Cash Dividend Policy Of Listed Companies In China Influencing Factors

Dividend policy is one of important components of financial policy, having been researched by the scholars home and abroad. Rational dividend policy not only can build up the good corporation image, but also can stir the investor's durative passion. So, sustaining and steady opportunity of development is coming. Our country's share market have developed quickly in only several decades from it was established nineties last century, having taken the road amount to the course of western country's share market. With the big success, we should recognize that clearly there is big distance comparing to the mature share market. At present, there are lots of problems and defects of the establishment of dividend policy.This passage take the cash dividend policy as research object, combining the related the theory of dividend and dividend policy home and abroad to do the research. Take the data of 2006 as sample and the method of statistic, logistic regression, multi regression to analyze the characters and main influence factors of the list companies' dividend policy. This passage can be divided to five chapters, structure and main points can be listed as follows.The first chapter is introduction. Define the related definitions of dividend, cash dividend and dividend policy.The second chapter is the narration of related passages. First of all, this chapter narrates the theory of traditional and modern dividend policy including one bird in hand theory, MM theory, the difference of tax theory, adherent effect theory, agency theory and behavioral school theory. Conclude the revelation of western dividend theory to our country's dividend policy. After that, related the research results that the factors of cash dividend by western and our country' scholars.The third chapter is the analysis of status in quo of listed company's cash dividend and the theory that the influence factors of cash dividend policy. Take the method of statistic to analyze the status in quo of listed company's cash dividend and existing problems. Analyze the factors that influence the dividend policy from theoretical perspective.The forth chapter is the experimental analysis that the factors of listed company' cash dividend policy. Two issues are researched in this part, the first is to study the factors that influence listed company whether to put out cash dividend, the second is to study the factors that influence listed company how much to put out cash dividend. The former take the company of 2006 Shanghai security A share as sample, introducing the model of logistic, taking whether to put out cash dividend as dependent variable and income per share, whether to put out cash dividend last year, whether to put out share dividend, the ratio of asset to debt, the cash flow of dealing activity as independent variable, to test the factors that influence whether to put out cash dividend. The result shows that the factors are income per share, whether to put out cash dividend last year and whether to put out share dividend. The latter take the company of 2006 Shanghai security A share that put out pure dividend as sample, introducing the model of multi regression, taking the cash per share as dependent variable and income per share, dividend per share last year, the ratio of former ten shareholders, the ratio of asset to debt, the cash flow of dealing activity as independent variable, to test the factors that influence the cash dividend amount. The result shows that the factors are income per share, the dividend last year, the ratio of former ten shareholders.The fifth chapter is conclusion and advice. Put up the advice to regulate the listed company's cash dividend policy according to the conclusion.