Research On The Impact Of Cash Dividends Of Listed Companies In China's Coal Industry On Company Value

In recent years,the overall situation of China's coal industry deteriorated gradually.There are a lot of overcapacity in the industry,many enterprises have become the so-called "zombie enterprises",which caused great pressure on China's economic development,social employment etc..In order to solve the problems existing in these enterprises,our government has implemented the supply-side structural reform.For the coal enterprises,it is the main objective to compress excess production capacity and speed up the elimination of backward production capacity.The performance of coal enterprises has been improved in 2016.The main reason is the effectiveness of the supply-side structural reform,but most coal enterprises still have a lot of problems need to be solved,one of the problems is the cash dividend policy.In recent years,the irregular dividends payout behaviors in the coal industry has increased.Both the symbolic low cash dividends and abnormal high cash dividends has recurred frequently which don't consist with the company's profitability and cash flow levels.These irrational behaviors will inevitably hinder the implementation of the supply side reform and the reversing the plight of the coal industry.Therefore,this paper starting from the current cash dividend payment level in the entire coal industry to analyze the relationship between cash dividends and corporate value.And finding the influence of the agency cost and the degree of ownership concentration on the relationship between cash dividends and corporate value,which has strong theoretical and practical significance.Finally,this paper carried out statistical analysis about the development,characteristics and the dividend policy of the coal industry.And used relevant data of the two kinds of agency costs,dividend policy and the degree of ownership concentration selected from 2006 to 2016 after the reform of non-tradable shares for descriptive statistics and establishment of a panel data model to analyze their relationship.As a result,it obtained the following four main conclusions:(1)The companies' cash dividend can help to reduce the first-type agent costs and improve enterprise value.However,there is no significant correlation between cash dividends and the second-type agency costs.(2)The mediating effect of the first-type agency costs in coal industry is significant.(3)The ownership concentration of coal enterprises is positively related to the enterprise value,and can significantly reduce the first-type agency costs.(4)The ownership concentration of in coal industry has the significant mediated moderating effect.Finally,according to the results of the empirical research,this paper puts forward some suggestions for listed companies and governments to regulate dividend policy.