Corporate Governance Factors And The Continuity Of Cash Dividend Policy

Cash dividend is the most common way of dividend distribution in listed companies.In fact,sustainable and stable cash dividend cash policy can create favorable conditions and development opportunities for the long-term stability of the company.Cash dividend payment is one of the core of financial activities of listed companies,which plays a vital role in the management process of the company.Reasonable cash dividend payment can not only improve the corporate governance effect,but also enhance the corporate value.Governance and cash dividend policy stability is inextricably linked,therefore,the company dividend has been the focus of scholars.Although in recent years the state of the real estate industry-related policies have been adjusted,the real estate industry effect has been tightened,but the real estate industry in the Plays an important role in the whole national economy,and plays an important role in promoting other industries,and the real estate industry is a capital-intensive industry.Good dividend distribution plays an important role in the external financing.Therefore,this paper chooses real estate listed companies as the research object,with a view to the real estate industry listed companies by corporate governance factors on cash dividend distribution of the impact of the industry can be found in the cash dividend distribution of the factors affecting China's relevant government departments to adjust policy As well as corporate governance dividend policy play a certain role.Based on the study of corporate governance and the stability of cash dividend policy research,in the view of agency theory,this paper puts up several hypothesis,then adopts Logit model to analyze the statistical data of real estate listed companies from A-share stock market of Shanghai and Shenzhen.With the utilization of SPSS 21.0,this paper makes an empirical analysis on the influence of corporate governance on the stability of cash dividend policy.Based on the research of corporate governance and cash dividend stability,this paper puts forward the related hypotheses based on the agency theory,the ownership structure,the characteristics of the board of directors and the incentive of management.By using binary Logit model to analyze the statistical data of real estate listed companies from A-share stock market of Shanghai and Shenzhen.This paper uses the SPSS 21.0 software to test the effect of corporate governance on the stability of cash dividend policy,and draws the following conclusions:ownership structure,board characteristics,the structure of the stock market.Finally,according to the conclusion of the empirical research,the following suggestions are put forward:strengthening the supervision and restriction of the behavior of the large shareholders,promoting the development of the profit level,and paying attention to the senior management incentive.We hope this paper can provide some value for the study of the factors affecting the cash dividend distribution of the real estate industry.