Real Earnings Management?Nature Of Property Rights And Cash Dividend Payment

In the Western securities market,many investors consider the company's cash dividend policy when making investment decisions,so the investors are very concerned about the cash dividend policy.However,unlike the Western securities market:There will be a "mystery of dividend distribution"in China's securities market,which shows a different dividend distribution phenomenon from the Western securities market.For example,the book profitability of a company is good,but the cash dividend distribution rate is low or almost non-delivery;Some companies have low book profits or are not strong enough,but they have taken a high amount of cash.This phenomenon may be caused by the implementation of earnings management in the enterprise.The earnings and cash flow of listed companies caused by real earnings management are short-term and unstable,But cash dividends must have sustained profitability and stable cash flow.Based on the above background and analysis of domestic and foreign literatures,it has been found that the research on cash dividend policy has achieved very significant results.However,earnings management is one of the factors affecting the cash dividend payment.The former research has rarely analyzed its impact on the cash dividend payment,and it is almost analyzed from the perspective of accrual earnings management.And it is less analysis from the perspective of real earnings management.Therefore,this paper takes into account China's special background,and intends to study the impact of real earnings management on cash dividend payment in combination with the nature of property rights,and explore whether there is a difference in the relationship between the two.In order to explain the phenomenon of earnings management of listed companies in China and the "mystery of dividend distribution"made a modest contribution.This paper analyzes the data of Shanghai and Shenzhen listed companies from 2013 to 2017 through Stata and Excel software,and builds LOGIT regression model and OLS linear model to verify the four hypotheses proposed in this paper.The empirical results show that:(1)The results show that the higher the degree of real earnings management of listed companies,the more the company tends to pay no cash dividends,that is,the negative correlation between cash dividend distribution tendency and real earnings management.(2)The higher the degree of real earnings management of listed companies,the more companies tend to allocate less cash dividends per share,that is,the negative correlation between cash dividend distribution and real earnings management.(3)Considering the nature of property rights,the impact of corporate real earnings management on cash dividend policy is different.The specific performance is:the negative impac in the state-owned enterprises is greater(4)Considering the nature of property rights,the impact of corporate real earnings management on cash dividend payment is different.The specific performance is as follows:the negative impact in the state-owned enterprises is greater.