Internal Control,Financing Constraints And Cash Dividends

Even in the development of the mature capital market in the West,the cash dividend policy has always been a big problem in the field of practice and academia.At the present stage of the development of China's capital market,the research on cash dividend policy is mainly based on the reference to the Western mature capital market and the characteristics of socialist economy with Chinese characteristics.Since the beginning of the 20 th century,China has put forward a series of improvement measures related to cash dividend to protect the interests of investors and solve the abnormal cash dividend issues.With the steady implementation of the policy,the cash dividend situation of China's listed companies has been improved continuously,but the characteristics of "low distribution willingness and level,poor persistence" of cash dividends have been criticized,the phenomenon of "dividend disappearance" has always been the key point for scholars to study.Based on this,this paper tries to analyze the factors that influence the cash dividend policy from different research paths.First of all,this paper reviews the literature on cash dividend policy,internal control quality and cash dividend,and internal control and financing constraints.On the one hand,based on the results model,it is found that the quality of internal control is closely related to the cash dividend policy,and the quality of internal control has a direct impact on the level of cash dividend,affect the willingness and level of cash dividends.Secondly,through empirical analysis,it is verified that the higher the quality of internal control,the stronger the willingness of listed companies to pay cash dividends,and the higher the level of distribution in the impact of internal control on cash dividends,financing constraints play a part of intermediary role.Based on the above analysis,this paper takes the listed companies in Shanghai and Shenzhen a shares as the research object in 2014-2018,through theoretical analysis,putting forward hypotheses,collecting and sorting out data,establishing models,and finally making regression test The relationship among internal control,financing constraint and cash dividend is demonstrated.The empirical test shows that high-quality internal control can have a significant positive impact on the cash dividend policy of enterprises,and at the same time,it can also ease the financing constraints faced by enterprises themselves,reduce financing constraints to achieve the goal of increasing cash dividends.In this paper,the financing constraint is taken as the medium to study the effect of internal control quality on cash dividend policy,which provides a new way of thinking for the study of factors affecting cash dividend policy and new evidence for the explanation of cash dividend policy It is of positive significance to improve corporate governance.