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| Monetary Policy, Financing Constraints and Cash Dividends |
| QUAN Yi, LIANG Shangkun, FU Yuxiang
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School of Accounting,Zhongnan University of Economics and Law;
School of Accounting, Central University of Finance and Economics;
School of Accounting, Shanghai University of Finance and Economics |
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Abstract Dividend distribution is not only the core content of financial management of listed companies, but also an important form of the investor to obtain investment returns. This paper focuses on the effects of monetary policy on cash dividends with the sample of A shares companies with positive profit listed on the Shanghai and Shenzhen Exchanges from 1999 to 2012. The results show: (1) tight monetary policy will reduce cash dividends; (2) financing constraints of the companies will enhance the relationship between tight monetary policy and cash dividends. (3) banking connection will reduce the effects of tight monetary policy. In addition, the semi mandatory dividend policy causes companies distribute more cash dividends in periods with tight monetary policy. The findings of this paper enrich the literature on the determinants of cash dividends and economic consequences of monetary policy, and it also provides implications to the laws and regulations of dividend policy in China.
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Received: 20 January 2015
Published: 01 January 1900
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