Research On The Influence Of Financing Constraint On Cash Dividend Policy Of Listed Companies From The Perspective Of R&D Investment

Cash dividends as a return on investment of equity investors of listed companies,its pay level not only embodies the fulfillment of the fiduciary duty to the shareholders of listed companies,from a certain extent reflects the situation and development level of capital market.The capital market in China is not perfect,the information asymmetry causes the external financing cost of the company to be significantly greater than the cost of internal financing,and the financing constraint problem is prevalent in listed companies.When the company has financing constraint,internal cash flow becomes the main source of funds for the company's investment activities.With the development of globalization and the constant innovation of science and technology,more and more companies realize the importance of R&D investment,R&D investment need to invest a lot of money,the existence of external financing constraint will limit the company R&D investment activities,many listed companies will choose to reduce the cash dividend payment rate,rely more on internal cash for R&D investment,R&D investment of listed companies have different degree of financing constraint.This article will extend the research perspective into R&D investments,deeply analyze the mechanism of financing constraint,R&D investment and cash dividend policy relationship,and pay attention to the reaction of R&D investment.When the listed company joins the R&D investment,it will bring about the economic consequences of the relationship between the financing constraint and the cash dividend distribution,and how to influence the financial decision of the company.This paper is divided into five chapters.The first chapter is introduction,introduces the research background,purpose,significance of this article,introduced in this paper,the core content,research methods and research ideas,organize the dividend policy,financing constraints and relevant literature review at home and abroad of R&D and innovation of this study.The second chapter introduces the concept definition and related theory of dividend policy,financing constraint and R&D investment.The third chapter is theoretical analysis and research hypothesis.From cash holdings motivation,optimal sequence financing theory,the governance effect of cash dividend,agency cost,and investment-cash flow sensitivity analysis,the perspective of the financing constraint mechanism of cash dividend policy,R&D investment financing constraint under information asymmetry adversely source of capital and R&D investment financing constraint,and the mechanism of the relationship between cash dividend policy.The fourth chapter is the research design and the empirical test section.On the basis of the literature results,this paper empirically studies the relationship between financing constraint,R&D investment and cash dividend payment policy based on theoretical and empirical methods.The fifth chapter is the conclusion and suggestion.According to the empirical results,from the perspective of different aspects and puts forward some suggestions and countermeasures,and at last points out the deficiencies and prospects.Through the empirical research,this paper finds that:(1)The higher the degree of financing constraints,the lower the cash dividend payout ratio.Financing constraints will reduce the company's willingness and motivation to pay cash dividends.Companies with large financing constraints tend to pay less in cash dividends.(2)When listed companies face financing constraints,R&D investment reduces the cash dividend payout ratio,and the higher the degree of financing constraints,the more significant the negative effect.(3)When R&D investment exists,the negative effect of financing constraint on cash dividend policy is more significant.The conclusion in this paper,based on the empirical test results,to provide some suggestions and countermeasures for development of listed companies,is advantageous to the reasonable arrangement of financing of listed companies,an effective rational R&D investment activities.The influence of R&D investment on the relationship between the cash dividend distribution policy and the financing constraint is not a short-term effect,but a dynamic and continuous process.After increasing R&D investment in listed companies,the negative effect of financing constraint on cash dividend policy will continue to be strengthened or will be alleviated,and further research and discussion will be conducted in the future.