The findings have policy implication for the improvement of cash dividends system and debt policy conservatism of Chinese listed companies.