Management Capacity,Company Growth And Cash Dividend Distribution

The rapid and healthy development of enterprises is inseparable from a good management.The strength of management capacity is often related to the survival and development of enterprises.How to effectively balance the relationship between the company's strategic level,which needs to distribute cash dividends to meet the company's long-term development of the future needs of the funds,and the day-to-day management of the company,which needs to send more gold dividends to meet the capital market investors in the real interests of the demands of the majority of investors,is a test of the management's decision-making capacity.Therefore,the influence of the management ability on the strategic choice of the company and the daily management decision and the cash dividend policy have become the focus of the current financial theory research.This paper will study the impact of the management ability and the growth of the listed companies on the cash dividend distribution in order to benefit the solution of the above problems.This paper uses Data Envelopment Analysis(DEA),Principal Component Analysis(PCA),multiple linear regression and other research methods in the case of A-share listed companies in Shenzhen and Shanghai in 2012-2015,studying the management ability of the company,and the growth of the company on the distribution of cash dividends.This paper is divided into five parts.The first part is the introduction,which mainly introduces the background and significance of the research and so on.The second part is the basic theory and literature review,which briefly introduces the basic theory of this paper and the relevant research status at home and abroad.The third part is the research design.The empirical research design includes theoretical analysis and research hypothesis,sample selection and data source,model design and variable definition and so on.The fourth part is the empirical result and analysis.Test whether the hypothesis is established,and analysis the empirical results in depth.The fifth part is the conclusions and recommendations.Through the above research,this paper draws the following conclusions.Firstly,management capacity and cash dividend distribution is positively related.That is,the stronger the management capacity,the more cash dividend distribution,the more able to meet the realinterests of investors request.Secondly,the growth of the company and cash dividend distribution is negatively correlated.Thirdly,the relationship between the management capacity and the growth of the company is positively related to the distribution of cash dividends.The higher the growth of the company,the greater the demand for the company.That is,the stronger the management capacity of the company,the more able to effectively reduce the issue of cash dividends caused by the company growth,the more able to balance the relationship between the future development and the needs of reality.