Cash Dividend,Internal Cash Flow and Investment Efficiency
研究了现金股利如何影响内部现金流与投资效率的关系，发现现金股利能抑制自由现金流充裕公司的过度投资，支持代理模型，但未发现股利信号能缓解内部现金流不足公司的投资不足问题。
The paper mainly examines the influence of cash dividend on the relationship between investment efficiency and internal cash flow,and then tests the agency model and signal model of cash dividend and the governance effect and information screening effect of mandatory dividend.The results suggest that cash dividend helps to restrict companies with free cash flow from over-investment,which validate the agency model and governance role of dividend.On the contrary,there is no evidence that paying more dividends or continued dividends in prior period help the companies with insufficient internal cash flow to mitigate underinvestment problem. That is,the signal model and information screening effect are not supported in this paper.