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中文摘要：
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。本文采用2001--2010年我国A股上市公司年度报告数据，分析了现金分红、债务政策稳健性与公司业绩的关系。研究发现：上市公司现金分红行为对公司债务政策稳健性和公司业绩有着显著的影响，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和公司业绩水平；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。上述结论对完善我国上市公司现金分红制度和提升债务政策稳健性具有理论和实践意义。
英文摘要：
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 from 2001 to 2010, we analyze the relationships between cash dividends, debt policy conservatism and corporate performance. We find that cash dividend behavior of listed companies have significantly impact on debt policy conservatism and corporate performance, the cash divi- dend 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. Our finding has policy im- plication for the improvement of cash dividends system and debt policy conservatism of Chinese listed companies.
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