This research examines the effects of real asset redeployability on dividend payout policy, showing that firms with higher real asset redeployability tend to pay more dividends. Our results hold after controlling for cash holdings, current assets, and other firm characteristics. We hypothesize that asset redeployability increases dividend payout through the financial constraint channel, the signaling channel and the agency problem channel. Our empirical results suggest that all three channels are at play and that the positive effect is more pronounced for firms with more severe financial constraints, stronger signaling incentives, and for firms that have more severe free cash flow problems. Overall, our findings imply that asset redeployability is an important determinant of corporate dividend payout policy.

本研究考察了实物资产再配置能力对股息支付政策的影响，表明具有较高实物资产再配置能力的公司倾向于支付更多的股息。在控制现金持有量、流动资产和其他公司特征后，我们的结果仍然成立。我们假设资产重新配置能力通过财务约束渠道、信号渠道和代理问题渠道增加股息支付。我们的实证结果表明，所有三个渠道都在发挥作用，并且对于财务约束更严格、信号激励更强的公司以及自由现金流问题更严重的公司，积极影响更为明显。总体而言，我们的研究结果表明，资产重新配置能力是企业股息支付政策的重要决定因素。