Abnormal Cash Dividend,Investment Efficiency And Corporate Value

In the existing studies,there are many studies on the relationship between dividend policies and investment efficiency.Most of the studies are discussing the influence of dividend policies within the scope of normal distribution,while the widespread anomalies exist in our country,but there is little related research.The fact that the abnormal dividend is irrational is that it ignores the interests of the outside investors of the company,and does not consider the good development of the company.It only reflects the interests of the internal controller.Therefore,this article focuses on the current status of non-normal cash dividend distribution in order to investigate whether abnormally low dispatch and abnormally high payouts will lead to inefficient investment,which in turn will result in damage to the value of the enterprise.According to the MM theory and agency theory in dividend policy,this paper analyzes the causes of the anomalous distribution of listed companies in China,and analyzes the impact of this behavior on the investment efficiency of enterprises.Based on the role of non-efficiency investment,it analyzes the impact on corporate value.In 2013,China's Securities Regulatory Commission issued the "Regulations on the Supervision of Listed Companies No.3-Cash Dividends for Listed Companies",which made it more worthwhile to investigate and study the phenomenon of abnormal distribution of listed companies.This article uses the data of listed companies from 2011 to 2015 as a sample,and uses an empirical test to demonstrate the relationship between the current situation of corporate anomalies,investment efficiency,and corporate value.This paper first verifies the relationship between abnormal dividend distribution and capital investment efficiency,and then tests the significant relationship between abnormal dividend distribution and corporate value.The empirical results of this paper show that the extremely high payouts of the company has the inhibitory effect on excessive investment,which will further lead to its inefficient investment behavior.The abnormal low dividends of enterprises and their excessive investment are significantly positive,and they are significantly negative with the phenomenon of underinvestment.Considering that the market investment opportunities faced by enterprises are also the main factors that will affect the company's dividend decision,in order to make the test results more reliable,the text is tested in the robustness inspection to verify whether there is a significant correlation between abnormal distribution,investment efficiency and corporate value in each industry,and the results of robustness test support the conclusion of this paper.The main contribution of this paper is to enrich the research on the relationship between the phenomenon of abnormal dividend distribution of enterprises and the value of enterprises,and to reflect the investment efficiency as a concrete role.At the same time,this paper has made up for the lack of consideration of the market investment opportunities faced by the predecessors,and has been examined by different industries to verify whether the relationship between abnormal distribution and negative corporate value remains under the influence of the investment environment,making the argument more comprehensive and reliable.