Research On Dividend Heterogeneity And Financial Ability Of Chinese Listed Companies

For a long time,there has been a problem of “focus on financing,not pay attention to return" in Chinese Capital markets.Dividend distribution has become a common concern problem between managers and investors.A reasonable and stable dividend distribution plan for managers is beneficial not only to attract investors' attention,but also conducive to the company's long-term development.At the same time,financial ability of listed companies is an important component of corporate abilities and a comprehensive financial exemplification,which is more important in the corporate competition.Heterogeneity determines that different dividend methods and dividend levels have different effects on a company's financial ability.Based on this background and the existing research results,this thesis constructs the index system of financial ability evaluation of listed companies,and uses the empirical analysis method to analyze the relationship between the dividend heterogeneity and the financial ability.To sum up,the conclusions are as follows:Firstly,the evaluation index system of financial ability of listed companies in our country is a comprehensive financial evaluation system of capital operation and risk control of the company.Based on the dividend effect and financial ability theory,this thesis establishes the index system of financial ability evaluation of listed companies,including financial control ability,financial activity ability,and financial performance ability.Financial control ability includes financial decision-making ability and risk control ability;financial activity ability includes fund-raising ability,investment ability,fund operation ability and income distribution ability;financial performance ability includes profitability,solvency,operation ability,development ability and value creation ability.At the same time,this thesis selects 8,260 Shanghai and Shenzhen Stock markets listed companies as samples from 2012 to 2016.These sample companies have all carried out dividend distribution.Then,it adopts the variation coefficient-weighted method to calculate index weight and financial ability index.The final weighting result shows that the financial activities ability and financial performance ability have a great influence on the comprehensive financial ability.Secondly,under the background of diversification of dividends,the effect of the mixed dividend of listed companies on the company's comprehensive financial ability and core financial ability is better than that of cash dividend and stock dividend.Through the empirical analysis of weighted least squares method,the regression results show that the dividend payment method is significantly positive with the comprehensive financial ability,financial control ability,financial activity ability and financial performance ability.This shows that the mixed dividend method as a combination of cash dividend and stock dividend is better than the simple cash dividend and stock dividend method in enhancing the comprehensive financial ability,financial control ability,financial activity ability and financial performance ability of the company.Thirdly,the relationship between the dividend level of listed companies and the financial ability is complicated.Through the empirical analysis of weighted least squares method,the regression results show that stock dividend level has a negative impact on the company comprehensive financial ability,financial control ability,financial activity ability and financial performance ability.The increase of the stock dividend payment level will reduce company's financial ability.The cash dividend level has a negative inhibitory effect on the comprehensive financial ability and financial activity ability,and has a positive effect on financial control ability and financial performance ability.The mixed dividend level has a positive effect on the company's comprehensive financial ability,financial control ability,financial activity ability and financial performance ability.This shows that high level of mixed dividends is more conducive to the company's comprehensive financial ability and core financial abilities.Main innovation points of this thesis are as follows:(1)Establishing a financial ability evaluation index system for listed companies based on the enterprise competence theory and dividend effects.(2)Revealing the relationship between the dividend heterogeneity and comprehensive financial abilities and core financial abilities of listed companies from two aspects of dividend method and dividend level.