Abstract:
This article analyzes the wealth effects of the Chinese and American capital markets from the perspective of dividend
payment and capital gains, as well as the related influencing factors. The study found that the wealth effect of the A-share market
is not significant enough. Although A-share listed companies have strong willingness to pay dividends, the dividend payout ratio
and capital gains are relatively weak. The dividend payment behavior is motivated to cater to regulations, the dividend financing
pattern is common, and stock dividends have an obvious characteristic of high payout. The market valuation benchmark moves
downwards and the index volatility is high, so the capital gains are relatively low. Although the willingness to pay dividends
of U.S.-listed companies is not as strong as that of A-share, the dividend payout ratio and capital gains are relatively high, and
there is no obvious tendency of financing to pay dividends. Based on the evidence, this article conducts an in-depth discussion
on the wealth effect of the A-share market from the characteristics of controlling shareholders, corporate life cycle, management
embezzlement behavior, macroeconomic and capital market environment. This paper proposes policy recommendations to improve
the wealth effect of China’s capital market from five aspects, including improving company quality, increasing profitability,
adjusting investor structure, strengthening market construction, and optimizing dividend regulatory system.
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