Study On Partial State Ownership And Cash Dividend Policy

The distribution of cash dividend has always been studied by many scholars,especially on the relationship between dividend distribution and agency cost,and the relationship between dividend distribution and equity structure.This paper continues to discuss the issue of dividend distribution from the perspective of the nature of equity.However,unlike previous studies,this article no longer explore all listed companies or only state-owned enterprises,but takes privately-controlled enterprises as research samples to study the influence of partial state ownership in private enterprises on their dividend distribution.With the gradual development of the mixed ownership reform in recent years,we pay attention to the main form of the integration of state-owned enterprises and private enterprises,especially the mode in which state-owned capital exists in privately-controlled enterprises.Because of the natural connection between state ownership and the government,it can play a role in private enterprises as a way of political connection.So,what kind of impact on the cash dividend distribution policy of partial state ownership in privately-controlled enterprises deserves our discussion.By selecting the data of private listed companies from 2009 to 2016,and using the binary selection model(probit model)and the censoring regression model(tobit model)for empirical analysis,the following conclusions are obtained: first,whether the private enterprise contains partial state ownership has a significant negative impact on the tendency of distributing cash dividends.Second,There is a significant negative impact on the intensity of cash dividends;Third,the larger the shareholding of partial state ownership in private enterprises,the lower the tendency of distributing cash dividends;Fourth,the larger the shareholding of partial state ownership in private enterprises,the smaller the intensity of cash dividends distribution.The results of this study not only help to understand the behavior of the cash dividend distribution,and provide ideas for management to formulate reasonable policies to guide the dividend distribution of the enterprise,but also enrich the research on the political connection of the partial state ownership,and provide new evidence for supporting the influence of the political connection on private enterprises,and also provide theoretical basis and experience for the current reform of the mixed ownership system in China.