Configuration Analysis of High-level Cash Dividends under the background of Financial Sharing Services——FsQCA Analysis based on"Shanghai Stock Connect"Cases
Based on the data of 371 listed companies with the subject shares of the"Shanghai Stock Con-nect",this study applies the fuzzy set qualitative comparative analysis(fsQCA)to analyze the mechanism of seven factors affecting the cash dividend level of listed companies,and discusses the configurations of promoting the distribution of high-level cash dividends by Chinese listed companies under the background of the popularization of financial sharing services.Results show that high company size is a necessary condition for a high-level of cash dividends.There are two configurations that can promote listed companies to distribute high-level cash dividends,including the implementation of high equity concentration,high cash flow configuration and non-profit configura-tion under the financial sharing service mode.There are four configurations that cause listed companies to pay non high level cash dividends,and non high cash flow played a core role in all four configurations.The research on promoting listed companies to pay high-level cash dividends under the background of the popularization of finan-cial sharing services would help to further understand the complex causal mechanism in cash dividend policy de-cision-making,improve shareholder returns and promote the stable and healthy development of China's capital market and listed companies.
financial sharingthe level of cash dividend"Shanghai Stock Connect"the fuzzy set qualitative comparative analysis
万方数据
