Abstract Bases on samples of Shanghai and Shenzhen A-share listed companies from 2010——2019, this paper empirically tests the impact of equity pledge of controlling shareholder on dividend policy choice and regulatory effect of external governance environment. The results show that equity pledge of controlling shareholders leads to transfer of control rights and an active stock transfer. And the level of cash dividend can lead to agency conflict and affect the equity pledge behavior of controlling shareholders. Further research shows that a good external governance environment has a positive effect, which can restrain the increasing behavior of high stock delivery and the reduction of cash dividend caused by equity pledge of controlling shareholders. Combined with the macro environment and capital market, this paper deeply analyzes the relationship between equity pledge and dividend policy choice, and provides useful policy suggestions for government governance and financial supervision.
JU Fang,XIA Yidan,LUO Quan et al. Equity Pledge of Controlling Shareholders, External Governance Environment and Dividend Policy Choice. Economic Survey, 2023, 40(1): 0152.
2023, Vol. 40 
