Research On The Influencing Factors Of Listed Companies' Cash Dividend Policy

Dividend Policy is an important policy of profit distribution , which is one of three most important parts in modern corporate finance . Dividend distribution is the extending of Investing and financing activities, which is related to profit bodies and affact investors,market and listed companies greatly. Steady Dividend Policy can express good news to shareholders and other profit bodies, enhance the confidence of market to the company. Make companies have better opportunities and wider spaces in development, to achieve the maximization of shareholds' fortune.However, the past researches approve that the Dividend Policies of companies in our state are lack of continuity and stability and short-term behaviors are very ordinary. In this condation, the paper intend to distinguish the internal factors of companies' Dividend Policies, and analyse the differences between industries . The aim of the paper is providing demonstrational reason to Dividend Policies of listed companies , and some advice to make Dividend Policies more canonical.The past researches emphasize two aspects , the relation between Dividend Policies and corporate value(stock price) , and the influence to different forms of dividend . The research to the influencing factors is an important branch of Dividend Policies . The paper has mainly researched the difference of influencing factors between different industries . First , the paper introduces the background of this research,theroy meanings,general content and research aim. Then the paper introduces the achievement in this domain, including domestic and overseas research. The influencing factors that paper research is the internal factors mostly. The paper makes use of descriptive statistics analysis,single-factor correlativity analysis and Multi-regression modle. and uses Spss,Excel to analyse the date of Total Sample and Industries Sample from 2003 to 2005. The general result of this research: The main factor to influence Dividend Policies of listed companies is ability to make a profit,other factors are different greatly in industries. The paper gives some advice to listed companies according to the results of the research in the end.