| Investment decision is one of the most important decisions in the company’s financial decision-making.From the microcosmic point of view,effective investment is the main guarantee in the company’s growth.From the macro point of view,investment is the driving force for China’s economic growth,higher investment efficiency is an effective way to promote economic growth.Due to the uncertainty of the investment environment,after the investment of funds raised,the company’s output capacity is influenced by a lot of uncertainty,which generates the problem of inefficient investment.Therefore,the study of the investment efficiency of listed companies is closely related to company’s own development,and can provide useful information for policy makers.Dividend policy is as an important policy of the company’s financial activities.Dividend payment is an important approach to investors sharing of the company’s operating results,which is the relationship between the shareholders’ interests.Our country since 2001,issued the measures for the administration of the issuance of listed companies,securities regulatory commission issued a series of policy,intervention in the dividend policy of listed companies in our country,encourage positive cash dividend distribution of listed companies.On November 30,2013,the securities and futures commission released a listed company regulatory guidelines No.3-cash dividends of listed companies,puts forward the differentiation of cash dividend distribution policy.Securities regulatory commission issued a series of regulation,to a certain extent,alleviate the agency problem between the owners and operators,but also to distinguish between good performance and poor performance of companies,and optimize the allocation of resources.In addition,the enterprise life cycle theory considers that in different stages of life cycle,enterprises have different organizational and development characteristics,so they will face different agency problems and information asymmetry,and this is bound to affect the efficiency of investment.So at different stages of life cycle,what are the motivations of inefficient investment? Can dividend policy paly a governance role to these motivations?In this view,the paper uses the method of theoretical analysis and empirical analysis,analyzes the impact of cash dividend to investment efficiency at different stage of life cycle based on the data of Shanghai and Shenzhen listed companies from 2008 to 2014.The paper analyzes along the clues of “Question-Theory-Empirical Analysis-Conclusions”,uses the theory of capital investment theory,agency theory and asymmetric information theory to explain the motivation of inefficient investment and governance role of cash dividend to inefficient investment.Using the life cycle of enterprise life cycle theory expounded perspective cash dividend effect on the efficiency of investment,which enriched and developed the cash dividend for the research on the effects of investment efficiency.In the empirical analysis,the methods of correlation analysis,regression analysis to conduct a preliminary inspection data,using panel data regression model to empirical test of hypothesis,at the same time the paper also do the empirical analysis by the method of transformation sample the robustness test.Finally,the paper for the company’s dividend policy,the reasonable allocation of resources and provide reasonable suggestions to enhance the efficiency of the company’s investment. |
