Study On The Influence Of Dividend Policy On Enterprise Value Of A-share Mainboard Listed Companies In China

Profit is not only an important source of enterprise financing,but also an important guarantee of enterprise sustainable development.How to deal with the retention and distribution of profits,that is,dividend policy,has been the focus of academic research.For a long time,a large number of listed companies in China's capital market give no dividends or less,but with the improvement of the modern enterprise system and a series of policies issued by the CSRC to promote the dividend distribution,such situation has been improved,although unreasonable dividend distribution still exist in the capital market.In different age,the influence of dividend policy on corporate value may bring different result.For the shareholding structure,the right to distribute dividend is actually in the hands of large shareholders.Ownership concentration has significant impact on dividend policy.however,with different ownership concentration,dividend policy has different influence on corporate value.Combining the ownership concentration,the dividend policy and the enterprise value,the research is theoretically and practically significant.Based on the samples of a-share mainboard listed companies in China from 2012 to 2017,this paper explores the influence of dividend policy on business value in different sectors,and on this basis,studies the moderating effect of ownership concentration on the relationship between dividend policy and business value.According to the research purpose,this paper proposes two hypotheses: first,dividend policies of a-share mainboard listed companies in China are positively correlated with enterprise value;Second,ownership concentration has a moderating effect on the relationship between dividend policy and business value.The hypothesis was empirically tested by descriptive statistics,correlation analysis and multiple linear regression analysis.Results show that the irrelevant dividend view is not always correct in all sectors.Dividend policy in mining,construction,transportation,warehousing,postal service,information transmission,software and information technology services has insignificant influence on the enterprise value.But in the financial industry,wholesale and retail,electricity,heat,gas and water production and supply industry,manufacturing and real estate industry,dividend policy has an obviously negative influence on the enterprise value.In industries where dividend policy has an impact on enterprise value,the moderating effect of ownership concentration on the relationship between dividend policy and business value is only significant in some industries.Ownership concentration in the financial industry,wholesale and retail industry has no moderating effect on the relationship between dividend policy and business value.However,in the power,heat,gas and water production and supply industry,manufacturing industry and real estate industry,ownership concentration has significant positive moderating effect on the relationship between dividend policy and business value.