欢迎您！东篱公司
退出
-
申报数据库
-
立项数据库
-
成果数据库
-
项目获奖数据库
中文摘要：
本文主要研究现金股利对内部现金流与投资效率之间关系的影响，检验股利的代理模型与信号模型以及实践中强制股利的治理功能与信息甄别功能。研究结果发现，我国股票市场上，现金股利有利于抑制内部现金流富余的公司进行过度投资，支持股利的代理模型和强制股利的治理作用。但内部现金流紧缺的公司难以从以往年度连续派现或较多派现的历史记录中得到好处，缓解其投资不足问题，股利的信号模型和信息甄别功能不能得到支持。
英文摘要：
The paper mainly examines the influence of cash dividend on the relationship between investment efficiency and internal cash flow, and then tests the agency model and signal model of cash dividend and the governance effect and information screening effect of mandatory dividend. The results suggest that cash dividend helps to restrict companies with free cash flow from over-investment, which validate the agency model and gov- ernance role of dividend. On the contrary, there is no evidence that paying more dividends or continued dividends in prior period help the companies with insufficient inlernal cash flow to mitigate underinvestment prob- lem. That is, the signal model and information screening effect are not supported in this paper.
同期刊论文项目
同项目期刊论文
位置：