Based on the principal-agent theory,this paper combines the differences in the industry,scale and governance structure of the small and medium sized listed companies in the Chinese mainland A share market,and adopts the two-tier stochastic frontier to imply quantitative analyses,and expands the dimensions and depth of the relevant research areas of dividend distribution,and reveals the phenomenon that traditional methods may not be able to attribute or interpret.The study finds that the dividend distribution efficiency of the small and medium listed companies in the Chinese mainland A share market is low.The actual dividend distribution level of sample enterprises is lower than the optimal dividend distribution level; the bargaining power of principal and agent has an important impact on the dividend distribution policy of small and medium-sized listed enterprises.In addition,taking industry,scale and time as structural analysis dimensions,we find that there is significant heterogeneity with dividend distribution efficiency among sample enterprises.In the future,the relevant laws and policies of dividend distribution can be considered as a reference,fully integrate China's national conditions,and formulate more targeted regulatory programs and implementation means around the rights,responsibilities,interests and bargaining process of the principal and agent parties,so as to give full play to the governance role of the supervision subject,To provide a solid guarantee for the long-term,stable and healthy development of the equity direct financing market.
Key words
Stock market /
Small and medium enterprises(SMEs) /
Dividend distribution /
Agency of agreement /
Bargaining power /
Two-tier stochastic frontier
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