An Empirical Study On The Influence Of Listed Companies,Financial Constraints On Cash Dividend Policy

Financing policy, investment policy and dividend policy together constitute the three major financial decisions modern company. Financing constraints are financing policy, the cash dividend policy belongs to the dividend policy, which are the important decisions in the financial area of modern corporate managers need to consider.In non-perfect market, due to asymmetric information and transaction costs exist, the company’s external financing costs were significantly higher than its internal financing costs, which companies face financing constraints. The existence of financing constraints make the company the first choice when you need financing internal financing, thereby affecting the company’s cash dividend payment; on the other hand, the cash dividend payment will increase the company’s financing constraints, therefore, has between financing constraints and Cash Dividend Policy endogenous.2008Commission "decision on amending certain provisions of the cash dividends of listed companies," the introduction, stating that "public offering of securities of listed companies in the last three years should be consistent with the cumulative distribution of cash profits of not less than the average of the last three years to achieve distributable profits the thirty percent,"he was born outside the introduction of the company’s financial decisions, so the policy can be introduced in2008as an exogenous event, the impact of research financing constraints on cash dividend policy. And because of the large manufacturing companies to invest in fixed assets ratio, dedicated and strong, financing constraints assets greater impact on cash dividend policy to explore financing constraints can be beneficial for manufacturing companies inspire, help investors make the right investment decisions. For the study of financing constraints and cash dividend policy, that most scholars studied separately, in terms of financing constraints, scholars mainly from the evidence and find the factors affecting the existence of financing constraints financing constraints conduct research in these two areas; In the cash dividend policy, the main consideration of the factors influencing the cash dividend policy; few scholars dedicated to exploring the relationship between financing constraints and Dividend Policy, The company simply dividend payout ratio as a proxy variable to measure the extent of financing constraints, or explore the relationship between the two from the side, which is not a good indicator of the relationship between the two. This article from the perspective of financing constraints listed companies to re-examine the dividend policy in order to better explain the behavior of listed companies to pay dividends.In the measure financing constraints, the existing research literature in general by the company is divided into a large number of indicators financing constraints groups and non-group financing constraints, These indicators are generally two categories:These indicators are generally two categories:the univariate and multivariate indicators index, and multivariate indicators index, the univariate indicators include the dividend payout ratio, firm size, firm age, bond rating, interest coverage ratio, the nature of ownership, etc.; Multivariate indicators are KZ index, WW index, SA index and ZF index. Firstly, in2006-2011, the Shanghai and Shenzhen listed manufacturing companies as samples, financing constraints by constructing multi-variable indicator index, a measure of the degree of financing constraints faced by different companies. Then based on the principal-agent theory, the pecking order theory, and incomplete contract theory to analyze the impact of financing constraints on cash dividend policy. Then follow the nature of ownership, company size, the level of corporate financing constraints index into the sample companies and non-corporate financing constraints corporate financing constraints, First cash dividend payout ratio to represent the company’s cash dividend policy through research financing constraints and non-corporate enterprise financing constraints on cash dividend policy in2008cash dividend payout ratio policy changes comparative study of financing constraints. Finally reached the following conclusions:(1)"Decision" issued after the policy, all the corporate cash dividend payout ratio are significantly reduced.(2) With respect to non-corporate financing constraints, financial constraints have less cash dividends distribution companies before the policy issued.(3) Financing constraints of the enterprise, after the "Decision" issued by the significant increase in the cash dividend payment.(4) Cash dividend payout ratio can be divided as the basis for corporate financing constraints.In order to test the robustness of our model, we use the accumulated cash dividend per share/Net assets per share to be paid in lieu of cash dividend rate, and joined the other control variables, the final result still supports our conclusion.In response to these conclusions, the paper from the government level and at the enterprise level corresponding recommendations put forward, such as the laws enacted by the government should expand the scope of the company’s cash dividend, an overall improvement in the dividend policy, Different levels of cash dividend policy formulation and related laws, reasonable relax refinancing threshold, optimize financing environment, improve the information disclosure system of enterprises, to improve the situation, such as information asymmetry. And for the lack of research in this paper, such as the use of quantitative information only, not the use of qualitative information, not considering other industries except manufacturing, presented research prospects.