CAJ | 학술논문

传统的现金股利研究文献主要从代理理论的视角出发，将现金股利决策视为独立于公司融资与投资的决策行为，重点在于考察股利分配对利益相关者的影响。本文以财务柔性为视角，以金融危机环境为背景，以我国A股上市公司为对象，对环境不确定性、财务柔性及上市公司现金股利的相关问题进行研究，得出了有益结论。
전통적현금고리연구문헌주요종대리이론적시각출발，장현금고리결책시위독립우공사융자여투자적결책행위，중점재우고찰고리분배대이익상관자적영향。본문이재무유성위시각，이금융위궤배경위배경，이아국A고상시공사위대상，대배경불학정성、재무유성급상시공사현금고리적상관문제진행연구，득출료유익결론。
Traditional cash dividend literature tends to regard cash dividend decision- making as the deci- sion - making behavior independent of corporate financing and investment from the perspective of agency the- ory, and revolves around the impacts of dividend distribution on interested patties. This paper studies the un- certainty of environment, financial flexibility and cash dividend of listed companies in A - share market from the perspective of financial flexibility, against the backdrop of financial crisis, and therefore generates thoughtful results.