The Study On The Influencing Factors Of Cash Dividend Based On Life Cycle Theory

Dividend policy is one of the three enterprise financial management activities, appropriate dividend policy contribute to the sustainable development of enterprises, convey a positive message to the public, establish a good corporate image, therefore the dividend policy can be said to be the focus of the enterprises and investors, and the focus of scholars research. China’s capital market began in the 1990 s, has experienced 20 years of development, is still in the immature stage, there are also many problems, such as malicious dividend, low cash dividend payment rate, poor continuity of dividend payments and so on.Based on the present status of the cash dividend distribution of listed companies in our country, this article from a new perspective-- the enterprise life cycle theory to explain the behavior of the cash dividend distribution of listing Corporation, and the introduction of other factors that have effect on cash dividend policy of listing Corporation, such as dividend policy continuity, enterprise’s profit ability, operation ability, the level of debt, etc. in order to find an important factor influencing China’s listing Corporation cash dividend policy, so as to provide guidance for China’s listing Corporation to formulate appropriate dividend policy, at the same time as the regulatory authorities listing Corporation dividend distribution behavior for reference, in order to protect the interests of investors, and promote the healthy and orderly development of our securities market.Firstly, the theory of dividend policy and research scholars on the listed company’s cash dividend policy was reviewed and summarized, and focuses on the life cycle theory and related research. Secondly, select the relevant dividend distribution data from 2009 to 2013 year in Shanghai and Shenzhen A-share listed companies, the current situation of the cash dividend distribution of listed companies of our country has carried on the descriptive statistical analysis, and then, in the empirical analysis part, from the listed company’s cash dividend policy The two aspects, namely, the willingness to pay a cash dividend and cash dividend payment level of China’s listed companies to verify whether the listing Corporation in China cash dividend distribution policy has life cycle characteristics, were used multivariate logistic regression(Logit regression) and limited dependent variable regression(Tobit regression) method, and combined with descriptive statistical methods. The results show that: China’s listing Corporation cash dividend policy whether cash dividend payment willingness or cash dividend payment level are consistent with the life cycle characteristics, and with the listing Corporation on an annual cash dividend policy, profitability, operating capacity, firm size, ownership concentration are significantly positive correlation, and the company’s debt is significantly negative correlation. Finally, combined with the research results, this paper puts forward some suggestions on China’s listing Corporation and the relevant regulatory authorities.In this paper, the data are from resset financial database, and used statistical analysis software Excel and Stata12 to organize data and statistical analysis.