Empirical Study On Manager' Overconfidence,Financial Flexibility And Dividend Policy

Profit distribution is the main link of financial management and an important part of corporate governance.In order to create a healthy and stable capital market environment,in recent years,the regulatory authorities have strengthened the supervision of cash dividends and guided the listed companies to increase the level of dividends.Statistics show that 2018 a-share market share out bonus the company accounted for and the total amount of dividends from 75.5%in 2017 and 805.024 billion yuan has improved more significant,but the market average dividend payment rate is 28.22%,the threshold of the dividend remained at around 30%,present situation of the dividends of listed companies depends on their finances,and our country's "mandatory" dividend policy stimulus has close relations,there are some enterprises in order to meet the "mandatory" dividend policy,refinance,blind irrational cash dividends.Reasonable dividend policy will help dissolve the enterprise growing demand and conflict between shareholder returns demands,financial flexibility as enterprises adjust the amount of time and cash flow,the ability to meet the future demand for funds,is connected to the investment and financing and dividend distribution link,with the deepening of financial elasticity theory research,more and more scholars begin to pay close attention to financial flexibility influence on cash dividend,but the study of the relationship between the scarce in China.According to the view of overconfidence theory,the psychological preference factors of behavioral subjects make them easy to be dominated by subjective factors when making important decisions.In this context,it is necessary to relax the hypothesis of "perfectly rational man",introduce managers' overconfidence,and study the impact of financial elasticity on cash dividends.Under the guidance of principal-agent theory,overconfidence theory,free cash flow theory and theories related to dividend policy,this paper takes financial elasticity as the starting point and cash dividend policy as the foothold,selects the financial data of a-share listed companies in Shanghai and Shenzhen from 2009 to 2018 as the sample,and studies the influence mechanism of financial elasticity on cash dividend.On the basis of sorting out relevant literature and theoretical analysis,three models are constructed to test the hypothesis put forward above.Empirical results show that:financial elasticity is an important factor affecting whether an enterprise pays cash dividends,and the higher the financial elasticity is,the greater the dividend payment intensity will be.Overconfidence of managers negatively moderates the relationship between financial elasticity and the level of cash dividend payment.In the relationship between financial elasticity and cash dividend,property right plays a regulating role.Due to different financing pressures,the financial elasticity of state-owned enterprises has a positive impact on cash dividend,while non-state-owned enterprises have a positive impact on the positive relationship.The research of this paper is helpful for listed companies to realize the importance of financial flexibility reserve and guide them to make scientific and reasonable cash dividend decision.The application of the knowledge of behavioral finance and psychology in the field of financial decisions,which can effectively avoid managers overconfidence psychological deviation of the negative effects to the company making important decisions,analysis the performance of the different nature of property right of enterprise financial flexibility and the function mechanism of cash dividend,the relevant government departments and reasonable relax the financing channels of enterprises,improve the efficiency of the allocation of resources has a certain reference significance.