| Cash dividend policy is an important strategic decision in the field of corporate finance,and is also an effective tool of corporate governance. This paper aims at revealing the optimallevel of cash dividends payment and its determining factors. By introducing two types of agentcost, free cash flow, ratio of debt burden and tax differential effect, this paper build an optimalpayment model of cash dividends based on optimal control theory. In addition, we set up adual principal-agent model based on the asymmetric information game theory. Then，according to A-share listed companies from2003to2013of China as samples, we selectedadministration expense rate and year-end capital take up level as major proxy variables, andestablished Logit and panel models to make empirical analysis. The results reported that theoptimal payment of cash dividends is directly related with these factors: the corporategovernance structure, life cycle, two types of agent cost, assets size, the ratio of debt burden,free cash flow and cash holding of listed companies. This paper especially emphasized thatCSRC should focus on the corporate governance structure and the characteristics of the lifecycle of listed companies in order to reasonably make correct policies to guide optimization ofcash dividend distribution of listed companies.This paper is mainly divided into the following parts: the first section is a literaturereview and an introduction for research thoughts. The second part discussed an optimalpayment model of cash dividends. The third section analyzed a dual principal-agent modelunder the condition of asymmetric information. The fourth section introduced someeconometric methods concerned. The fifth part is empirical analysis. In this section, wecreated a Logit panel regression model based on CSMAR data base and reported the analysisresults and correspondingly made many robustness tests. The sixth part gave some policysuggestions and the final part is the conclusion of the paper. |
PDF Full Text Request