| The effective investment is not only the guarantee of the steady growth of the enterprise,but also the foundation of the sustained and healthy development of the national economy.However,China’s macro economy and the speed of development of the capital market does not match,the "inefficient investment" problem is widespread,having a certain degree of adverse effects on the enterprises,investors and the national economy.How to improve the efficiency of investment and the governance mechanism is the urgent problem to be solved.In order to find a way to improve the efficiency of investment,domestic and foreign scholars have conducted in-depth study.Among them,the cash dividend policy,that is,the level of cash dividend payout ratio,has been recognized as the governance role of inefficient investment.There are different internal and external characteristics in the process of enterprise development,which is bound to affect the efficiency of investment,the enterprise can only make appropriate investment decisions and cash dividend policy according to the life cycle.This paper attempts to use the corporate life cycle as the research perspective and the cash dividend policy on the impact of investment efficiency for the research content.The purpose of this paper is to study whether cash dividend policy can improve investment efficiency.At the same time,this paper also considers the following two factors that may have some constraints on the governance effect of the cash dividend policy.One is the ownership concentration,the large-shareholder control may have the "tunnel effect".The "tunnel effect" may limit the cash dividend policy to play the role of governance,so this paper attempts to study how to make the ownership concentration play a positive role.Two is the differentiated dividend policy issued by SEC,this policy may affect the autonomy of corporate cash dividend policy and finally may reduce the efficiency of investment.Therefore,this paper studies whether there is a constraint on the role of cash dividend policy and evaluates the effect of the policy implementation.This paper’ aim is not nly to help the listed companies optimize the cash dividend policy and improve the investment efficiency but also to help the supervisory department improve the dividend regulatory policy.Based on the data of listed companies in Shanghai and Shenzhen A-share between 2008 and 2015,the study found:(1)The companies in the growth period implement a lower cash dividend payout rate and the companies in the mature period implement a higher cash dividend payout rate is conducive to improving the investment efficiency;(2)Changes in the concentration of ownership will have an impact on the governance of the cash dividend policy.When the ownership concentration is higher,it will promote the governance of the cash dividend policy in the growth period,and when the ownership concentration is moderate,it will promote the governance of the cash dividend policy in the mature period;(3)The differentiated dividend policy improved the investment efficiency of maturity period but decreased the investment efficiency of enterprises in the growth period,in that it restricted the autonomy of the growth companies to improve the investment efficiency through the development of low cash dividend payout rate.As an external governance mechanism,there are some limitations in the implementation of differentiated dividend regulatory policy. |
