Cash Dividend Distribution Of Listed Companies And Corporate Characteristics Correlation Studies

The dividend distribution policy is one of the classic research topics of financial management, Merton Miller and Franco Modigliani above a series of supposition condition, proposed the dividend irrelevant discusses (also called complete market theory), that the dividend payment does not affect the company value, the investor does not care about the dividend assignment. Afterward, the scholars relax the supposition condition, discovered that the dividend assignment policy will have the influence to the company value, formed the tax difference theory, the customer theory, agency theory, signal transfer theory, and other modern dividend related theory, and has conducted the massive empirical study to the theory. Based on the West mature capital market, scholars through empirical analysis, identify the dividend distribution policy factors, such as current income, company size, ownership structure, product market competition and so on. Background of China’s economic development and the mature Western capital markets, there is still a certain gap, based on the institutional background of China’s transition economy,whether western corporate dividend distribution policy influencing factors for China’s listed companies have the same effect. How is the impact between them, remains to be through the further empirical studies to examine.This article first embarks from the correlation theories, combed the modern dividend theory content and scholars’empirical study achievement; Next, embarks from the company characteristic’s different weight target, induced the dividend assignment policy and the profit condition, the growth opportunity, the credit capacity, the capital operation, the property scale, the stockholder’s rights structure and the market response and so on, provided the basis for this article empirical study’s variable choice; Once more, in our country special system background and economic environment, take the company characteristic as the objective point, on the level of financial industry paid cash dividends of listed companies in China and the relations between them, carried out a systematic theoretical analysis, proposed this article research supposition,the real diagnosis examination selects our country finance profession to be listed2006-2010data is a sample, established the linear regression model, using the relevant analysis, the descriptive statistics and multiple regression’s method has carried on the real diagnosis examination, draws the conclusion according to the empirical study result:the financial profession to be listed’s dividend assignment has the correlational dependence with the company character index, the cash dividends assignment has the correlational dependence with the enterprise assets scale, a total assets scale bigger enterprise, the payment cash dividends are more; the cash dividends assignment and the property operation condition is being related, the total assets cycling rate is higher, the cash dividends payment level is higher; the cash dividends assignment with the enterprise credit capacity inverse correlation, the property ratio of debt to net worth is higher, the cash dividends payment are less; the cash dividends assignment with the enterprise growth ability inverse correlation, the trading profit rate of increment is better, the payment cash dividends are less. Finally, according to real diagnosis check result, for the financial sector listed companies cash dividend distribution problems, to enhances the cash dividends payment, the optimized dividend assignment policy to propose the countermeasure to suggest, summarized the insufficiency which this article studies, and forecasted the following research direction.