An Empirical Analysis On The Relationships Among Tax Burden Rate,Interest Rate And Cash Dividend Of Real Estate Listed Companies

As one of the core financial problems of listed companies,dividend policy plays a decisive role in the operation and management of companies.As an important method of dividend distribution,cash dividend is the focus of all parties concerned.How to balance the dividend distribution and retained dividends is an important part of the decision-making for listed companies.Domestic scholars usually analyze the subject of cash dividend policy from microscopic factors perspective such as the financial characteristics,but few introduce the tax burden rate as one of the influence factors into the model of this subject alone.Up to now,there's no scholar analyze the correlations among tax burden rate,interest rate and cash dividend.On the basis of this,this paper aims to empirically analyze the correlations among tax burden rate,interest rate and cash dividend,which is of great significance to enrich the research content of cash dividend distribution.Most western researches on dividend policy show that there are great differences in dividend policy among different industries.However,research on dividend policy in China is seldom carried out in different industries.Domestic scholars usually take two markets as the research objects,which may not find the characteristics of the dividend distribution policies among different industries.The real estate industry is a capital-intensive industry,and the cash dividend policy is of great significance for its financing to meet capital needs.Considering the important status of real estate industry,this paper selects real estate listed companies as the research object.The purpose of our paper is to analyze the correlations among tax burden rate,interest rate and cash dividend of real estate industry,so as to put forward suggestions for real estate listed companies from national macroeconomic policies perspective.This paper reviews and summarizes the existing research results from three dimensions of tax burden rate,interest rate and cash dividend,and analyzes the correlations among them.This article mainly solves two problems through empirical analysis:(1)the relationship between interest rate and cash dividend of real estateV listed companies;(2)correlations among tax burden rate,interest rate and cash dividend of real estate listed companies.Then,we select 154 A-Share real estate listed companies as our empirical samples,and verifies hypotheses respectively from descriptive statistics and Pearson correlation test.On the basis of previous analyses,we perform a more rigorous multiple linear regression analysis,which further confirms our hypotheses.In order to improve the robustness of the empirical results,we conduct stability tests like endogenous test and it shows that the empirical research model used in this paper is reasonable,and the empirical results are accurate.Our results show that both the short-term loan interest rate(RATEs)and deposit reserve ratio(RATEd)of A-Share real estate listed companies is Negatively correlated with cash dividend,that is,the lower RATEs and RATEd,the stronger the willingness to pay cash dividend in listed real estate companies.On the premise of the willingness to pay cash dividend,the lower the RATEs and RATEd,the higher the ratio of cash dividend paid by real estate listed companies,which is also of practical significance.Meanwhile,when the tax burden rate is at a high level,the lower the long-term loan interest rate(RATEt),the higher the ratio of cash dividend paid by real estate listed companies.However,the short-term loan interest rate(RATEt)and deposit reserve ratio(RATEd)don't have significant impact on cash dividend when the tax burden rate is at a high level.We suspect that it may be that there is a lag effect in the transmission of the long-term loan interest rate,and the deposit reserve ratio has an indirect effect on cash dividend distribution..Based on the empirical conclusions,we put forward some suggestions from national economic policies perspectives for real estate listed companies on how to improve the cash dividend payment.This paper carries out the following three aspects of innovations:(1)From the aspect of tax burden rate and interest rate,it is helpful to understand the influence of macroeconomic factors on the cash dividend policy of the enterprises and to understand the micro-transmission mechanism of the macroeconomic factors.It also has practical significance to companies on how to deal with macroeconomic environment changes;(2)In view of the great difference in the dividend distribution policies in different industries and the fact that the scholars in our country generallytake whole stock markets as the research object,therefore this dissertation has important theoretical value for the research on the cash dividend distribution of real estate listed companies;(3)This is the first study to research the relationship between deposit reserve ratio,short-term lending rates,long-term lending rates and the cash dividends of listed real estate companies.In the previous literature,the loan interest rate was rarely used as an explanatory variable,and the classification of loan interest rates was rarely studied as well.