| 摘要: |
| 根据前人对股利决策与非效率投资的关系研究提出研究假设。以2009—2013年石油石化上市公司的年报数据为样本,运用多元统计回归分析方法,实证研究现金股利对非效率投资的影响。研究认为,石油石化企业存在的非效率投资问题,可以通过现金股利进行治理。适当分配股利,有利于控制投资过度,还有利于获得周转资金,缓解投资不足问题,保证企业的可持续发展。 |
| 关键词: 石油石化企业 现金股利 非效率投资 自由现金流 |
| DOI： |
| 分类号:F275;F832.5 |
| 基金项目:国家社会科学基金一般项目(14BJY028);国家社会科学基金一般项目(14BJY072);大庆市社会科学基金重点项目(DSGB2016006);东北石油大学培育基金项目(NEPUPY202);东北石油大学研究生创新科研资助项目(YJSCX2016033NEPU) |
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| The Empirical Study on Cash Dividend and Non-efficiency Investment of Petroleum and Petrochemical Enterprises |
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ZHANG Yanming, CHENG Zechuan, JIA Guiying, WANG Jiashan
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(Institute of Petroleum Economy and Management, Northeast Petroleum University, Daqing, Heilongjiang 163318, China)
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| Abstract: |
| The research hypotheses are put forward on the basis of the previous studies on the cash dividend and non-efficiency investment. This paper takes the annual report dates of petroleum and petrochemical listed companies from 2009 to 2013 as samples and studies empirically the effect of cash dividend and non-efficiency investment by multivariate statistical regression analysis method. It suggests that the problems of non-efficiency investment in the petroleum and petrochemical enterprises can be treated by cash dividend and that appropriate cash dividend distribution can not only help control the excessive investment, but also help obtain the working capital and alleviate insufficient investment so as to ensure the sustainable development of enterprises. |
| Key words: petroleum and petrochemical enterprises cash dividend non-efficiency investment free cash flow |
