The Impacts Of Excessivev Investment Behavior On The Divident Distribution Level Of Companies Under The Background Of Executive'self-interest Behavior

After the separation of the right of operation and ownership of the enterprise from each other,there are differences in the interests pursued by the managers of the enterprise and the owners of the enterprise,and the two sides always fall into the situation of conflict of objectives.Based on the above analysis,this paper discusses the following two issues: In the dividend decision of listed companies,whether the executives have obvious self-interest behavior;In the process of making dividend decision,whether excessive investment will affect the behavior of dividend distribution of the enterprise;More deeply,under the background of executives' self-interest behavior,what impacts will excessive investment behavior have on the dividend distribution level of listed companies? It actually covers three areas: power of management,excessive investment and behavior of dividend distribution.In this paper,A-share listed companies in China's Shanghai and Shenzhen stock markets from 2010 to 2016 are taken as initial samples,and corresponding multiple regressions are conducted to conduct empirical analysis.Through comprehensive analysis and empirical analysis,this paper summarizes the following conclusions:(1)Managers' self-interest has a significant impact on the behavior of dividend distribution,and the greater the power of management,the listed companies will choose a lower level of dividend distribution;the contrary has also been set up.(2)Excessive investment has a significant impact on the behavior of dividend distribution,and the larger the excessive investment,the listed companies will choose a higher level of dividend distribution;the contrary has also been set up.(3)The self-interest factor of management can weaken the influence of excessive investment on the behavior of dividend distribution.This paper includes six chapters,and the followings are the main research contents of each chapter:Chapter 1 is the introduction of this paper.According to the background of this paper,it briefly discusses the significance of the research,describes the framework arrangements,main contents and research methods,andanalyzes the contributions made in this paper;Chapter 2 is the literature review of this paper.This chapter systematically reviews and combs the relevant literature related to encouraging distribution,excessive investment and the self-interest behavior of enterprise executives,in order to grasp the frontier research results and trends in this field at home and abroad.Moreover,the relevant literature obtained at present is evaluated and summarized;Chapter 3 is the research hypotheses and theoretical analysis.By expounding the relevant theories of excessive investment,power of management and behavior of dividend distribution,the three main hypotheses of this paper are discussed;Chapter 4 is the research and design of this paper.This chapter includes three sections of research.The first section specifically describes the data source,sample selection and relevant elimination criteria of sample,clearly showing the research methods and presenting the related research models involved in this paper,and introduces all the variables involved in this paper in detail;Chapter 5 is the research results and empirical analysis of this paper.It covers both regression results analysis and correlation analysis.The contents including dividend decision of domestic listed companies,excessive investment and power of management are grasped and the problem of whether its research hypothesis can be established is anticipated;Chapter 6 is the research conclusions and deficiencies of this paper.This chapter comprehensively summarizes its research conclusions,discusses the relevant opinions and suggestions in connection with the actual situation in China,and points out the deficiencies of this paper in the process of research.