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Research On The Impact Of Product Market Competition On The Company's Cash Dividends

Posted on:2018-10-02Degree:MasterType:Thesis
Country:ChinaCandidate:W YinFull Text:PDF
GTID:2359330515450267Subject:Finance
Abstract/Summary:PDF Full Text Request
The issue of dividends has always been closely watched by corporate finance scholars,and scholars have called it a question in the "Top 10 Financial Problems to be Solved".Among them,the agent problem is the common problem in the process of modern corporate governance.It has attracted the attention of scholars.At present,there is widespread conflict between information asymmetry and interest between managers and shareholders,and managers use their own management power and damage Shareholders' interests.Through the dividend policy to the company's governance is the trend of corporate governance,the previous scholars on the cash dividend payments to the majority of the company's internal perspective as a starting point,in order to explore the company's cash dividend policy,from the company's external characteristics of the study,This paper attempts to study the impact of the company's cash dividend payments from the perspective of the company's external factors-product market competition.As an external corporate governance mechanism,product market competition can effectively reduce the agency cost of the company caused by the asymmetry of information,and effectively supervise and restrict the management of the company.Based on the previous research,this paper chooses the data of A-share listed companies from January 1,2010 to December 31,2015 as the sample,and discusses the influence of external factors of product market competition on cash dividend payment.Through empirical research,this paper draws the following conclusions:1,the degree of competition in the product market and the company's cash dividend will be a positive correlation.When the degree of competition in the product market is greater,the company's cash dividend will be better;when the product market competition is smaller,the company's cash dividend will be weak.2,product market competition and the company cash dividend payment level was positively correlated.When the degree of competition in the product market is higher,the company's cash dividend payment level is higher,pay more cash dividends;when the product market competition is smaller,the company's cash dividend payment level is low,pay less cash dividends.
Keywords/Search Tags:product market competition, cash dividend, agency conflict, manager incentive, corporate governance
PDF Full Text Request
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