| As the important financial decision of the company,cash dividend distribution is the focus of academic research for a long time,and has gradually become the focus of institutional supervision in recent years.The dividend level and dividend stability of listed companies have improved,but there are still many listed companies that do not make cash dividends for various reasons.In recent years,listed companies have sunk their business to subsidiaries and gradually weakened their own production and operation activities.Subsidiaries have become the mainstay of business operations,and listed parent companies have changed to strategic holding companies.As a frontier of enterprise groups to acquire knowledge and information for the external environment,the subsidiary needs more on-site decision-making.The headquarters is no longer suitable to absolutely replace the subsidiaries to make decisions and orders,and to give the subsidiaries the necessary decision-making authority.It is effective in making decisions about subsidiary affairs.Subsidiaries with autonomy are no longer subordinate to the parent company,and can independently allocate assets according to their own business needs.Although the existing research has enriched the explanation of the "dividends of dividends",the research has always been based on the group as a whole,and the dividend-distribution ability of the consolidated statements is used as the dividend-sharing ability of the parent company,ignoring the subsidiary’s own business needs and independent assets.Configure the impact on dividend decisions.Based on the above research status,the core question of this paper is:How does the subsidiary’s resource allocation autonomy affect the parent company’s cash dividend ability.In view of the above research problems,this paper selects Renfu Medicine as a case,and uses the case study method to reveal the mechanism of the influence between the parent-subsidiary business structure and the subsidiary company’s resource allocation autonomy on the parent company’s dividend-paying ability:First,as the business is sinking to At the subsidiary level,the parent company grants the subsidiary the resource allocation autonomy.Second,the subsidiary generates business needs as the main body responsible for the business and forms a capital demand.Third,the subsidiary plays its own resource allocation right according to the capital demand,which affects the parent company’s resource allocation decision.The research innovations in this paper include:First,revealing the influence mechanism of subsidiary company resource allocation autonomy on the dividend policy of listed companies,and opening the "black box" of the parent company,which will help to have a deeper understanding of the "dividend puzzle" under the Chinese system background..Second,using the case study method to explore the "mystery of Chinese dividends",it will be impossible to take into account the influencing factors of variable description in the empirical.The impact mechanism disclosed in this paper will provide reference for the regulation of dividend distribution and the formulation of dividend policy for listed companies. |
