Research On The Behavior Of Dividend Distribution Under The Protection Of Dividend

Since 2006 the "equity incentive management of listed companies” on the introduction of equity incentive as one of effective long-term incentive method,has been used widely in our country and have a rapid development,the implementation of incentive stock options has increased year by year.Equity incentive to reduce agency costs,improve the performance of the company at the same time,may also lead to moral the risk management behavior,damage the interests of shareholders and the company's value,so it caused the domestic and foreign scholars on the attention and study.China's implementation of the dividend protection type of equity incentive,the dividend will not affect the management of the stock option value,so,it will affect the stock equity incentive whether the management level of the management will realize the idea of opportunism through the dividend distribution of these issues is increasingly attracted wide attention of all parties concerned.In this paper,from 2006 to 2015 the implementation of equity incentive of listed companies as research samples,in the protection of China's Special Dividend Equity Incentive under the background,we study the relationship between the implementation of equity incentive and equity incentive options and dividend distribution,further,we study the relationship between the implementation and distribution of income level of equity incentive from the governance characteristics.The part of empirical research,this paper applies the method of grouping sample T test to investigate whether the implementation of equity incentive effect on the dividend distribution direction.Study found that: compared with the equity incentive of listed companies,equity incentive of listed company managers are more likely to increase the dividend level,more lower exercise price.That the implementation of equity incentive of listed companies a positive influence on the dividend distribution,and strive to improve the level of dividend payment to reduce the exercise price,to get more exercise benefits take opportunistic actions.In the further control of the company's profitability,growth opportunities,company size,free cash flow,debt and equity concentration premise Under the multiple regression,and the degree of influence of income distribution on equity incentive incentive tools.The study found: the greater the incentive,the more cash dividend;the implementation of equity incentive in listed companies,compared to the incentive stock options,restricted stock option incentive tend to cash dividends from further.Corporate governance point of view,whether it will strengthen or weaken the implementation effect,the study found that the incentive ownership: state-owned enterprises and the low proportion of independent director will strengthen the positive effect.According to the empirical results,we need to improve the company's equity incentive system,on the one hand,the supervision departments should strengthen the supervision of the equity incentive system;on the other hand,the implementation of equity incentive companies to draw up their own incentive plan.Secondly,we also need to strengthen the company's cash dividend regulation,to a great extent the changes of cash dividend situation should be given adequate attention,to see whether it is the management to manipulate the exercise price for maximizing exercise profit motivation.Finally,we should design reasonable corporate governance structure.