Empirical Study On Dividend Policy Of China's Listed Companies

Company's three core financial management strategy including dividend distribution dicision,investment decisions and financing decisions. From the birth date of AG, Dividend distribution become a focus question which has been concerned by company managers and investors. In 2005, our country launched the reform of split share structure. Among the various study of dividend distribution policy, most analysis are based on the data of Pre-split share structure reform,lack of research about date on after the split share structure reform. In view of this,this article Based on the sample data on the split share structure reform ,both before and after, from the inclination and intensity of dividend distribution,depth study of a listed company dividend distribution policy. Identify the dividend distribution policy Change between before and after. Provide a theoretical basis to dividend distribution policy in full circulation time. To regulate corporate behavior, promote stable and healthy development of securities markets and protect the interests of investors has important theoretical value and practical significance.In this paper, research topic for the dividend distribution policy. Combine western dividend theory with literature at home and abroad. Analysis of the status of the dividend distributionbase on before and after the split share structure reform. Describes the ownership structure, profitability, growth capacity, the level of public debt, the company scale to the dividend distribution policy of the possible impact. By building Logistic regression and multiple linear regression model, used 2002-2007's relevant data of listed companies to verify the assumption. Finally ,according above findings, put forward corresponding countermeasures and policy recommendations to improve the dividend distribution policy of our country, and present the inadequacy of this article and descripition the further research .The main constributions of this paper are as follows: First, Based on share reform. On the basis of theoretical research, the innovative introduction of data after the split share structure reform for the study sample to analysis. Through changes in ownership structure,empirical analysis of before and after the reform policy of dividend distribution.Second, according to analysis of the theoretical framework and research proposal to examine the assumptions, set variables, select the study samples, use Logistic regression and multivariate linear regression to analysis. Through the above-mentioned study, the following conclusions can be drawn: (1)The proportion of outstanding shares reform between before and after have a negative correlation with Dividend distribution tendency and Dividend distribution efforts. But the negative correlation between the proportion of Outstanding shares after the change and Dividend distribution tendency and Dividend distribution efforts weaker than before . On the one hand, Affirmed the positive effect Brought about by Unit change, On the other hand, Through the negative correlation's can be seen Shareholders of Outstanding shares of our country Still not improve the situation voting with their feet with regard to the dividend distribution policy.(2) after the Shares change the Positive correlation between Shareholding ratio of the first major shareholder dividend distribution tendency and dividend distribution efforts, which illustrats that Unit change improves the Control Mode of the biggest shareholder.(3), Profitability is the most important factor affecting Dividend distribution policy,which affect Dividend distribution tendency and Dividend distribution efforts Significantly.