| There is a principal-agent relationship between the owner and the management of a physical enterprise.When a high return on financial asset investment is observed in the capital market,the management of the enterprise in order to consolidate its position and driven by profit,they tend to shift the focus of investment of real enterprises to financial assets in the capital market,increase the allocation of “de-realization to imaginary” financial assets,and thus ignore the main industry investment.The asset allocation behavior of the physical enterprise is closely related to the distribution of dividends,which is a key content of corporate financial management.Proper dividend distribution can not only protect the interests of investors,but also benefit the company’s long-term development and the healthy development of the capital market.As early as October 9th,2008,the China Securities Regulatory Commission required listed companies to increase the cash dividend ratio and urged listed companies to distribute dividends.Therefore,it is of great practical significance to deeply study the asset allocation behavior and dividend distribution of listed companies.This article first elaborates the theoretical mechanism of the allocation of financial assets to the level of dividend distribution by the theory of principal-agent theory,resource-based theory,and existing literature.Based on the theoretical mechanism,this article proposes the corresponding theory to be tested hypothesis.Then,this paper uses China’s 2905 non-financial A-share listed companies as a research sample and uses panel regression to try to answer the following questions:(1)How will the allocation of financial assets of physical enterprises affect the distribution of dividends?(2)If the allocation of financial assets of an entity affects the distribution of dividends,how does it affect it?(3)After taking the internal equity structure of the entity as a moderator,what impact does the allocation of financial assets of the entity have on the distribution of dividends?(4)Are there any differences in the impact of financial assets with different maturities on the distribution of dividends? Answering the above questions through scientific empirical research has not only enriched the research on the economic impact of the allocation of financial assets of real enterprises at the micro level,but also provided a reference for guiding the listed companies in China to distribute dividends.The empirical results in this paper find that: first,the allocation of financial assets of real enterprises has a significant negative impact on the distribution of dividends;second,the allocation of financial assets of real enterprises mainly affects the dividend distribution through the performance of main business,and the decline in performance of main business is the entity The important intermediary factors that affect the distribution of dividends by corporate financial assets;third,the concentration of equity and the nature of equity have a positive regulatory effect on the level of dividend distribution of the role of financial assets allocation by entities.Fourth,short-term financial asset allocation does not have a significant impact on the distribution of dividends,and long-term financial asset allocation has a significant negative impact on the distribution of dividends.Finally,this article puts forward corresponding policy suggestions based on the research conclusions.First,the government reduced the actual financing costs of the society through targeted reductions in standards for small and medium-sized banks,supported the development of the real economy,and used emerging technologies such as Internet cloud technology and big data to monitor the asset allocation of real enterprises to prevent companies from over-allocating financial assets.Second,the reform and innovation of banks should return to their origins,and require banking financial institutions to connect financial service supply with the effective demand of the real economy,to de-channelize,de-chain,and reduce leverage,so as to provide targeted and highly value-added financial services for the real economy.Third,enterprises should improve the governance system,base on the long-term development of enterprises,and establish the concept of "mainly focusing on the development of main businesses and supplementing financial asset allocation activities." Fourth,investors should actively exert the effect of supervision and governance,and urge entities to return their focus to the development of their main business.This article has a certain reference significance for restraining the investment behavior of the entity enterprise from "removing from reality to virtuality",which enriches the research on the relationship between the investment behavior of the entity enterprise and the distribution of dividends. |
