The Impact Of Corporate Strategy Differences On Dividend Policy

National strategy leads China's all-round development,industry strategy guides the development direction of enterprises in the industry,enterprise strategic innovation drives industry strategic innovation,and industry strategic innovation leads industry development.Enterprise strategy is a series of sustainable development decisions made by enterprises according to their own resources and conditions to cope with the fierce competition environment.The strategy formulated by enterprises is an important part of the internal environment of enterprises and an important way for enterprises to develop their competitive advantages,which will have a significant impact on the decision-making of enterprises.The direction of China's economic development has changed from the pursuit of speed to the pursuit of quality,and only reform can go forward.As the micro subject of China's financial market,it is of great significance for enterprises to adjust their strategies to adapt to the new economic situation according to the changes of the market environment.At the 19 th National Congress of the Communist Party of China in 2017,high-quality development is based on economic vitality,innovation and competitiveness.In today's economic situation,competition is increasingly fierce,opportunities and challenges coexist,listed enterprises as an important micro subject of China's economic development,should optimize their own development strategy to adapt to the economic environment of survival of the fittest.According to relevant literature research,in order to win a place in this highly competitive environment,some enterprises have taken the initiative to find their unique advantages and adopted strategies different from the conventional industry strategies to form strategic differences.Therefore,this paper mainly studies the relationship between strategic difference degree and dividend policy.In view of the special institutional background in China,enterprises with different property rights face different financing environment and institutional environment.Moreover,due to the high degree of ownership concentration in Chinese enterprises,the influence of internal control environment on enterprises is also very important.Therefore,from the perspective of property right nature and internal control,this paper conducts further research on the relationship between enterprise strategic difference degree and dividend policy.At last,this paper verifies two influencing paths of strategic difference on cash dividend payment of listed enterprises--financing constraint and agency cost.In this paper,all A-share companies listed on The Shanghai and Shenzhen stock exchanges from 2000 to 2018 are used as the original samples,and then dataprocessing is conducted on the original samples.Finally,this paper is conducted.First of all listed companies in China strategic difference degree and the relationship between the dividend policy,the results show that regular and enterprise strategy,industry strategy deviation,the greater the next issue of the less cash dividend payments,the strategy of listed companies in the greater the difference,the preference for conservative dividend policy.Among them,non-state-owned enterprises have more negative impact on dividend policy.The influence of strategic difference degree on dividend policy is more significant in enterprises with poor internal control environment.The agency theory holds that there is opportunism in the decision-making of the enterprise management,and the deviation from the conventional strategy of the industry may damage the shareholder value.This paper,by using mediation effect analysis,the study found that the strategic difference degree is through the agency cost and financing constraints,the two intermediary variables affect the dividend policy,agency cost and financing constraints is strategic differences affect dividend policy influence of the two paths,the listed companies of strategic difference degree can improve the agency cost of enterprises,improve enterprise's financing constraint level,so as to reduce the dividend payment.In this paper,the method of transforming the six-dimensional strategic difference degree into the four-dimensional strategic difference degree and the industry classification standard were used to test the robustness of the empirical results.The Heckman two-stage regression,propensity score matching and other methods were used to deal with endogeneity,and the results remained unchanged and very robust.In this paper,we study the paper constructs the enterprise strategic logic between the difference degree and the cash dividend distribution policy,from the perspective of the enterprise strategy differences of corporate dividend policy is analyzed,a new point of view from another interpretation of enterprises on the basis of the choice of dividend policy,enrich the dividend policy influence factors and strategic difference degree bigger,the economic consequences of the results,is not only beneficial to improve the listed company information disclosure system,formulate rational internal risk control system,but also to regulators to make reasonable regulation policies.