Research On The Influence Of The Reform Of Non-tradable Shares On The Dividend Policy Of Our Country's Listed Companies

In recent years, Chinese economy continuously keeps fast developing, which provides good environment for the development of capital market. Reform of non-tradable shares brings a all-round change to Chinese capital market and remove the political barrier for the development of capital market in the future.On no other than this background, this paper takes the chance of reform of non-tradable shares and focus on cash dividend policy. First of all, on the basis of domestic and foreign scholars'researches, this paper reminds and explains the relative theories and researching results of dividend policy and concludes the main factors affecting dividend policy, which resulted from former researches. Next, this paper describes and analyzes the features of dividend policy of our country's listed companies before and after the reform of non-tradable shares. It demonstrate the possible influences of the reform of non-tradable shares on dividend policy of listed companies from consent of dividend, structure of stock rights and ability of payoff. Hereby, they are taken as the analyzing basis for the later multi-regression analysis.On the aspect of quantitative analysis, multi-regression analysis is applied to analyze the factors affecting cash dividend before and after the reform of non-tradable shares. The influence of the reform of non-tradable shares on the dividend policy of listed companies is concluded by comparing the analytic results before and after the reform of non-tradable shares combining with the product of qualitative analysis. Sensibility analysis is also applied to analyze all the factors affecting the dividend policy. The extent of all the factors'influence to dividend policy is quantized by comparing sensibility modulus.At last, according to the results from sensibility analysis and aiming at two problems most requiring to be solved, this paper provides suggestions on policy that normalize supervision policy, perfect market structure, optimize companies'management, and promote the ability of payoff, etc.