The Impact Of Financing Constraints On The Corporation Dividend Policy

Although the rapid growth of the securities issue scale,the completion of regulatory regimem,the promotion of the securities market financing function over the past 20 years since the establishment of China's securities market,the phenomenon of "actively financing,dividend negative,pay attention to finance despise return " has always existed to chinese quoted company.Selecting the CSI 300 component as the research sample,the 2006-2014 years as the study period,on the basis of the theoretical analysising and the literature reviewing,the paper analysis the influence mechanism of financing constraints on the dividend payment policy.The paper,based on the long-term and short-term goals of dividend policy maker,established on the multiple dimensions of the corporate governance structure,corporate growth,corporate leverage ratio,enterprise life cycle,analyze the influence factors of dividend payment policy,and set control variables into the model.Else For semi mandatory dividend policy,this paper base on the policy document constraints effect the divide the time zones into four periods:2006,from 2007 to 2009,from 2010 to 2013,2014,establish multiple regression of the panel data model.In order to measure the degree of financing constraints,we use the ordered logit logistic regression model,to construct a comprehensive index of financing constraints,and introduce the model to empirical research,the following conclusions are drawn:Firstly,according to the financial data of sample enterprises,the comprehensive index of financing constraints is composed of net assets return rate,asset liability ratio,current ratio,net relative cash flow and refinancing index.Secondly,the FC Index,financing constraint of listed company,has a positive impact for cumulative dividend payment rate.Enterprises facing high degree of financing constraints tend to pay higher cash dividend.which suggests the traditional dividend policy theory is difficult to explain the effect of financing constraints on dividend payment behaviorfor for China's listed companies.Enterprises faceing higher cost of external financing will be more willing to pay dividend,the dividend policy is expected to deliver a good signal to the enterprise prospect,toattract investors,to raise the psychological stock price of invsetors,to obtain a higher market value.Thirdly,the semi mandatory dividend policy DP Index,has a significant negative effect for cumulative dividend payment rate.mandatory increases a level,namely each issued a policy document,will reduce the company dividend payment rate of 3.95 percentage points.The regression results show that,under the constraints of the policy,the actual operation of the market are contradictory with the policy objectives,showing the reverse effect of the semi mandatory dividend policy.The mandatory dividends guidance policy for the conditions of refinancing qualification promote the number of participating enterprises listed,but significantly depress the average dividend rate.Fourthly,the ROE has a significant negative impact on the cumulative dividend payment rate.The empirical results show that the increase of net asset yield has reduced the cumulative dividend payout ratio,which is inconsistent with the conclusion of many foreign researchers.In chinese securities market,Strong listing Corporation show strong self-confidence to attract investors,not inclined to pay for investors' dividends.