Study On Dividend Policy Of China Listed Company

Being one of the three key policies of corporate finance, dividend policy is a main problem in the field of corporate finance. This paper will first review dividend policy theory, introduce some relevant definition of dividend policy, review the development of the western theory over forty years——"bird-in-the-hand"theory,"M&M"theory,"Tax Clientele Effects"theory,"Signaling Hypothesis","Agency Cost"theory, and"Behavioral theory"that fulfill the transmit from traditional dividend theory to modern dividend theory. Then the paper analyzes the special factors that influence China dividend policy, absorbs the new research fruit of behavioral finance, and tries to analyze the China dividend policy in a new way, in a new angle. Then I make empirical analysis on base of the signaling model by using the last five years data of Shenzhen Securities Market. Finally, the paper summarizes the conclusion of this research and put forward some suggestion on China dividend pay-out behavior.