Emprical Study On The Relationship Of The Flexible Allocation Of Listred Companies' Financial And Cash Dividend

Dividend policy is an important part of enterprise financial decision,the daily management of the business and long-term development will have a significant impact.Distribution of cash dividend can stimulate investor information,improve the financing ability of the enterprises in the future,but also can reduce the agency costs of the enterprise.But at the same time,cash incentives paid to make the enterprises fall into the financial free cash flowshortage.On the influence factors of cash dividend distribution at home and abroad has nounified conclusion,and provides a new perspective for the cash dividend distribution offinancial flexibility.Research on flexible financial began in twentieth Century 60 time,American scholars Modigliani and Miller(1963)research on tax and optimal capital structure.After years of development,the research of flexible financial in foreign countries has been gradually mature,flexible financial concept,from the initial emphasis on cash flowcontrol ability,development up to now pay attention to lower the cost of access to capitaland the ability of using the ability of funds.Overall,the foreign study on flexible financial,concentrated in the financial flexibility "prevention","reaction",and "the three nature".Domestic scholars on the study of flexible financial also in like a raging fire started,manyscholars attempt to relationship between financial flexibility and financing,the enterprise value.On the effect of financial flexibility on the cash dividend distribution,domestic and foreign scholars did not reach a unified conclusion,this article from the perspective offinancial flexibility,study on the effect of financial flexibility on the cash dividend distribution,and the semi mandatory dividend policy as the background analysis of relationship between financial flexibility and cash dividend distribution,the validity and limitation the evaluation of policy implementation.This paper selects four years between 2009 and 2012 A-share listed companies in Shanghai and Shenzhen stock markets as samples,the first study on the impact of thefinancial flexibility of cash dividends,and then combined with China's semi-mandatory dividend policy,dividend policy Semi mandatory financial flexibility and cash What impact correlation dividend distribution.The conclusion is:the higher the marginal value of financial flexibility of the enterprise,the less inclined to cash dividend,which demands a high degree of financial flexibility of the enterprise,do not tend to cash dividends;high financial flexibility for enterprises,half dividend policy is not mandatory a significant impact on the financial flexibility and cash dividends generated correlation,low financial flexibility for enterprises,half dividend policy will enforce financial flexibility and cash dividends generated correlations weaken the role of corporate self-interest can not be carried out in accordance with the cash Dividends.