| In March 2010,the China Securities Regulatory Commission launched a pilot of margin financing and securities lending,allowing securities companies to lend money to customers for buying securities or lending securities for sale.The launch of the securities lending business made it possible to sell short-selling stocks in China’s capital market,ending the situation of China’s "unilateral market".This paper takes the introduction of short selling mechanism in China as the background,adopts the dual difference model,and takes a-share listed companies in Shanghai and Shenzhen stock exchanges from 2007 to 2017 as the research sample to investigate the influence of short selling mechanism on cash dividend policy of listed companies.It is found that the implementation of the short selling mechanism significantly affects the cash dividend policy of listed companies,and improves the level of cash dividend payment of listed companies.Further analysis shows that the influence of short selling mechanism on cash dividend policy of listed companies is more significant in companies with less analyst tracking and negative deviation of analyst earnings forecast.This paper shows that the short selling mechanism has the effect of corporate governance,which depends on the external environment and corporate characteristics.Based on the research results,this paper puts forward relevant policy recommendations.In this paper,the research provides short selling mechanism and cash dividend policy of listed company of cause and effect relationship evidence,to some extent,enriched related literature about the influence factors of the cash dividend policy and the effect of the short shelling mechanism,but also to deepen financial reform,improve the short selling mechanism,and provides some empirical evidence to improve the level of cash dividend in China capital market. |
