The Impact Of Financing Constraints On Cash Dividends Of High-Tech Enterprises

Financing policy and dividend policy are important components of modern corporate financial decision-making,and are important decisions of modern corporate governance in the corporate finance field.In the imperfect market,there is information asymmetry in the capital market,and thus the agency cost will be generated,so that the company’s external financing cost is greater than the internal financing cost,that is,the company faces financing constraints.High-tech enterprises are the backbone of China’s innovation and research and development.Dividend distribution directly affects its financing ability,which in turn affects the financial support of its R&D investment.Therefore,it is of great practical significance to study the financing constraints and dividend distribution of high-tech enterprises.The core question of this paper is:As a measure of the financing ability of high-tech enterprises,financing constraints will affect the cash dividend level of enterprises?This paper studies the relationship between the financing constraints of high-tech enterprises and the cash dividend policy based on the policy of refinancing of listed companies in 2008 and 2012 to meet the requirements of cash dividends.Firstly,based on information asymmetry theory,superior order financing theory,agency theory and signal transmission theory,the relationship between financing constraints and cash dividend policy is analyzed theoretically.And through the residual dividend effect,the priority financing effect and the dividend governance effect and the qualified dividend effect,the mechanism of financing constraints and cash dividends is analyzed.Then,the review data fully describes the current status of financing of high-tech enterprises,the willingness of dividend distribution and the status of dividend distribution.It is found that the dividend distribution rate of high-tech enterprises is lower than that of all A-share companies.Finally,this paper takes the small and medium-sized high-tech listed companies that meet the semi-mandatory dividend policy in 2013-2017 as the research sample,and builds the financing constraint index model to measure the financing constraint indicators faced by small and medium-sized high-tech enterprises,and the results and enterprises An empirical study on the willingness to pay dividends and the level of dividend payment.The empirical results show that(1)There is no significant linear correlation between the financing constraints of small and medium-sized high-tech companies and the willingness to pay cash dividends.The willingness to pay dividends of enterprises with excessively high and low financing constraints is not strong,and the willingness to pay dividends of enterprises with moderate financing constraints is the strongest.(2)In the high-tech enterprises that pay cash dividends,the financing constraint is positively related to the level of cash dividend payment.The more serious the financing constraints faced by high-tech enterprises,the more they hope to reduce the information asymmetry by allocating cash dividends and cater to the investment cash dividend demand.Passing the signal that the company is running well,attracting investors to buy stocks,thereby restoring future financing capabilities and reducing future financing costs.(3)The cash dividends of high-tech enterprises are negatively correlated with the total assets,and are positively correlated with earnings per share.The operating income growth rate and cash holding ratio are positively correlated with cash dividends,but the correlation is not significant.