Comparative Research On Influencing Factors Of Cash Dividend Between Chinese And American Private Listed Companies

Cash dividends as an important part of the dividend policy of company have alway beenan important means to attract investors. Going through a series of game process in companymanagers, shareholders and other stakeholder groups, cash dividend policy will be formulatedultimately.In recent years, China Securities Regulatory Commission issued a series of requirementsto standardize company's cash dividend. However, cash dividend of listed companies in chinahas many non-standard problems. Private listed companies as a special group of China'smarket have a late start but fast development, so we must regulate their behavior of cashdividends. In order to regulate their behavior of cash dividends, it is necessary to study theaffecting factors of their cash dividends.According to the relevant dividend theory, this article analyzes the status and influencingfactors of cash dividends of the U.S. . In the study of cash dividend of the U.S. Private listedcompanies, this article analyzes the external factors and internal factors and also has empiricalresearch. Then, this article analyzes the status and influencing factors of cash dividends ofChina's private listed companies. In the study of cash dividend of China's Private listedcompanies, this article analyzes the external factors and internal factors.The external factorsinclude Laws and regulations, market environment, financing environment and so on. Theinternal factors include corporate profitability, firm size, the internal governance structure andso on. Then, this article has empirical research about the affecting factors of China's Privatelisted companies.After the analysis of the affecting factors of Private listed companies, this article hascomparison of influencing factors of private listed companies between the two countries.Theexternal factors, empirical results, and other factors were compared. Finally, according toinfluencing factors and their differentce of private listed companies between the two countries.This article gives advice to regulate behavior of cash dividends, such as strengtheningperfection of the laws, expanding financing channels, enhancing the improvement of capital markets, strengthening the improvements of the external constraints, building a social creditsystem, enhancing the profitability of company nd so on.