The Analysis For The Dividend Policy Of Listed Enterprises Based On The Enterprise Life Cycle Theory

The dividend policy is an important content of modern corporate governancec Western financial experts discuss it as hot spots and many school are trying to study from different angles on the dividend policy。 Recent years, with the rise of the corporate life cycle theory, scholars try to to explain the listed company’s dividend policy from a life-cycle perspective。That the company is in the stage of development of the different life cycle should take appropriate dividend policy。 This paper attempts to reveal the microscopic point of view different dividend policy of listed companies in China based on the theory of the corporate life cycle and the use of empirical research methods to explore corporate dividend policy influencing factors in different life cycle stages.First, we review the theory of enterprise life cycle theory and dividend policy in the west and summarized current research。Then, we use the cash flow characteristics combination methods to divide the corporate life cycle and proposed reasonable assumptions from profitability, solvency, firm size, capacity development and equity structure. In the process of design, I refer to the research pattern of Dickinson(2006) and consider the method of domestic schools. In this paper, Enterprise is divided into the initial phase, the development phase, stable phase, shake-out phase and decline period. From the profitability, solvency, firm size, capacity development and equity structure, we reserch the characteristics for dividend policy of domestic company. After collect corresponding data, we use descriptive statistics Logit regression and multiple regression from the dividend payment, dividend payout tendency dividend payment level validation. The test results show that the listed companies in China mainly choose the cash dividends Payment。The impact of the dividend policy factors also show a clear cyclical characteristics。Earnings per share, asset size, as well as last year whether to pay dividends dividends are significant factors。Dividend payment level and the level of profitability, cash flow and ownership concentration positively correlated。In the process of dissertation design, because the dividend policy theory and life-cycle theory research is relatively mature, it’s difficult to breakthrough at the theoretical level, this paper attempts to have new exploration in empirical research. This article still draw on the cash flow method which to divided business cycle to study the domestic listed companies. To the sample selection, this article draws on the latest three-year corporate data, tt should be said to have strong timeliness. On the other hand, it selects Shanghai and Shenzhen listed companies on the Main Board as the study sample. In the past research literature, some research are just for a certain industry or some research sampling range is limited. It should be said that this study have a certain degree of comprehensiveness. In my reserch, some selected variables are rarely used in past studies and is with a certain degree of innovation.This article has some shortcomings, for example, for the set of some variables, we can not fully explain the dividend policy of the enterprise. On the other hand, due to the limited level, for the interpretation of results is too superficial and failed to depth, this is where the future need to further improve.Finally, I make recommendations based on the research findings and look ahead to the future direction of the problem. Through the writing of this paper, I have deepened the understanding of the dividend distribution policy for listed companies. From the analysis of the results, in the various stages of the life cycle, the corporate dividend policy shows the respective characteristics. Only through corresponding research, we can master the law of development of the enterprise at all stages. We also recommend that listed companies should regulate reasonable dividend policy based on the characteristics of self-development stage.For management, we also recommend that the targeted policies should be developed to support the company’s dividend policy so that safeguard the interests of investors and help the development of the enterprise. Of course, it is worth thinking about the subject.