Dividend Distribution,Corporate Social Responsibility And R&D Investment

With the continuous progress of science and technology,more and more companies begin to realize the importance of R&D innovation.However,R&D activities cost a lot of money.When management faces a limited internal funding pool,they often fall into the dilemma of dividends and innovation.Due to the asymmetry of information,investors cannot understand the company's operating conditions,making the company's external financing environment not optimistic,which will limit their R&D activities.More and more companies have noticed that fulfilling social responsibilities can help win the recognition of external investors,reduce financing constraints,and thus obtain more financing.In the past,scholars' research rarely explored their relationship in depth.Therefore,this article starts from corporate social responsibility,and in-depth studies the relationship between cash dividend distribution and R&D investment,hoping to provide a certain reference value for the company's financial decisions.Based on the data of main board listed companies from 2012 to 2018,this paper empirically tests the relationship among cash dividend distribution,corporate social responsibility and R&D investment.And give some advice to government,business and society.Research finds negative correlation between cash dividend distribution and R&D investment The company's active performance of social responsibilities plays a mitigating role between cash dividend distribution and R&D investment.This article uses the property right nature,growth nature,and industry nature to group regression for the sample.The results show that the adjustment of corporate social responsibility is more significant in non-state-owned enterprises,high-growth enterprises,and manufacturing enterprises.This article conducts in-depth research on dividend distribution and R&D investment from different angles,and also enriches the influencing factors of R&D investment,and provides reference value for companies to reasonably conduct dividend distribution and R&D innovation activities.