Research On The Influential Factors Of Listed Companies' Cash Dividend Policy In China

Dividend policy is one of the most important financial management of listed companies' policies, starting from the day of stock company coming into being, the theorists and practitioners home and abroad is beginning to focus on the dividend distribution of the company. A moderate and stable dividend policy can attract more investors and the creditors for the company, thus gains the inexpensive fund more easily, and also be helpful to stable the company's stock price, so that build up the favorable image of a company, therefore, it is very important to the company's survival and development. However, due to the special situation of our country, listed companies'dividend policy exists very big problems, is showing some unreasonable characteristics. The startup of the Reform of Non-tradable Shares in April,2005 brought an unprecedented transform for the capital market of China, having impact the listed companies'dividend policy deeply. So the text based on the actual situation of our country, under the background of the entire circulation stocks, takes the cash dividend policy as research content.Based on colligation the relevance document home and abroad, the text first reviews the relative theories of dividend policy, also integrates the internal and the external factors of the listed company, roundly analyzes the influential factors of cash dividend policy in China; takes the method of statistic analysis to summarize the status quo of listed companies'cash dividend policy in our country; and then the text chooses the eligible A share listed companies of the Shanghai Stock Exchange in 2006 year and 2007 year as the study samples, the result shows that currently the listed companies'cash dividend distribution in our country is influenced by the per share cash dividend of last year, earning per share, per share operating cash flow, and the ratio of former first shareholders not enters the regressive model, this shows the positive influence of the reform of non-tradable shares has appear, the distribution of cash dividend no longer be the means that the big shareholders transferring cash, the listed companies'cash dividend policy step by step tend to sense; finally, aim at the theory and the demonstration conclusion, the text gives relevant suggestions on the listed companies'cash dividend policy.