The Research On The Influence Of Financial Flexibility On The Cash Dividend Policy Under Economic Fluctuation

Investment,financing and dividend distribution is the enterprise financial management of the three themes. Among them, the dividends will efficiency to the enterprise development and have made a significant impact on overall value. With the development of financial theory of elasticity,more and more scholars begin to pay close attention to financial flexibility on the impact of dividend policy. Have a large number of empirical studies show that different financial flexibility has a great influence on the dividend policy, and this effect will be affected by economic fluctuations. Therefore, under different economic fluctuations, financial flexibility on the impact of dividend policy is very necessary.Based on the financial flexibility as the theme, one of the core concepts in corporate finance the cash dividend policy as the foothold, under the economic fluctuation, the enterprise financial flexibility to study the effect of cash dividend policy.In A large number of relevant literature review and theoretical basis, on the basis of this paper puts forward three main hypothesis and establish the corresponding regression model, released in 2004-2015 a-share listed companies as samples, to test the hypotheses.Study found:financial flexibility is to determine whether enterprises an important factor of distribution of dividend, high elasticity of financial companies tend to pay cash dividends, and low financial flexibility enterprises tend to not hair of dividend. Further study found that in different periods of economic fluctuations, the influence of the financial flexibility on cash dividend policy of listed companies is not the same;In the same periods of economic fluctuations, have different life cycle of the listed company financial flexibility also have different influence on cash dividend policy;In different periods of economic fluctuations, have the same life cycle of the listed company financial flexibility have different influence on cash dividend policy.According to the above research conclusion, this paper to improve the governance effect of equity policy, improve the efficiency of corporate investment and overall value, puts forward the SFC should further improve the dividend distribution policy, guide the listed companies formulate scientific profit allocation planning policy Suggestions.