The Impact Of Dividend Policy On Firm Performance

There are a series of problems in the current capital market,such as no dividend distribution and beyond the ability of dividend distribution.In previous,many scholars in the study of dividend policy under different theoretical perspectives concluded that different dividend policy have different influence on corporate performance.Many scholars believe that "dividend policy influence on enterprise performance" or "chain of cause and effect" relationship,but maybe this is just a relevant relationships between two variables.When the relevant relationship is called the "chain of cause and effect" relationship,a lot of theoretical analysis and empirical study is not serious,and is likely to cause a misunderstanding and trouble for you.If only choose dividend policy,financing cost,agent cost and enterprise performance to regression may ignore the principle and mechanism of the ambiguity exists and even misleading.In this paper,we although still study on the logic of the dividend policy influence on enterprise performance,but in order to avoid to using the simple way of measuring the relationship between the several variables,so we take the mediation effect into consideration,broke the past way that take the dividend policy as explanatory variables,take the enterprise performance as explained variable,get rid of the idea that dividend policy on business performance has a direct effect the logical thinking.In this paper,we study the dividend policy effect on corporate performance,at the same time consider the agency cost and financing cost,and on the basis of weighing,offer advice for the company's dividend policy.About the impact of dividend policy on business performance,this article is not only consider the dividend policy directly impact on the corporate performance,but also consider whether financing cost and agency cost of dividend policy impact on the business performance of intermediary variable.In this way,we can know about the complete operation mechanism between the several variables of financing cost,agency costs,dividend policy and enterprise performance.This paper selects the data from 2013 to 2015 as sample,using the software of STATA to study.The study found that dividend policy and agency costs were positively correlated,dividend policy has no significant impact on the cost of financing,and the different ownership enterprises,dividend policy effect on the agency cost is different,the dividend policy influence on agency costs of state-owned enterprises showed a negative correlation relationship,the dividend policy of non-state-owned enterprises influence on agency costs were positively correlated relationship;Dividend policy influence on corporate performance has a positive effect,the higher the dividend payment rate,the better the performance of the company,agency cost is on the impact of dividend policy on firm performance intermediary variables,the cost of financing is not the mediation of dividend policy on corporate performance variables,agent cost effect on corporate performance of mediation as the intermediary effect of incomplete;Non-state-owned corporate dividend policy influence on the performance of the company is greater than the state-owned enterprise dividend policy influence on corporate performance,non-state enterprise agency cost impact on corporate performance is greater than the state-owned enterprises.Agency cost is intermediary variable of dividend policy on corporate performance,the cost of financing is not intermediary variable of dividend policy on corporate performance,agency cost impact on corporate performance is not completely intermediary effect.The dividend policy of Non-state-owned corporate influence on the performance of the company more than state-owned enterprises,the agency cost of non-state enterprise impact on corporate performance is greater than the state-owned enterprises.