Empirical Study On Dividend Policy Factors And Value Relevance Of Listed Companies

Either from the information disseminated by dividend policy content, or externalfinancing costs higher than the internal retained earnings, dividend policy is very important.How to weigh these factors integrate, formulate appropriate dividend policy according tothe actual situation, in order to promote the maximization of corporate value, which is oneof the major financial decisions. The paper broke the limitations of previous dividendpolicy, many scholars study dividend policy unilaterally influencing factors, this article willcombine the dividend policy factors with the enterprise value. In this paper, throughstudying the Shanghai and Shenzhen A-share listed companies, analyzed the status of thedividend policy of listed companies, and its influencing factors and correlation with thevalue of the company conduct.This article explains related theories and abroad Research firstly, then explains theconcept and characteristics of dividends, dividend policy type and its influencing factors.Based on the theoretical analysis, taking the515listed companies in Shanghai andShenzhen A-share in2011as samples, Firstly, take an empirical study in the China’sdividend policy current situation by using of descriptive statistics of listed companies, thenbuild regression models, use correlation analysis and regression analysis, make anempirical study in China’s dividend policy factors.Through empirical research and analysisthe following conclusions: influencing factors of dividend policy of listed companiesinclude: profitability, solvency, operation ability, growth, cash flow capabilities, ownershipconcentration. Specific to the financial indicators, eventually into the regression model, andhave significant effects on the dividends per share: EPS、ROA、Debt、TAR、NPGgr、OpeCFPS and P1. Listed companies continued to attract long-term investors for a largenumber of high dividends.Put forward a sound dividend policy recommendations from theaspects of external supervision, internal control, value investment philosophy.