Real Earnings Management and Cash Dividend Policy——Empirical Evidence from Chinese Listed Companies

This paper takes 7402 sample in Shanghai and Shenzhen stock market from 2007 to 2011 and makes an empirical analysis that the relationship between real Earnings management and cash dividend policy.The result shows that there is significantly negative correlation between real earnings management and cash dividend tendency or cash dividend dynamics,which is mean that the higher level of real earnings management of the listed company,the lower of cash dividend tendency and the lower of per share cash dividend value.Further study found,the negative correlation between real earnings management and cash dividend policy is decided by the positive real earnings management.