| For the investors who hold the shares of listed companies,their income mainly comes from cash dividends and earning the stock price difference.The normal operation of the stock market is extremely important to them,and the dividend policy formulated by listed companies is an important factor related to the stable operation of the stock market.Therefore,investors and many scholars have always paid much attention to the dividend policy of listed companies made by major shareholders.At present,many scholars have concluded that the dividend policy of listed companies is mainly to meet the needs and goals of major shareholders.In other words,large shareholders will make self-interested dividend policies according to their own gains and losses.In recent years,some listed companies in China often introduce high cash dividend policies,and even directly distribute dividends with the funds obtained by financing,and it is worth studying what purpose the major shareholders are based on to formulate this kind of realizable dividend policy,under what circumstances the major shareholders will formulate this policy,and what impact this kind of realizable dividend policy has on the enterprise.Some scholars have also studied that the cash dividends of listed companies have been showing an upward trend,based on this phenomenon,it is necessary to study the reasons for this phenomenon.Based on the perspective of equity realization,this paper combines mathematical model and theoretical analysis to deduce the dividend policy selection mechanism for maximizing the equity value of major shareholders,and studies the relationship between the lock-up period of major shareholders,macroeconomic situation and corporate cash dividends by taking A-share listed companies in Shanghai and Shenzhen from 2007 to 2020 as research samples,and the influence of cash dividends on enterprise value.The test results show that:(1)in the lock-up period of major shareholders,listed companies tend to pay cash dividends,and the proportion of major shareholders is proportional to the dividend payment rate,that is,the higher the proportion of major shareholders,the higher the dividend payment rate;(2)Listed companies tend to pay cash dividends when the macroeconomic situation is good,that is,the better the macroeconomic situation is,the higher the cash dividend payment rate will be,but the listed companies’ cash dividends will be lower;(3)The more the cash dividend,the lower the enterprise value;(4)In the further research,the internal mechanism of the influence of cash dividends on enterprise value is studied from two aspects of financial risk and investment efficiency.The regression results of financial risk indicate that the cash dividend is negatively correlated with z value,that is,the more cash dividend,the smaller Z value,the higher financial risk;Investment efficiency is mainly from two aspects of over-investment and under-investment in present,the results of the study says when there is realization of dividends of listed companies,it is inversely proportional to the excessive investment,is proportional to the inadequate investment,namely the realization of the dividend,the more excessive investment is less,the more inadequate investment,namely the realization of dividend,the more the lower the overall investment efficiency.To sum up,the more the cash dividend,the higher the financial risk of the listed company,the lower the investment efficiency of the listed company,thus reducing the enterprise value.This paper provides a new research perspective and analysis framework for the study of excess cash dividend policy of listed companies. |
