Research Of The Dividend Policy Of Chinese Listed Companies

Dividend policy is a very important component part of financial management; meanwhile, it's a great decision for profit distribution. The profit-sharing plans are very significant to the shareholders, creditor, and the company, for it's output is intimately related to everyone and long-term development. Therefore, consideration about the proportion between dividend and retained earning is always a vital project for a company. Liquor-making industry is a sub-industry of beverage industry, and plays a very important role in national economics that it is closely bound up to people's daily life, and live up to enhances the level of people's consumption and life quality. As a major part of financial management, the output of dividend policy also affects capital raising. Specifically, the dividend policy of liquor-making industry has been lack of standardization, and many problems has emerged, such as dividend payout over the capability of profit, instability, and confusion of investor caused by the variety of payment form. This article means to discuss these problems, and dig out the factors that cause the decision of the amount and form of dividend distribution so as to change the situation of this industry and make it better.We extend the standard finance model of the firm's dividend/investment/financing decisions by allowing the firm's managers to know more than outside investors about the true state of the firm's current earnings. The extension endogamies the dividend (and financing) announcement effects amply documented in recent research. But once trading of shares is admitted to the model along with asymmetric information, the familiar Fisheries criterion for optimal investment becomes time inconsistent:the market's belief that the firm is following the Fisher rule creates incentives to violate the rule. As for research methods, this paper has searched a lot of papers and documentations, and picked several methods to develop the process. First of all, the main research methods in this article are the combination of empirical approach and normative approach. Besides, statistic description inductive analysis and comparative analysis are all wildly accounted. All these instruments and approaches help to clearly and comprehensively illustrate the situations of the dividend payout and set forth the opinions of this paper.The structure of this paper is generally like this:in the first part, the article summarizes the background and purpose of the research; the second part dates back to the theories of dividend policy according to the research from the west and the domestic. The third part discusses and analyses the situation and problems of dividend policy in details that exists in the liquor-making industry. The fourth part analyses the factors that influences the formulation of dividend policy of liquor-making industry, which includes macroeconomic environment, market condition, internal factors within the industry, and the factors about the stock. The fifth selects the company samples of 2009, using dividend per share as the dependent variable, and the factors as the independent variables, setting up the model and getting the correlations by Eviews, and then analyze the results. At last, this article will give some advises through earlier analysis and results, and illustrates the disadvantage of this research and how to improve it.