Financial Constraint,Corporate Payout and Corporate Precautions Savings Motive:Evidence from Chinese A-Share Listed Companies
研究融资约束如何影响中国上市公司分红不足，利用2005年短期债券发行作为自然实验，发现融资约束越强分红越少，而短期债券能提升分红比例约1.5%。
The corporate savings glut is an important cause for the external economic imbalance in China There are two reasons.Firstly,the corporate profit becomes large.Secondly,the corporate payout is relatively insufficient The paper attempts to study the insufficiency of corporate payout in China from the perspective of financial constraint The three indexes measuring the financial constraint are established and used to analyze the influence of financial constraint on corporate payout behavior.Furthermore,the advent of short - term bond in 2005 is used as a natural experiment to deal with the endogenous problem that could be came cross in the former econometric model.The findings reveal that financial constraint is a key element to affect the corporate payout behavior.If the financial constraint is more intensified,then the corporate payout ratio will be more insufficient Moreover,the appearance of short -term bond indeed has an impact on the corporate payout behavior, and thus enhances the corporate payout ratio 1.5%or so.These finds also reveal the influencing mechanism of financial development on macro economy,which is helpful to profoundly understand the importance of financial development to China's economy.