Abstract:
How to enhance corporate cash dividend distribution levels through institutional innovation is an important practical issue for boosting investor confidence and activating capital markets. Based on the institutional background of building a unified national market, this paper treats the establishment of the Shanghai Commercial Paper Exchange as a quasi-natural experiment to examine the impact of breaking commercial paper market segmentation on corporate cash dividend distribution. The research finds that breaking commercial paper market segmentation alleviates corporate liquidity constraints and weakens business risks, making companies more willing to increase cash dividend distribution levels and signal favorable future operating conditions to the market. Heterogeneity tests based on dual dimensions of corporate characteristics and environmental factors reveal that the positive effect of breaking commercial paper market segmentation on corporate cash dividend distribution is more pronounced in companies with higher shareholder supervision levels, weaker supply chain bargaining power, fewer surrounding banks, and poorer commercial credit environments in their cities. This paper not only enriches research on cash dividend distribution but also provides references for promoting the development of financial market integration and incentivizing corporate cash dividends.
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