Analyst Attention And Cash Dividend Distribution

The company’s dividend policy has always been a research hotspot in academic circles.Therefore,research on cash dividend policy is also emerging.In the past,the study of cash dividend policy focused on the company’s internal governance.With the rapid development of the capital market and the continuous improvement of the supervision mechanism and external regulatory environment,the role of the company’s external governance mechanism has become increasingly prominent.Although both administrative supervision,laws and policies are external corporate governance mechanism should not be overlooked in an important force,but other governance mechanisms other than the legal system can not be ignored.In recent years,the analyst industry has developed rapidly and has become a market group that cannot be ignored in the capital market.A large number of studies have shown that analysts are not only an information intermediary in the capital market,but also an important external supervision and governance mechanism.For example,analysts can substitute auditors’ supervisory functions to a certain extent,curb company management’s earnings management behavior,and reduce company’s agency costs.Will analysts who play external regulatory and governance mechanisms affect the company’s cash dividends and promote the distribution of cash dividends for listed company?Therefore,from the perspective of the attention of analysts,this paper studies the influence of analysts’ attention on the distribution of cash dividends of listed company.While the introduction of the nature and quality of accounting information property,to explore the role of governance in different property analyst nature and degree of attention to environmental information of listed company’s cash dividend policy.Based on the characteristics of the dependent variables,this paper conducts empirical research by constructing the Tobit model.After learning and drawing lessons from previous scholars’ methods of measurement,for the selection of major variables,this paper selects the number of analysts to follow the number of natural logarithm plus one to measure the degree of concern of securities analysts for listed company;for the distribution of cash dividends of listed company,this paper Using the current academic acceptance of dividend payout rate to measure;on the nature of the property to distinguish whether it is state-owned nature of the company;the quality of accounting information is used to measure the absolute value of accruals.The study found that: First,the positive correlation between the degree of attention of analysts and the distribution of cash dividends is that the analysts pay more attention to them,and the higher the level of cash dividends issued by listed company;Second,compared with state-owned company,analysts The effect of attention on cash dividends is even more pronounced in non-state-owned company;Third,the effect of analyst attention on cash dividends is more pronounced in company with lower quality of accounting information relative to company with higher quality of accounting information.