Emprirical Study Of Dividend Policy Of Listed Company Based Incentive Perspective

From1991the first eight listed companies to today’s thousands of listed companies inShanghai and Shenzhen, the growth rate of China’s capital market is amazing during justtwenty years. But dividend policy has not matched the development of the capital market. Onthe current dividend policy is concerned is not standardized, incomplete. Domestic scholarsdiscovered through empirical research mainly by dividend distribution of the dividend tax, theimpact of agency costs and information transparency of these three main areas. With therecent capital market-related normative specification documents involved in the introductionof executive compensation system, the fifth reform requires mandatory and voluntarydisclosure of information, and the dividends tax policy. These changes in the externalenvironment, this paper makes research on dividend policy analysis has a new starting point.From the perspective of incentives, analyzes their impact on the dividend distributionpolicy situation. According to sources of motivation will be divided into external and internalincentive motivation, external motivation referring to dividends due to declining tax reformbrought about tax levels, internal incentive referring to is monetary compensation and equityincentive agents. In this paper, the research method is not limited to theoretical analysis ofstandard research-based, not limited to the empirical results obtained after analyzing thestatistical analysis software, but will be a combination of both. External incentives adoptedthe revised multi-factor capital asset pricing model, verify whether an external stimulus toease the tax effect of dividends, in terms of internal motivation using multiple linearregression analysis influence the internal motivators for dividend distribution policy.Finally, the results of an external stimulus and internal motivation and empirical analysisof the relevant literature research conclusions are summarized below. External Tax Incentivesease dividend tax effects, the impact of the dividend payment level, the impact of the dividenddistribution policy of internal incentive not significantly affect internal controls of dividenddistribution is still weak, the listed company’s overall ability to influence the stability of thedividend distribution policy. Corresponding recommendations based on conclusions,recommendations were also divided into two parts inside and out. External persist andgradually strengthen tax incentives to try to levy capital gains tax, improvement and promotemandatory dividend policy; improve internal management compensation contract to developand further improve the practical utility regulation, continue to maintain their overall capacity.