Research On Dividend Policy Selection Of Listed Companies In China

As one of the important contents of financial decision-making of listed companies,the choice of dividend policy has always been an important research topic in academic circles.The existing literatures on dividend policy choice at home and abroad mainly focus on how to make the optimal dividend policy and investors' dividend preference.With the development of life cycle theory and behavioral finance theory,as well as the wide application of cross-disciplinary disciplines such as financial geography in corporate finance,dividend policy choice gradually presents a new research direction,it is possible to study the company's dividend policy from the perspective of time and space.To this end,this paper first reviews and sorts out the related results of dividend policy choice at home and abroad,and defines the research perspective of this paper,this paper analyzes the spatio-temporal evolution of dividend policy of listed companies,and puts forward corresponding economic explanation and theoretical conjecture from the perspective of time and space,this paper confirms the time effect of dividend policy from the perspective of life cycle and listing time,and examines the spatial effect of dividend Policy Choice from the perspective of geographic location and regional group,on the basis of carding the full text research conclusion,put forward has the pertinence policy suggestion.According to the following logic:Focusing on the characteristic facts of dividend policy choice,this paper puts forward the theoretical logic under the time and space dimension.The research shows that the choice of dividend policy shows the characteristics of time trend and regional differentiation.Based on the characteristic facts of the above-mentioned dividend policy choice logic,this paper gives the theoretical conjecture from the perspective of time and space in order to embody the economic logic behind the dividend policy choice characteristics.Sorting out the characteristic facts and theoretical logic of dividend policy choice is helpful to delineate the dividend behavior and its regular characteristics more clearly,and provide the necessary theoretical basis and data basis for follow-up research.Based on the life cycle perspective of dividend policy time effect,verified the listed companies in the life cycle stage of the dividend policy choice effect and impact mechanism.Based on the theory of life cycle and agency theory,this paper empirically tests the relationship between corporate life cycle and dividend policy,using the market data of listed companies in Shanghai and Shenzhen a shares in 2003-2018 as samples,and under different life cycle stages,further influence of ownership structure governance,internal control quality and investor protection level on dividend policy.The research shows that both the dividend willingness to pay and the payout ratio are higher in the mature period,but lower in the growth period and the recession period.In addition,the effects of ownership structure governance,internal control quality and investor protection level on dividend policy are different in different life cycle stages,and the degree of the effects varies from the growth period to the recession period.Based on the time effect of dividend policy from the perspective of listing time,this paper discriminates the theoretical conjecture of the u-type time-varying law of dividend policy and its implied economic connotation,and extends the analysis model of the influencing factors of dividend policy in the existing literature.Based on the information reflection cycle and behavioral dividend theory,this paper selects the annual data of Chinese listed companies in Shanghai and Shenzhen a shares from 2003 to 2018 to measure and verify whether and how the dividend policy fluctuates dynamically with the time of listing in the past 16 years.It is found that the two dimensions of dividend policy,the willingness to pay and the rate of payment both follow the u-shaped curve with the increase of listing time The inflection point of willingness to pay usually appears about 6 years after listing,the extreme point of payment rate is about 7 years,and the inflection point of different sample groups is basically stable.Therefore,the dividend policy has a significant and robust time-varying effect.Based on the spatial effect of dividend policy choice from the perspective of geographical location,this paper recalculates the geographical location of listed companies,and discusses the influence of central cities or remote areas on Dividend's payment behavior.Based on financial geography and geo-spatial decision-making,this paper empirically tests the relationship between dividend policy and geographical location of listed companies in Shanghai and Shenzhen a stock market in China from 2003 to 2018,the possible conduction path and the influencing factors were further studied.The study found that listed companies in remote areas are less likely to pay multiple dividends.In addition,further research finds that free cash flow and financing constraints have mediating effects on the relationship between geographic location and dividend policy,at the same time,information environment and balance sheet quality have moderating effect on the relationship between geographical location and dividend policy.Based on the spatial effect of dividend policy choice from the perspective of region-group,this paper mainly studies the cross-effects of corporate interaction on dividend policy.According to the logical imitation rate of the dividend signal theory,the behavior theory and the new system theory,there is a dynamic competitive relationship among the enterprises in the region,and the enterprises are easily influenced by the dividend policy of their peers in the region,and the dividend policy tends to produce the same group,and then respond to the behavior of regional enterprise cluster.Using the data of Shanghai and Shenzhen a-share markets from 2003 to 2018,this paper empirically discriminates the regional group effect of Dividend Policy Selection,and discusses the existence,internal mechanism and influencing factors of regional group effect of dividend policy,to further improve the impact of dividend policy factors and the choice of motivation.The empirical results show that there is a significant regional group effect in the choice of dividend policy,and the internal choice of the same region imitates the leading enterprise upward,the degree of regional marketization and the level of regional economic development have positive moderating effect on its cluster behavior.Based on the perspective of time effect and space effect,this paper makes a theoretical analysis and empirical discrimination on the dividend policy choice of listed companies.The conclusion of this paper provides a new perspective for the related research on dividend policy choice of listed companies,at the same time,it provides the theoretical basis and data support for the managers,investors and market regulators to formulate,evaluate and scientifically supervise the choice of dividend policy.