Mismatch Between Dividends Payment Capacity and Dividends Level:An Empirical Study Based on China's Listed Manufacturing Companies
This article uses data from listed manufacturing companies in China from 2004 to 2022,and employs the dual standards of corporate earnings and free cash to measure dividends payment capacity.It empirically examines the"mismatch"between dividends payment capacity and dividends level.The research finds that high operating leverage,significant financing constraints,and high investment demand lead companies to under-dividend.The dual motivation to cater to investors and regulatory policies is a key driver of corporate"Ponzi Dividends".Further analysis reveals that both under-dividend and"Ponzi Dividends"are detrimental to the future development of companies.The implementation of capital market liberalization policies helps correct the"mismatch"and managers play a"coordinator role"in this context,restraining"Ponzi Dividends"behaviors.
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