Research On The Influencing Factors Of Cash Dividend Distribution Policy Of Real Estate Listed Companies

Cash dividend policy is the core problem of listing Corporation in its financialmanagement activities，it plays a significant role in the management of the company. It hasbeen concerned closely by the stakeholders. Appropriate cash dividend distribution policy cannot only stabilize the stock price, but establish a good image for the company. The real estateindustry takes a decisive role in the whole national economy, and makes a strong driving forcefor the development of other related industries. At the same time, the real estate industry is acapital intensive industry, appropriate cash dividend distribution policy make an advantage toits external financing. Therefore, this paper will select the real estate listing Corporation as theobject of study, in order to obtain the influence factors of cash dividend policy of the industry,and then the research of the factors that affect the dividend policy will be play a role for therelated government department policy adjustment and the company dividend policyformulate.Based mainly on the theory of cash dividend distribution, by analyzing the situation ofthe cash dividend distribution with Chinese real-estate listing Corporations, a range ofunhealthy phenomena are detected in this paper, such as a lots of listing Corporations still nodistribution of cash dividends, lower distribution amount, lack of continuity and stability etc.Therefore, this research puts forward a hypothesis from the aspects of corporate profitability,operational capacity, dividend continuity and equity structure etc. To explore intensitydistribution and distribution tendency respectively, an empirical study was performed with thedata of2011-2013of real-estate listing Corporations which public in Shanghai and ShenzhenStock Exchange A share as the research sample. This paper will adopt Logistic regressionanalysis method to study the influencing factors of cash dividend distribution tendency. Itgives following conclusions: profitability, dividend continuity and equity structure are theinfluence factors of cash dividend distribution of real estate listing Corporation, and they havea significantly positive relationship with the cash dividend distribution tendency. To study theinfluencing factors of the intensity distribution of cash dividends, this paper will adoptmultiple linear regression analysis method. It draws the following conclusions: profitability, operation ability and dividend continuity are factors affecting the intensity distribution of cashdividends of real estate listing Corporation, and they have a significantly positive relationshipwith the intensity distribution of cash dividends. Finally, according to the empirical researchconclusions, this paper will put forward the following suggestions: formulating a rigid cashdividend distribution policy, leading investors to set up the right investment objectives,making a stable cash dividend policy, improving the company profitability and operationability, improving the company value from multiple perspectives. I hope this paper canprovide help for the study of influence factors of cash dividend policy of the real estateindustry.