The Characteristic Of Property Rights,Debt Structure And Cash Dividend Policy

Cash dividend is an important financial policy in the process of enterprise operation.Only by choosing the appropriate dividend policy can the company develop sustainably,transmit positive and good signals to the market and establish the industry image.Although there are plenty of studies on cash dividend in the theoretical circle,most of them are from the macro level of enterprises to analyze the impact of various factors on cash dividend,lacking of corresponding comparisons and subdivisions.At present,when studying the relationship between debt capital and cash dividend,academia simply regards debt as a homogeneous whole.In fact,corporate debt contains more diverse contents,debt with different maturities,and debt from different sources.The influence of different debt structures on cash dividend is also inconsistent.Under the background of our country's special property rights,scholars generally believe that under the background of state-owned enterprises,government-enterprise relationship will weaken the governance role of debt mechanism.However,on the basis of subdividing the debt structure,state-owned enterprises and non-state-owned enterprises should hold different attitudes towards different debt structures.Whether the nature of property rights will weaken the restrictive effect of debt capital on cash dividends needs further study.This paper further refines the debt structure on the basis of existing research,and studies the governance effect of debt structure with cash dividend as agent variable.Starting from the principal-agent theory,information asymmetry theory,signaling theory and debt camera governance theory,this paper takes the financial data of listed companies on Shanghai and Shenzhen A-share motherboard from 2012 to 2017 as research samples,and adopts the method of combining theoretical analysis with empirical research.This paper mainly probes into debt maturity and debt source from two lines.This paper investigates the relationship between debt structure and cash dividend payment.In addition,based on China's special property rights system,this paper introduces the nature of property rights as a regulatory variable to compare and analyze whether the governance effect of debt structure on cash dividends has changed under different property rights environment.The results show that: Firstly,there are significant differences in the impact of different maturities of bank loans on corporate cash dividend.Compared with long-term bank loans,short-term bank loans are more likely to restrain cash dividend payment;thereare significant differences in the impact of debt from different sources on corporate cash dividend.Compared with commercial credit,short-term loans are more likely to restrain cash dividend payment.It is easier to suppress cash dividend payments.Secondly,the nature of state-owned property rights does weaken the governance effect of long-term bank borrowing on cash dividend,but it does not weaken the governance effect of short-term bank borrowing and commercial credit on cash dividend.The existence of the relationship between government and enterprise makes the advantage of long-term borrowing of state-owned enterprises obviously higher than that of non-state-owned enterprises.It also provides implicit guarantee for state-owned enterprises,reduces the risk of bankruptcy of state-owned enterprises,makes state-owned enterprises focus more on short-term benefits,weakens the governance effect of long-term debt capital on cash dividends,and short-term bank loans and business credit.Use mainly exists in the production and operation activities of state-owned enterprises.In order to meet the needs of normal production and operation and the reputation of the industry,it will not cause breach of contract.Finally,according to the above conclusions,we put forward some suggestions to deal with the relationship between government and enterprise,optimize the debt structure and improve the dividend level of enterprises.The main innovations of this paper are: By refine the debt structure,this paper deeply study the impact of different debt capital on cash dividend policy,and make a comparative analysis.And by introducing the nature of property rights,this paper explains the contradiction between debt weakening,high financial leverage and low dividend distribution of state-owned enterprises in China.Finally,the influence of the semi-compulsory dividend policy on the present situation of cash dividend distribution in China is considered,which improves the reliability of the results.