Research On The Impact Of Governance Environment On Cash Dividend Under Different Ownership Structure

Cash dividend policy is one of the important financial policies of enterprises.With the development of the economy and the development of the market,cash dividends will also play a more important role and play a more critical role for enterprises.The advantages of dividends are obvious,so the C hinese government encourages or even forces companies to pay dividends,but most of the research on the driving factors of cash dividends still stays on internal factors,and the guiding role of relevant laws and regulations is also reflected in practice.Research on the influencing factors and influencing paths of cash dividend policy has also attracted more and more attention from scholars.In the more than ten years since 2004,the C hina Securities Regulatory C ommission has put forward many requirements and regulations on the dividend distribution of listed companies,aiming to promote the active dividend distribution of listed companies in China,promote the sound development of the capital market,and create a good The capital environment,but for now,there is a long way to go to promote corporate dividends.In this context,the data of Shanghai-Shenzhen A-share main board listed companies from 2008 to 2016 are used as research samples,relevant hypotheses are proposed and corresponding models are constructed,and the mult iple regression method is used for empirical research.First discuss the impact of the corporate governance environment on cash dividends,and then study the impact of the ownership structure on the contact between the external surroundings and cash dividends and the differences in the impact of different political linkages.Finally,we further examine the influence path of the governance environment on cash dividends and the difference in the impact of institut ional investor heterogeneity on the contact between the external surroundings and cash dividends.This article takes the impact of governance environment on corporate cash dividends as the core of the study,measures the governance environment in which enterprises are located in the marketization index in C hina’s Marketization Index Report(2018),and uses the five aspects of equity structure to concentrate equity,Equity balance,nature of equity,institutional investors ’ shareholding ratio and management ’s shareholding ratio to measure the equity structure of company,using the dividend payment rate to measure the payment level of cash companies’ dividends,and discussing the governance environment,corporate equity structure and the link to cash dividends,and the following conclusions are mainly drawn.First of all,the external surroundings in different regions is very different,and the improvement of the external surroundings can obviously increase the level of corporate cash dividend payment.Secondly,the increase in the concentration of equity weakens the promotion of the governance environment on cash dividends,and equity checks and balances the improvement of the degree cannot significantly influence the contact between the external surroundings and cash dividends.Compared with state-owned enterprises,the promotion of cash dividends by the governance environment is more obvious in non-state-owned enterprises.The increase in the shareholding ratio of institutional investors has weakened the promotion effect of the governance environment on cash dividends,and the increase in the management shareholding ratio has weakened the promotion effect of the governance environment on cash dividends.Thirdly,the impact of the contact between the external surroundings and cash stocks differs among listed companies with or without political connections.Then,the promotion of the governance environment for cash dividends can be achieved by easing financing constraints and reducing agency costs.At last,institut ions Investor heterogeneity has different effects on the governance environment and cash dividend relationship.This article concludes and concludes this study,and puts forward relevant suggestions for the research conclusion.At the same time,it points out the deficiencies and shortcomings of this study and the direction of future research significance.