【摘要】 上市公司过高的股利发放率会增加对外部融资的依赖,从而增大融资成本,但是由于创新重要性的突显,上市公司对R&D投入的不断加大降低了股利政策对融资约束的影响。利用2012—2014年我国A股上市公司为样本,实证研究基于R&D投入调节作用下公司股利政策对融资约束的影响,得到结论:(1)加入R&D投入调节前,上市公司股利政策对融资约束有负向影响;(2)加入R&D投入调节后,上市公司股利政策对融资约束有正向影响。最后提出上市公司创新驱动发展战略建议。更多还原

【Abstract】 The high payout ratio will make listed companiesdepend more on external financing, thus increase the cost of financing. But because of the importance of innovation, the increase of R&D inputs of listed company moderate the effects of dividend policy on the financing constraints. And we choose the listed companies of China’s A-share market as samples. All of these companies have R&D investment every year from 2012 to 2014. The research reaches the following conclusions:(1) Before the R&D input is included into adjustment, the dividend policy of listed companies has a negative effect on financing constraints;(2) After the R&D input is included into adjustment, the dividend policy of listed companies has a positive effect on financing constraints. At last, it puts forward innovation-driven development strategies for listed companies.更多还原