Research On The Influence Of Conditional Conservatism On The Dividend Distribution Of Listed Companies

Dividend policy is one of the effective ways of corporate governance,it not only reflects the efficiency of financial management,but also closely reflects the operating status of the enterprise and leadership decision-making style.So the study of the influencing factors of cash dividend policy can provide a scientific reference for alleviating the contradiction between development demand of listed companies and investors' demand for return.By reviewing the existing literature at home and abroad,researchers have done a lot of research on the quality of accounting information,financing constraints and dividend policy,but few scholars have deeply discussed the influence process of accounting conservatism on dividend distribution policy of listed companies.At the same time,equity structure as an important part of corporate governance,there are few studies about the relationship between accounting conservatism and dividend distribution at home and abroad in this area.So how does accounting conservatism affect corporate dividend policy,and does the difference of equity structure have further influence in this process,these problems still need to be solved in the current research field.Therefore,the exploration of this study has the theoretical significance of detailing the economic consequences of accounting conservatism and the influencing factors of dividend policy.It also has the practical significance of improving the efficiency of corporate governance,the decision-making efficiency of market investors and the legal perfection of regulatory authorities.By sorting out the relevant literature at home and abroad,based on the theory of signal transmission,principal-agent and so on.And according to the practice of previous studies,‘‘the model of Ball and Shivakumar,the model of Gassen,the model of Khan and Watts' ' are selected here to measure the conditional conservatism.Logistic regression model was constructed to measure financing constraints here.And the payout ratio is used to measure the dividend distribution level.On this basis,the mediating effect model with regulating effect is established.In this paper,the influence of conditional conservatism on dividend distribution and the mediating effect of financing constraints are studied by empirical test based on the market data of A-share listed companies in Shanghai and shenzhen from 2010 to 2018.At the same time,the equity structure is introduced as the regulating variable in this study,and furthermore,the regulatory role of equity structure in the relationship between financing constraints and dividend distribution,and its regulating effect on the mediating effect of financing constraints are also discussed in this paper.According to the empirical test results:(1)Conditional conservatism positively affects dividend distribution;(2)Conditional conservatism can promote the level of dividend distribution through the partial intermediary of financing constraints;(3)Equity nature and equity restriction degree can alleviate the negative relationship between financing constraints and dividend distribution;(4)Equity nature and equity restriction degree can significantly regulate the mediating effect of financing constraints.Based on the results of empirical research,this paper puts forward some suggestions to market investors and national regulatory authorities from the external perspective of enterprises.And at last,some future prospects based on the limitations of this paper are proposed.