经济政策不确定性下财务柔性对公司现金股利政策影响的研究

Research on the Influence of Financial Flexibility on the Company’s Cash Dividend Policy under the Uncertainty of Economic Policy

摘要: 经济政策不确定性作为宏观系统风险，会对微观企业的生产经营产生重要影响，股利政策在我国一直存在着分配水平低下、支付连续性及稳定性不强等问题，财务柔性则是企业在经济政策不确定性下应对不利冲击规避风险的重要方式，可以有效缓解不确定性抑制股利发放。论文以2010~2021年中国A股上市公司为样本，运用理论分析与实证研究，研究财务柔性对现金股利支付的影响，以及在经济政策不确定性下财务柔性对现金股利支付影响的变化，以期为我国上市公司合理储备财务柔性、应对经济政策不确定性及完善现金股利支付提供建议。

Abstract: As a macroeconomic risk, the uncertainty of economic policy will have an important impact on the operation of micro enterprises. Dividend policy in China has always had problems such as low dis-tribution level, poor continuity and stability of payment. Financial flexibility is an important way for enterprises to cope with adverse shocks and avoid risks under the uncertainty of economic policy, which can effectively mitigate the inhibition of uncertainty on dividend distribution. Taking Chinese A-share listed companies from 2010 to 2021 as a sample, this paper uses theoretical analysis and empirical research to study the impact of financial flexibility on cash dividend payment, as well as the changes in the impact of financial flexibility on cash dividend payment under the uncertainty of economic policies, in order to provide suggestions for Chinese listed companies to rationally reserve financial flexibility, deal with the uncertainty of economic policies and improve cash dividend pay-ment.