Customer Concentration And Credit Policy And Cash Dividend

With the further development of China's economy,more and more enterprises choose to expand the scale of the company through listing financing.As one of the main ways of dividend distribution in China's listed companies,cash dividend is not only an important way for investors to obtain investment returns,but also reflects the current profitability and development of listed companies,and plays an important role in the stability of the capital market.On the one hand,the listed companies protect the reasonable rights and interests of shareholders by making reasonable dividend policy,on the other hand,it is conducive to further expand the business scale of enterprises.However,in the current capital market,many listed companies' unreasonable distribution of cash dividends has hit investors' confidence in investment and damaged the sustainable development of China's capital market,so the research on the influencing factors of dividend policy of listed companies has become the focus of scholars.In recent years,scholars have focused on the non-financial stakeholders of enterprises,and found that customer supplier has more and more important strategic impact on enterprises.With the deepening of the integration of the world economy,the competitive environment of enterprises becomes more and more fierce.More and more examples show that key customers are of strategic significance to the operation and development of enterprises,and the credit policy as a link between upstream and downstream enterprises also deeply affects the relationship between customer concentration and dividend payment.Therefore,starting from the existing literature,this paper combs the relationship between dividend policy,customer concentration and cash dividend distribution,and the impact of customer concentration and credit policy on cash dividend distribution.By elaborating the relevant theories of cash dividend distribution,major customer and credit policy,this paper lays a theoretical foundation for the follow-up empirical research.In the empirical part,we use wind,csmer and other databases to bring the panel data of all A-share listed companies in2012-2018 into the logit and tobit models.The dummy variable Dumdiv represents the dividend payment intention of the enterprise,and the pay ratio represents the dividend payment level of the enterprise.We take these two variables as the explained variables.For explanatory variables,the sales proportion of the top five customers(Top5)and the first customer(Top1)of the listed company represents the customer concentration of the company,the accounts receivable turnover rate(Zzsj)represents the company's credit policy,and the Top5*zzsj and Top1*zzsj represent the joint effect of customer concentration and credit policy,which are included in the model for regression in turn.In order to ensure the accuracy of the model results,eight control variables are added to the model to study the relationship between customer concentration,credit policy and the willingness and level of cash dividend distribution of listed companies,and analyze the difference between customer concentration and the length of credit policy on the dividend policy of listed companies.Finally,according to the results of qualitative analysis and quantitative analysis,reasonable suggestions are put forward from the perspective of listed companies,key customers and investors.This paper finds that,firstly,there is a significant negative correlation between the customer concentration and the willingness and level of cash dividend distribution of listed companies;secondly,the longer the credit policy is,the lower the willingness and level of cash dividend distribution of listed companies;thirdly,the higher the customer concentration is,the longer the credit policy is,the lower the willingness of cash dividend distribution of listed companies.From the perspective of non-financial stakeholders and credit policy,this paper studies the impact on the company's cash dividend distribution,enriches the theoretical field of non-financial stakeholders' impact on cash dividend distribution,and makes relevant suggestions for the enterprise to improve operating efficiency,develop credit policy,improve dividend distribution mode,etc.