Research On The Influence Of Equity Pledge Of Controlling Shareholder On Cash Dividend

Since 2003,the China Securities Regulatory Commission issued the shares pledged repo transaction and registration and settlement business management approach(trial)",China’s securities market has entered a new period of fast development,the controlling shareholder equity pledge problem has been more and more attention by the social from all walks of life,equity pledge risk accumulation has become one of the capital market uncertainty,It has brought great influence to economic operation and capital market,but at present domestic laws and regulations supervision is not perfect,it is necessary to carry out in-depth research on this.At the same time,dividend policy is not only related to the distribution of listed companies,but also related to financing policy choices,stock prices,company market image and other factors.Regulatory departments have always advocated to strengthen the protection of small and medium investors and encourage listed companies to pay cash dividends.Cash dividend is an important part of the financial policy of listed companies,and it is also an important way for investors to obtain investment returns.The equity pledge behavior of controlling shareholders will also have an impact on cash dividend.In addition,under the guidance of the party’s thought of "building a harmonious society",the fulfillment of enterprise society is expected to be high.Therefore,this paper analyzes the impact of controlling shareholder equity pledge on the policy of cash dividends in Chinese listed companies with the development of corporate social responsibility system.Based on the principal-agent theory,control transfer theory,pandering theory of dividend and signal transmission theory,this paper analyzes the influence of controlling shareholder equity pledge on the policy of cash dividends of listed companies and the regulation of corporate social responsibility performance.In this paper,all the A-shares of Shanghai and Shenzhen stock exchanges from 2010 to 2020 were selected as the research objects.Related indicators of equity pledge and cash dividend of controlling shareholders were selected from the CSMAR database of Flush Flush and Guotai ’an.The data indicators of corporate social responsibility were used as reference for the social responsibility report evaluation system of listed companies on Hexun.STATA17.0 software is used to analyze and process the data of the above variables,which lays the data foundation for the subsequent empirical analysis,and further explores the relationship between controlling shareholders’ equity pledge and cash dividends,and also verifies the moderating effect of corporate social responsibility between them.In addition,the heterogeneity analysis is carried out from the perspective of the company’s property rights and the use of pledged funds.The empirical results show that:(1)When all other conditions are equal,the equity pledge of the controlling shareholder is negatively correlated with the tendency and intensity of cash dividend payment.(2)Under the interaction of corporate social responsibility,the negative correlation between equity pledge and cash dividend payment tendency and payment intensity of controlling shareholders will weaken.(3)The supporting equity pledge of the controlling shareholder will weaken the negative correlation with cash dividends.(4)The controlling shareholder’s non-supportive equity pledge will deepen the negative correlation with cash dividends.(5)Compared with private enterprises,state-owned enterprises have a stronger sense of social responsibility,and the negative correlation between controlling shareholders and cash dividends will be weakened.In order to make the empirical analysis results true and reliable,this study also carries out the robustness test,draws the conclusion of this paper and puts forward the corresponding solutions.The conclusion is helpful to understand the relationship between equity pledge and cash dividend more clearly,and also has enlightenment significance to improve the equity pledge financing system and optimize the corporate governance structure.