ment of growing enterprises is alleviated@ and the overinvestment of enterprises in Р the mature period is restrained. Further analysis of matured enterprises according to whether there is important spendHР ing plans confirms the effectiveness of the differential dividend policy based on the corporate life cycle theory in China Р 's capital market from the perspective of inefficient investment. The research conclusions have certain practical signifiHР cance for the reform of China's cash dividend system and the improvement of enterprise investment efficiency.Р Key words: differential dividend policy corporate life cycle underinvestment overinvestmentР -148 -
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