Research On The Impact Of Cash Dividends Of Listed Companies On Operating Performance

Dividend policy plays an important role in corporate governance,which is the key target and subject of domestic and foreign scholars.Among them,the continuous and stable cash dividend policy can not only reduce and weaken the agency cost of enterprises to a certain extent,but also improve the efficiency of corporate governance,as well as the company's performance growth.However,the research on dividend distribution in China started relatively late compared with other countries,and the development of capital market is not mature enough.In recent years,China's listed companies "high transfer" disorder and long-term non-dividend status is widespread,deeply affecting the further healthy growth of China's a-share market.At the same time,with the gradual improvement of China's economic level and the current trend of globalization,both foreign and domestic scholars have begun to pay attention to the impact of corporate social responsibility on corporate status and financial performance.Corporate social responsibility can not only establish a good corporate social image,deliver good news to the market,reduce the degree of external investment constraints,but also help enterprises to increase the internal free cash flow,while ensuring dividends to increase investment,the enterprise can progress.Cash dividend is a way for enterprises to reduce and weaken agency costs and strengthen corporate governance quality.Fulfillment of corporate social responsibility has value creation and transmission effect.The relationship between cash dividend,corporate social responsibility fulfillment and corporate performance has become the focus of theoretical and practical circles.However,there are now studies on the relationship between the three,because of differences in the selection of research objects and research methods,no consistent results have been obtained.In the context of China's transition economy and economic development entering a new normal,the logical relationship between cash dividend,corporate social responsibility and corporate performance still needs to be further studied.Based on the 2011-2017 companies in our country as the research object,through panel and regression model,cash bonuses and corporate social responsibility and its impact on corporate performance,and further to corporate social responsibility into enterprise social responsibility for employees,to the social responsibility of the shareholders,and the creditor's social responsibility and social responsibility to customers,respectively,into the mediation effect of test model,the analysis which variables in the mediation played A major role in transmission.The results show that the cash dividend activities of listed companies have a positive effect on the improvement of corporate performance.The cash dividend activities of listed companies have a significant impact on the fulfillment of corporate social responsibility.In the relationship between cash dividend and corporate performance,the study concludes that corporate social responsibility has partial intermediary passthrough effect between the two,in which corporate social responsibility to shareholders and corporate social responsibility to customers play a major role in partial intermediary pass-through effect.The above research results have certain theoretical and practical significance for standardizing and adjusting the cash dividend activities of listed companies in China,strengthening the fulfillment of corporate social responsibility and improving corporate performance.