Dividend Payment，Financing Path and Capital Structure Adjustment Speed

——Based on Dynamic Adjustment Model Predicted by Nonlinear Least Square Method ZOU Yan1 and BAI Qing-hui2

（1.Business School，Beijing Wuzi University，Beijing 101149，China；2.School of Business，Beijing Union University，Beijing 100025，China） Abstract：The financing methods of enterprises can be divided into endogenous financing and exogenous financing. The amount of cash dividends affects the proportion of endogenous financing and exogenous financing ，and there is a linkage reaction with the adjustment of capital structure. Therefore，the authors embed dividend distribution activities and financing behavior into the dynamic adjustment model of capital structure，and adopt nonlinear regression method to test the relationship between dividend distribution behavior，financing path and dynamic adjustment of capital structure. It is found that ：companies that pay cash dividends adjust their capital structure more slowly ；and debt financing and equity financing have an alienating adjustment effect on optimizing the capital structure. To be specific ，when the enterprise is at a high leverage level，the alienating effect of equity financing on the speed of capital structure adjustment is further magnified ，and dividend distribution behavior is inconsistent with enterprises’financing strategy，which will lead to inefficient dividend payment or irrational financing behavior. And this relation will be transferred to the level of capital structure and affect the speed of capital structure adjustment. Concerning dividend payment behavior，we should consider the impact of such macroeconomic factors as economic cycle ，monetary policy， and inflation；besides，we should also consider the impact of such microeconomic factors as enterprise life cycle ，profit status， enterprises strategy，investment requirement，financing requirement，legal factors，and investors’preference. We should encourage enterprises with strong capability for profit- earning ，large scale，sufficient cash，controlled financial risk to be positive in dividend payment，lead the new trend of capital and investment，gradually explore the merit- based system for dividend payment behavior，strengthen the industrial self- discipline capability for cash dividend payment to promote the selfdiscipline and rational dividend payment，formulate the enterprises’evaluation indices for rational dividend distribution and financing，explore the conflict testing system for the related behavior of dividend payment behavior ，guarantee the authenticity and effectiveness of dividend payment and financing behavior，continuously revise and perfect the regulation for cash dividend payment of listing companies，especially related information disclosure rules，to make investors fully understand dividend payment behavior，give full play to the role of stock price in signaling，and formulate the sound stock price feedback mechanism.

Key words：dividend payment；capital structure；financing path；adjustment speed；nonlinear regression