创新驱动作用下上市公司股利政策影响融资约束的实证研究

A Moderating Effects of R&D Investment of Dividend Policy on Financing Constrains of Listed Company

摘要:

上市公司过高的股利发放率会增加对外部融资的依赖,从而增大融资成本。但是由于创新重要性的突显,上市公司对R D投入的不断加大降低了股利政策对融资约束的影响。利用2012-2014年我国A股上市公司为样本,实证研究了基于R D投入调节作用下公司股利政策对融资约束的影响。得到如下结论：(1)加入R D投入调节前,上市公司股利政策对融资约束的有负向影响；(2)加入R D投入调节后,上市公司股利政策对融资约束有正向影响。最后提出上市公司创新驱动发展战略建议。

Abstract:

The listed company high payout ratio will be increased dependence on external financing, thus increasing the cost of financing. But because of the importance of innovation, the listed company R D input increasing moderated the effects of dividend policy on the financing constraints. And we choose the listed companies of China’s A-share market as samples, all of these companies have R D investment every year from 2012 to 2014. Get the following conclusions: (1) to join the R D input before adjustment, the dividend policy of listed companies has a negative effect on financing constraints; (2) to join the R D input after adjustment, the dividend policy of listed companies has a positive effect on financing constraints. At last, it puts forward innovation-driven development strategy of listed companies.