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	公司地理位置影响其现金股利政策吗?; Does Company Geographic Location Affect Cash Dividend Policy?
	蔡庆丰 ; 江逸舟
	2013-07-03
关键词	地理因素 现金股利政策 自由现金流冲突 geographical factor cash dividend policy a clash of free cash flow
英文摘要	地理因素涵盖的信息极为丰富,文章研究了地理因素这个综合性变量对我国上市公司股利政策的影响。实证研究发现,地处中心城市的企业倾向于多发现金红利。在此基础上,文章进一步从“投资者“和“融资方“等角度分析了地理因素对公司现金红利政策的作用机制。结果显示:投资者更偏好地缘较近的上市公司,这也使位于人口和机构密集的中心城市的上市公司更有压力去迎合投资者的收益要求,从而更多地发放现金股利;另一方面,地理因素也会因机构投资者密度(融资渠道)和再融资监管政策对公司现金红利政策起完全相反的作用。此外,在自由现金流冲突的影响下,中心城市相对多发股利的效应会在一定程度上减弱。; Geographic factors contain rich information.This paper examines the effect of geographic factors as the comprehensive variable on dividend policy of listed companies in China.Empirical results show that companies located in central cities tend to pay larger cash dividends.Then it further analyzes the role of geographic factors in cash dividend policy from the angles of investors,financiers and so on.It indicates that investors prefer closely located listed companies,thereby putting higher pressure on companies in central cities with intensive population and institutions to meet the profit requirements of investors and paying larger cash dividends;on the other hand,geographic factors also play a completely opposite role in cash dividend policy through the density of institutional investors(financing channel) and refinancing regulatory policy.Moreover,it concludes that owing to the effect of the clash of free cash flow,relatively larger payment of cash dividends in central cities decreases to a certain extent.; 国家自然科学基金资助项目“金融部门的利益冲突、自我膨胀及其对实体经济的影响:理论与实证”(71103150)
语种	zh_CN
内容类型	期刊论文
源URL	[http://dspace.xmu.edu.cn/handle/2288/112633]
专题	经济学院－已发表论文
推荐引用方式 GB/T 7714	蔡庆丰,江逸舟. 公司地理位置影响其现金股利政策吗?, Does Company Geographic Location Affect Cash Dividend Policy?[J],2013.
APA	蔡庆丰,&江逸舟.(2013).公司地理位置影响其现金股利政策吗?..
MLA	蔡庆丰,et al."公司地理位置影响其现金股利政策吗?".(2013).

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