摘要
现金股利政策与多元化经营是影响旅游上市公司企业价值的重要因素。本文利用2008—2017年我国A股旅游上市公司平衡面板数据,通过多元回归与调节效应检验分析了现金股利对企业价值的影响与多元化经营的调节作用。实证检验的结果表明,旅游上市公司的现金股利以正向治理效用为主,适度发放现金股利能够提高企业价值;随着多元化程度的提高,旅游上市公司现金股利支付积极性与支付水平逐步降低,现金股利对企业价值的正向作用逐渐减弱;进一步的研究发现,相关多元化相比非相关多元化具有更显著的负向调节作用。本次研究拓展了旅游上市公司现金股利政策与企业价值的相关研究,在实践上为旅游上市公司制定现金股利政策与多元化经营提供一定启示。
Cash dividend policy and diversification are important factors that affect the value of tourism listed companies.Drawing on the 2008-2017 balance penal data of A-share tourism listing companies,this paper analyzes the impact of the cash dividends of the listed tourism companies on the value of enterprises and the regulation effect of diversified operations by multiple regression and regulation effect test.The results of empirical tests show that the cash dividends of listed tourism companies are mainly positive governance effects.The moderate cash dividends can increase the value of enterprises.With the increase of diversification degree,the tendency and payment level of cash dividends of listed tourism companies will be reduced.The positive effect of cash dividends on corporation value is gradually weakening.Further research shows that related diversification has a more significant negative adjustment effect than unrelated diversification.This study expands the research on the cash dividend policy and corporate value of listed tourism companies.In practice,it provides some inspiration for the development of cash dividend policy and diversified management for listed tourism companies.
作者
蔡礼彬
罗威
CAI Li-bin;LUO Wei(Management College,Ocean University of China,Qingdao,Shandong 266100)
出处
《商学研究》
2019年第5期41-54,67,共15页
Commercial Science Research
基金
山东省社会科学规划研究基金项目“全域旅游背景下的山东旅游公共服务体系研究”(项目编号:18CGLJ39)的阶段性成果
关键词
旅游上市公司
现金股利政策
多元化经营
企业价值
调节效应
listed tourism companies
cash dividend policy
enterprise value
diversification
regulating effect
