| Dividend policy is a core content of corporate finance, which not only can show theoperating performance, set up good image, protect the interest of investors, but also canmake the company to achieve long-term, stable development. In the developed countries,the relevant research of dividend policy emerged endlessly, and formed the situation of"hundred flowers, schools of thought contend", but it has not got a consistent conclusion.Because Chinese securities market started late, the system construction is not perfect andthe theories and practices of dividend policy are still in an exploratory stage. Therefore,dividend distribution of listed companies exist many non-standard places.This paper tried to make some research on influencing factors of dividend policy oflisted company in China at the theoretical foundation, through descriptive analysis andempirical models. Then, it put forward several recommendations on supervision policy andcompany management, hoping to provide theoretical and empirical support for theoptimization of corporation dividend policy.Through data analysis, it was found that most of the listed companies prefer to paydividends; cash dividend is the most popular policy, dividend payment rate is on the rise asa whole. By using the empirical model to test the factors that affect dividend policy, theresult showed that profitability, company size, the ratio of the largest shareholder, debtpaying ability are positively related with whether to pay dividends, and the ratio of flowedshare is negatively related with whether to pay dividends. What’s more, company’sprofitable ability, liquidity of assets, operation ability, debt paying ability and the speed ofeconomic growth indexes are positively related to cash dividend payout per share.According to the research conclusion and the actual situation of Chinese security market, itput forward several suggestions to consummate the external supervision system, reduceadministrative intervention, and optimize the corporate governance structure, improve thelevel of dividend payment. |
