Abstract Based on the financial data of Chinese A-share listed companies from 2007 to 2018 and from the perspective of financing constraints, this paper empirically examines the impact of corporate strategic differences on cash dividend policy, as well as the regulatory effects of the nature of property rights and the level of marketization on the relationship between them. It is found that corporate strategy difference will reduce cash dividend payment tendency and cash dividend payment level, while the state-owned property right and the higher marketization level weaken the negative impact of corporate strategy difference on cash dividend policy. Further research shows that the strategic difference reduces the tendency and level of cash dividend payment by increasing the degree of financing constraint.In theory,the combination of strategic theory and dividend distribution theory expands the application of strategic theory in financial research.The results show that enterprises should formulate cash dividend policies based on their own strategic choices, and enterprises with differentiation strategies should adopt prudent cash dividend policies to alleviate financing constraints.
2022, Vol. 39 
