| In 2017,the total revenue of the state-owned enterprises in China was about 52 trillion yuan,which achieved a profit of 2.9 trillion yuan and the total assets reached 151 trillion yuan.China's state-owned enterprises have been showed a state of low dividends for a long time,which has damaged the rights of the frim owners.At the same time,excessive funds have exacerbated the seriousness of agency problems The free cash flow theory proposed by Jensen provides a new way to study the agency problem,which has significant meaning to the enterprise management of state-owned enterprises.This paper reviewed the academic achievements related to dividends,agency costs and business performance of state-owned enterprises.It also introduced the related theories and mechanism of state-owned enterprises dividends affecting the performance of firms.Then,it introduces the evolution and current situation of the dividend policy of China's state-owned enterprises.In the part of empirical research.Firstly,I explored the correlation between them.Then I analyze the influence of policy in 2014 by constructing difference-in-difference model.Finally,the main conclusions of this study are summarized.Firstly,the state-owned enterprises' return rate is significant positive on dividends.At the same time,the regression results show that the increase of external financing cannot reduce agency cost.In fact,debt is negatively related to enterprise performance.Secondly,difference-in-difference analysis showed that,the performance of the policy group is significantly higher than that of the control group.It proved that stateowned enterprises with higher cash dividend has positive effect on Corporate performance.The research shows that raising the dividend level of state-owned enterprises is helpful to improve the performance of enterprises.At the present stage,the policy of increasing dividends is notable.Government should improve the dividend system of stateowned enterprises. |
PDF Full Text Request