Study On The Influence Of Economic Policy Uncertainty On Cash Dividend Policy

The dividend policy is one of the key research contents of the company's financial management,and the cash dividend is an important way for investors to get their return on investment.Domestic scholars usually start from the macro factors such as the company's financial characteristics,corporate governance characteristics and other macro factors,or combined with China's institutional background,policy background and other macro factors to study the motivation of cash dividends.Few scholars have introduced the macro factor of economic policy uncertainty(EPU)into the study of cash dividend policy,which is combined with the micro factor of entrepreneur confidence index.Based on the uncertainty of economic policy,this paper studies the relationship between economic policy uncertainty and cash dividend policy by literature analysis,normative research,empirical research,and quantitative and qualitative methods.In order to study how this uncertainty affects business investment,this paper USES the Chinese economic policy uncertainty index jointly issued by Stanford university and the university of Chicago as a measure of China's economic policy uncertainty.Taking the listed companies on the main board and small and medium-sized board as samples,the GLS panel regression model was constructed by using the macro policy data and the experience data of listed companies from 2009 to 2017.It was found that the increase of economic policy uncertainty would promote the cash dividend payment behavior of enterprises.The results of this paper show that the EPU is positively correlated with the cash dividend payment rate.This positive correlation gradually increases with the increase of the concentration degree of enterprise equity,decreases gradually with the increase of the degree of financing constraint and decreases gradually with the increase of entrepreneur confidence index.