A Statistic Analysis Of The Influence Of Cash Dividend Policy On Enterprise Value

Cash dividend policy is a basic system of the capital market and an important part of the self-management mechanism of enterprises.Unreasonable cash dividend distribution will not only damage the interests of investors,but also greatly reduce the value of the enterprise,and make the enterprise managers' efforts for many years go to waste.In addition,the study on the impact of cash dividend distribution on enterprise value can also clarify the theoretical basis and consolidate the empirical basis for the development of enterprises from the perspective of cash dividend.This thesis first tracks the relevant literature to clarify the research issues,ideas and objectives,then carefully sorts out the theoretical basis of economic and financial theory of data analysis,and then focuses on two parts for empirical research.The first part is the analysis without joining the national policy effect.In this part,the panel data of the listed companies that continuously paid dividends in Shanghai and Shenzhen A-shares from 2010 to 2018 are selected,and the study is conducted by using the individual fixed effect model and the panel quantile regression model.The research shows that cash dividend distribution is negatively correlated with the enterprise value and shows obvious heterogeneity.Specifically,cash dividend distribution will inhibit listed companies with medium value level,and the inhibition effect will be stronger with theincrease of value level,while it will not affect companies with too low or too high value.The second part is the analysis joining the national policy effect,which is based on the "notice on further implementing the cash dividend of listed companies" issued by the CSRC in May 2012.In order to more accurately measure the uniqueness of the policy impact,this part selects the panel data of Shanghai and Shenzhen A-share listed companies from 2010 to 2014,and uses the difference in difference propensity score matching model(PSM-DID model)to study.The research shows that cash dividend distribution is still negatively correlated with the enterprise value under the policy effect.Finally,some suggestions are given according to the basic conclusions of data analysis.For investors,investors should pay attention to the comprehensive analysis in selecting investment enterprises to prevent the thinking inertia that high risk leads to high returns.For enterprises,enterprise managers should proceed from their own development in the operation process to prevent blind pursuit of high dividend policy.For countries,relevant government departments can try to adopt different cash dividend policies for enterprises with different sizes,types and life cycles,so as to prevent the "one-size-fits-all" form of cash dividend policy from causing adverse effects on enterprise value.