Impact of Venture Capital on the Dividend Policy of Listed Companies and Management Platform Design
Table 1
Variable definition.
Variable name
Variable symbol
Variable description
Main variable
Willingness to pay dividends
Indicates whether the listed company i will issue a cash dividend in the t year. If the pretax cash dividend per share is ≠ 0, then Divi, t = 1; otherwise, it is 0
Dividend payout level
Represents the dividend payment level of the listed company i in year t, which is equal to the cash dividend issued by listed company i in year t divided by the net profit of the year
Venture capital
Dummy variable, if the company has VC holdings in the current year, the value is 1; otherwise, it is 0
Control variable
Enterprise size
LnSize
Natural logarithm of total assets at the end of the current period
Growth
Growth
The growth rate of operating income at the end of the current period relative to the operating income at the end of the previous period
Cash holdings
Cash
Net cash flow from operating activities per share
Assets-liabilities ratio
Lev
Debt to asset ratio at the end of the period
Performance variable
Roe
Return on net assets
Proportion of independent directors
Ind
Proportion of independent directors = number of independent directors/size of the board of directors
Board size
Boardsize
Number of board of directors at the end of the year
Two jobs in one
Dual
When the two positions of the chairman and general manager are combined as one, take 1, otherwise take 0
The largest shareholder
Top1
The shareholding of the largest shareholder as a percentage of the total share capital
Nature of property rights
Soe
The nature of the property rights of the listed company, if the company is a state-owned enterprise, take 1, otherwise take 0
Industry dummy variable
Industry
According to the 2012 version of the industry classification standard of the China Securities Regulatory Commission
Year dummy variable
Year
The standard deviation of the stock’s daily return for the year
