Study On The Reasonableness Of Semi-mandatory Dividend Policy Under The View Of Corporate Value

Following regulatory authorities implement more semi-mandatory dividend policies recent years, the environment and paid level for domestic listed company cash dividend has both improved a lot. However, the controversy about semi-mandatory policy still exists. It's very hard to get conclusions for issues like whether regulatory authorities should initiatively interfere listed company cash dividend policy? Would semi-mandatory dividend policy realize its purpose by combine cash dividend policy and refinancing? These unsettled issues will influence the decisions making of market participants negatively. As a result, this article is going to research the reasonableness of semi-mandatory dividend policy from regulatory actions and methods aspects, and then try to provide relative empirical proof, based on corporation value and the features of semi-mandatory dividend policy.Based on securities regulation theories, dividend policy theories, and the analysis on semi-mandatory dividend policy features, this article take A-shares cash dividend paid listed companies during 2008-2012 as research object to study the effect of refinancing demand, debt financing constraints on cash dividend and corporation value, also investigate the reasonableness of semi-mandatory dividend policy. Research results indicate that present listed company cash dividend policy could improve corporation value, regulatory authorities' supervising actions on listed company's cash dividend behavior are reasonable; refinancing demand has w eakening effect on the positive correlation between cash dividend and corpo ration value, and this effect differs in different type listed companies which means semi-mandatory dividend policy connect cash dividend to refinancing demand and is implemented unreasonably to all types of company. The weakening effect becomes stronger in companies which have intensive debt financing constraints, indicating some unreasonableness of semi-mandatory dividend policy regulatory. In the last, this article try to give corresponding advice, including strengthen cash dividend regulatory, transform present cash dividend regulatory method, and improve listed company debt financing environment.