The Influence of Macro Monetary Policy and Micro Financing Constraints on Cash Dividend Payment

Abstract

Dividend distribution is the core of financial management of listed companies and an important way for investors to obtain returns. This paper examines the influence of macro monetary policy and micro financing constraints on cash dividend payment by taking a-share profit listed companies in Shanghai from 2008 to 2012 as samples. The findings are as follows :(1) tight monetary policy inhibits the payment of cash dividends; (2) Non-state and non-eastern companies pay fewer cash dividends under tighter monetary policy.