Research On The Effect Of Private Equity Investment On The Dividend Policy Of Listed Companies

The history of private equity investment can be traced back to the last century,and the development of our country began in the early 80 s of last century.With the deepening of reform and opening up,the rapid economic growth,the financial system and the gradual perfection of legislation as well as a large number of small and medium-sized enterprises have the ability to grow,more and more private equity investment exit through the territory of the capital market IPO,which makes China's private equity market has got enormous development,has gradually become one of the global private equity equity investment center,According to statistics,in 2015 Chinese private equity investment transactions have been accounted for 48% of the transaction amount,then the private equity investment funds for the operation of listed companies would be affected;if there is,and what kind of impact,but there are few scholars to study the private investment impact on listed company decisions.In this paper,we select the cash dividend policy of listed companies to study this problem,focusing on the impact of private equity investment on the cash dividend policy of listed companies.This paper first analyzes the development status of the private equity industry at the present stage,separately from the concept and characteristics of private equity investment are summarized,the development history and briefly introduces the situation of private equity investment,distribution and characteristics,at the present stage of China's cash dividend.Secondly,the dividend agency cost theory,signaling theory and other related theories,analysis of relationship between private equity and cash dividend policy may exist,summarizes the related literature;at last 2009-2015 years listed on the gem as the sample,the empirical test of the effect of cash dividend policy on private equity investment.In this paper,according to the agency cost theory of dividend and dividend signal theory,private equity investment fund in order to reduce the agency cost,to send a signal to outside investors,improve the market value of the enterprise,will actively participate in the management and decision-making of the company,at the same time is invested in the company after the listing,private equity investment fund still can play a regulatory role,affecting the cash dividend policy.The empirical results show that:(1)there is an enterprise which is invested by private equity firms,which is more inclined to distribute cash dividends and the dividend payout ratio is higher.(2)compared to non foreign capital background of private equity institutions involved in the listed companies,there is a foreign background private equity participation of listed companies are more inclined to distribute cash dividends,and the dividend payment rate is higher.(3)the greater the investment scale of private equity institutions,the more the company's participation in the distribution of cash dividends,the dividend payment rate is higher.(4)the longer the investment period of private equity institutions,the more likely the company to participate in the distribution of cash dividends,the dividend payment rate is higher.(5)the joint investment of private equity firms is more inclined to pay cash dividends,and the dividend payout ratio is higher.In this paper,through theoretical analysis and empirical test of the combination of methods,combined with the cash dividend policy and private equity investment in two areas of research,this is a new exploration and try.The main contributions of this paper are as follows: in this paper,we combine the private equity investment and cash dividend policy,and tap the mutual relationship between them,which is a useful supplement to the theory research of private equity investment.At the same time the effect characteristics of private equity impact on cash dividend policy of listed companies,analyzes the influence of the intrinsic conduction mechanism and the development trend in the future,will help guide the listed companies to optimize the allocation of resources,to guide the listed companies to the technological innovation and industrial upgrading,ensure the balance of capital market development and sustainability,on the other hand help the investors to grasp the idea of value investment,rational choice of investment assets,optimizing asset portfolio to better protect their own interests.