The Impact Of Business Cycle On Cash Dividend Policy

This paper studies the impact of the economic cycle on the cash dividend policy of the listed companies,and the differences between the state-owned and non-state listed companies in the process of the impact of the A share listed companies.The study found that compared with the economic uplink,the enthusiasm of the listed companies to pay cash dividends is obviously lower in the economic downlink period,and the listed companies with different equity properties have different effects.Compared with non-state-owned listed companies,the state-owned listed companies reduce the cash dividends.In this paper,the net cash flow of the company's operating activities is used as the intermediary variable,and the results show that the intermediary effect of the net cash flow of the operating activities is significant for non-state-owned enterprises,and the return of the state-owned enterprise group is not significant.This paper also analyzes the market reaction of Listed Companies in the economic downlink period after the distribution of cash dividends,and finds that the listed companies that pay cash dividends in the economic downlink period have gained a cumulative abnormal return rate,which shows that the cash dividend has released a positive signal to the market.The study also found that the cash dividend of non-state listed companies can gain a higher cumulative abnormal rate of return than the state-owned listed companies,which shows that in the context of the economic downturn,the cash dividend of non-state-owned listed companies with more transparent economic behavior and more market oriented can get the trust and support of investors.Its role in alleviating market uncertainty on economic uncertainty is more obvious.This study enriches the related literature of the influencing factors of cash dividend policy,and has some inspiration for the listed companies to choose the appropriate cash dividend policy in different macro-economic environment.