The Impact Of Dividend Policy On Enterprises Of SMEs’ Business Performance

At present,there are a series of problems in the capital market,such as nondividend payment and super dividend payment.The focus of the debate is whether the relationship between policy and corporate performance is a causal chain or a correlation.And one of the key lies in the need to clarify the dividend policy,financing cost,agent cost and enterprise performance between the principle and mechanism of the existing research found financing cost and agency cost are on the impact of dividend policy on business performance intermediary variables,in considering influence dividend policy on business performance,need to consider the role of the financing cost and agency cost,and further empirical analysis to explore the dividend policy,financing cost,agent cost operation mechanism of the influence on enterprise performance.In this paper,both agency cost and financing cost are brought into the framework of studying the impact of dividend policy on corporate performance,so as to provide some Suggestions for the formulation of dividend policy and government regulatory policy.This article selects the small and medium-sized boards of listed companies as the analysis sample,using panel data of 2016-2018,using multiple linear regression and the intermediary variable effect model,respectively test the dividend policy influence on agent cost and financing cost,and further demonstrates the mediation role of agent cost and financing cost and the agency cost and financing cost impact on enterprise performance.The empirical results show that: first,the distribution of dividends can significantly increase the agency cost,but the impact on the financing cost is not significant;Second,different ownership enterprises have different effects on agency costs due to dividend policies.Distribution of dividends by state-owned enterprises can significantly reduce their agency costs,while distribution of dividends by non-stateowned enterprises can significantly increase their agency costs.Third,the test results of intermediary effect show that: agency cost is the intermediary variable of the effect of dividend policy on enterprise performance,the intermediary effect of agency cost on enterprise performance is incomplete,and financing cost is not the intermediary variable of dividend policy on enterprise performance.The agency cost only shows the mediating effect in the non-state-owned enterprise group regression,but does not show the mediating effect in the state-owned enterprise group regression.Fourth,high dividend policy can significantly improve corporate performance,that is,the higher the dividend payment rate,the better the corporate performance;Compared with stateowned enterprises,dividend policy of non-state-owned enterprises has a greater impact on enterprise performance,and agency cost has a greater impact on enterprise performance.