关键词: 媒体关注 , 现金股利 , 产权性质 , 代理问题

Abstract:

Along with the China securities regulatory commission enacting a series of policies for the listed company cash dividend payments, the companys cash dividend payments become popular important topic. From the perspective of media attention, this paper studies the cash dividend payment behavior of Chinese listed companies. Through empirical research, this paper provides the following conclusions: (1) increasing media attention can significantly improve the level of company future dividend payment willingness and payment;(2) media attention and the proportion of “stingy”or“minor dividend”companies have significant negative correlation;(3) compared with the stateowned companies, the future dividend payment willingness and levels of private companies have more strong positive correlation with the media attention;(4) the media has stronger positive influence on the cash dividend payment willingness and levels where companies having more serious agency problem. Further research also shows that the stronger positive correlation between the media attention and cash dividend payment willingness and levels exist in the samples of companies management ownership is lower, nonbig4 audited, less analysts followed. The above conclusions show that media attention is another important mechanism to make listed companies pay cash dividends in addition to the administration. This paper, not only has contributions to the research field of media governance and dividend policy, but also has important policy implications to regulate the dividend payments for capital market regulators and protect the rights and interests of investors.

Key words: media attention , cash dividend , property rights , agency problem