Research On The Impact Of Haze Pollution On Corporate Cash Dividend Policy

When economic development reaches a certain level,environmental pollution begins to have a negative impact on economic growth.Today,when smog incidents frequently break out,smog pollution not only affects the health of residents,but also affects the microeconomic behavior of enterprises.As an important financial decision of a company,the cash dividend policy is an important way for investors to share the results of the company’s operations,and is of great significance to maintaining the stability of the capital market.Therefore,it has certain theoretical and practical significance to link the haze pollution,an external environmental factor with the corporate cash dividend distribution policy,and examine how haze pollution affects the cash dividend policy.This paper uses the data of A-share listed companies in my country’s Shanghai and Shenzhen stock markets from 2013 to 2017 and the air quality monitoring data released by the China Environmental Monitoring Center to test the impact of haze pollution on the distribution of corporate cash dividends based on the intermediary effect model.The empirical research results show that haze pollution has a negative impact on the distribution of corporate cash dividends,that is,the more severe the haze pollution in the region where the company is located,the lower the level of corporate cash dividend distribution;corporate financing constraints play a part in the negative relationship between the two mediating role.The research conclusions of the article prove that the haze pollution reduces the business ability and financing ability of the company,which leads to the lower willingness of the company to distribute cash dividends,confirms the impact of the haze pollution on the cash dividend distribution of the company,and reveals the relationship between external natural environment and corporate financial decisions.And it has important reference value for improving the external financing environment of enterprises,promoting enterprises to assume environmental protection responsibilities,and guiding the behavior of market investors.It also provides theoretical support and empirical evidence for all sectors of society to jointly win the battle to defend the blue sky and promote high-quality development of enterprises.