Research On The Features And Affecting Factors Of Dividend Policy Of Chinese Listed Companies Under The Full Circulation

As one of the three core content of modern corporate finance activities, dividend policyinteract with the financing decisions and investment decisions. Scientific and reasonabledividend policy is not only beneficial to the company’s sustained and stable development, butalso help the company establish a good corporate image in the stock market, so as to attractmore potential investors.With the completion of the Equity division reform, Chinese stock market graduallyenter into the era of full circulation. Under the full circulation of the equity ownershipstructure, whether the dividend policy of listed companies will exhibit different characteristicsbefore the full circulation? Whether it will be more reasonable and standard? How do theownership structure and other factors impact on the dividend policy of listed companies?Based on the background of full circulation, this paper expand the study of dividend policy oflisted companies.Firstly, in this paper, we pick2002-2012before and after the full circulation of listedcompanies as the research object, using descriptive statistical analysis, through comparativeanalysis of the dividend policy before and after the full circulation, it is concluded that underthe full circulation, dividend policy of listed companies in China has the followingcharacteristics: no distribution phenomenon gradually ease, payment forms diversely, Paylevel is still low, abnormal cash dividends intensified, increased dividend policy continuity,etc; Secondly, we pick2010-2012after the full circulation of listed companies as the researchsample, conduct empirical research on the influence factors of the dividend policy of listedcompanies by using Logistic regression and multivariate linear regression model. The resultsshow that profitability, long-term solvency, executive compensation had the greatest influence on the dividend policy, ownership concentration minimal impact on the dividend policy;Finally, in view of the problems found in the study, this article put forward the followingrecommendations: improve the profitability of listed companies, optimize the ownershipstructure, improve equity of check and balances mechanism, enhance the effectiveness of theboard supervision, give full play to their role as the institutional investors of corporategovernance. so as to provide valuable reference for the scientific decision-making of listedcompanies, investors’ interests protection and the healthy and orderly development of capitalmarkets.