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1、ABSTRACTFinancingpolicy,investmentpolicyanddividendpolicytogetherconstitutethethreemajorfinancialdecisionsmoderncompany.Financingconstraintsarefinancingpolicy,thecashdividendpolicybelongstothedividendpolicy,whicharetheimportantdecisionsinthefinancialareaofmoderncorporatemanag
2、ersneedtoconsider.Innon-perfectmarket,duetoasymmetricinformationandtransactioncostsexist,thecompany'sexternalfinancingcostsweresignificantlyhigherthanitsinternalfinancingcosts,whichcompaniesfacefinancingconstraints.Theexistenceoffinancingconstraintsmakethecompanythefirstchoic
3、ewhenyouneedfinancinginternalfinancing,therebyafectingthecompany'scashdividendpayment;ontheotherhand,thecashdividendpaymentwillincreasethecompany'sfinancingconstraints,therefore,hasbetweenfinancingconstraintsandCashDividendPolicyendogenous.2008Commission"decisiononamendingcer
4、tainprovisionsofthecashdividendsoflistedcompanies,"theintroduction,statingthat"publicofferingofsecuritiesoflistedcompaniesinthelastthreeyearsshouldbeconsistentwiththecumulativedistributionofcashprofitsofnotlessthantheaverageofthelastthreeyearstoachievedistributableprofitsthet
5、hirtypercent,"hewasbornoutsidetheintroductionofthecompany'sfinancialdecisions,sothepolicycanbeintroducedin2008asanexogenousevent,theimpactofresearchfinancingconstraintsoncashdividendpolicy.Andbecauseofthelargemanufacturingcompaniestoinvestinfixedassetsratio,dedicatedandstrong
6、,financingconstraintsassetsgreaterimpactoncashdividendpolicytoexplorefinancingconstraintscanbebeneficialformanufacturingcompaniesinspire,helpinvestorsmaketherightinvestmentdecisions.Forthestudyoffinancingconstraintsandcashdividendpolicy，fewscholarsdedicatedtoexploringtherelat
7、ionshipbetweenfinancingconstraintsandDividendPolicy，havelesscashdividendsdistributioncompaniesbeforethepolicyissued.(3)Financingconstraintsoftheenterprise,aftertiie"Decision"issuedbythesignificantincreaseinthecashdividendpayment.(4)Cashdividendpayoutratiocanbedividedasthebasi
8、sforcorporatefinancingconstraints.Inordertotesttherobustnessofourmod
