| 股票回购、现金股利替代性与研发投资——基于迎合渠道的比较分析 |
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| 引用本文：俞毛毛，马妍妍.股票回购、现金股利替代性与研发投资——基于迎合渠道的比较分析[J].财经理论与实践,2020,(2):62-68 |
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| 中文摘要:传统观点认为，股票回购与现金股利存在替代关系，同时在资金约束以及管理层短视情形下，二者对企业中长期研发投资支出产生负向冲击。而“边分红，边研发”却是目前我国上市公司的普遍现象。基于此背景，利用2014-2017年我国A股上市公司样本数据，在迎合渠道下分析股票回购与现金分红行为对研发投资的影响及差异。研究发现：两种分配行为并非具有完全替代性，虽然二者均会通过迎合渠道对研发投资产生正向影响，但迎合渠道又存在差异。其中，现金股利多通过股权融资渠道发挥作用，而股票回购多通过理性迎合渠道发挥作用。 |
| 中文关键词:股票回购 现金股利 替代效应 研发强度 迎合投资 |
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| The Substituted Effect of Share Repurchase and Cash Dividend and Their Impact on R&D investment——Comparative Analysis from the Perspective of Catering Channel |
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| Abstract:Traditionally, cash dividend and share repurchase are deemed as alternative methods to allocate firms' excess cash, and will both exert negative influence on investment activities. Meanwhile, the paradox of co-existence of R&D increase and dividend behavior still prevails in China's listed companies. Based on the paradox above, and on the listed samples of A shares ranging from 2014 to 2017, the paper analyzes substituted effect between cash dividend and share repurchase behavior on R&D investment through catering-effect channel. We can draw conclusion that share repurchase and cash dividend can both have positive influence on R&D intensity, but with different motives and under different conditions: as to cash dividend behavior, it can boost R&D intensity with equity-financing channel; as to share repurchase behavior, it can also boost R&D intensity through rational-catering channel. |
| keywords:share repurchase cash dividend substituted effect R&D intensity catering effect |
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