Impact of Venture Capital on the Dividend Policy of Listed Companies and Management Platform Design

Abstract

This paper uses the data of Chinese A-share listed companies from 2003 to 2019 to study the impact of venture capital holdings on the dividend policy of listed companies. The research findings show that venture capital holdings increase the willingness to pay cash dividends and the payment level. This conclusion still stands after using the PSM matching method and other robustness methods, indicating that there is causality between venture capital holdings and the dividend policy of listed companies. Further research finds that the course of action for venture capital holdings to increase the willingness of listed companies to pay cash dividends and their dividend payment level is to increase the dividend payout ratio by alleviating the company’s agency level. Further research finds that different types of venture capital will also have an impact on the dividend policy. Foreign investment venture capital organizations are more favorable for increasing the willingness of listed companies to pay cash dividends and their dividend payment level. In addition, the impact of venture capital holdings on the dividend policy is more obvious in the central and western regions where economic development is relatively backward and is less obvious in the eastern regions. Based on J2EE, a venture capital information management platform is designed and developed. The research of this paper shows that venture capital shareholding plays an important role in promoting dividend payment of listed companies, and has enriched the research results of the value-added role of venture capital. At the same time, from the perspective of dividend policy, it has brought to light the corporate governance effectiveness of venture capital and has provided certain theoretical evidence for the assertion that capital can better serve the real economy.

The impact of environmental, social and governance (ESG) score on dividend payment of large family firms: What is the role of financial constraints? International evidence

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