| Dividend policy is one of the important contents of the company’s financial management.It is a financial decision to measure the reinvestment of profits and profit return of the company.A reasonable dividend policy is conducive to enhancing investor confidence and more conducive to the long-term development of the company.Therefore,dividend policy has always been a hot topic discussed by scholars in the Chinese and foreign theoretical and practical circles.After decades of development,the research perspective of modern dividend policy is very extensive,but it still needs to be further studied.Dividend Policy As a corporate governance framework,the outcome of the multi-party game has received more and more attention from scholars.This article uses normative research method and empirical research method to study,based on theoretical analysis,put forward hypotheses,using Eviews8.0 software to select CCTV Financial 50 index samples for empirical analysis,the conclusions are as follows:(1)equity concentration and dividend distribution The rate is significantly positively correlated,while the degree of equity restraint has no significant effect on the dividend policy;(2)the size of the board of directors and the size of the board of supervisors have no effect on the equity payout ratio;the proportion of independent directors has no significant effect on the dividend payout ratio;the management remuneration and dividend policy have Significant positive correlation,while the influence of management holdings on dividend policy is not significant;(3)Control variables such as company size,profitability,solvency and company growth ability have a significant impact,indicating the formulation of dividend policy and the status of these variables.Close relationship.Finally,the article proposes three suggestions for improving corporate governance and standardizing dividend policies.Listed companies should optimize the ownership structure and vigorously develop institutional investors;strengthen the establishment of independent director systems;and improve the information disclosure system. |
