A Research About How The Cash Dividend Policy Influences The Enterprise Value Of Environmental Listed Firms

In recent years, with the continuous increase of the national environmental protection and the relevant policies, the status of environmental protection industry in the national economic construction in China has rose significantly. At the same time, as the industry leader, environmental listed firms which are at the stage of rapid development have attracted much attention of many investors. The dividend policy, which involves the core elements of the listed firms' profit distribution,has been into the public view. As one of the most important part of financial management, scientific dividend distribution policy can not only establish a good corporate image, but also stimulate the enthusiasm of investors on the company's continued investment, enabling the company to obtain long-term stable development conditions and opportunities to achieve enterprise value maximization.Therefore, based on the predecessors' research on listed companies' cash dividend policy and enterprise value, as well as the current investors' concerns about the environmental protection, the paper launches studies on how cash dividend policy influences enterprise value of environmental listed firms. So there is certain theoretical significance and strong application value about this paper.Based on the foreign and domestic theoretical research, this article elaborates the traditional and modern theory of dividend policy, and analyzes the effect of cash dividend policy on enterprise value.Then it points out the current situation of the dividend distribution of the environmental listed enterprises in China. The result shows that the number of environmental listed enterprises to distribute cash dividend increases every year, but the cash dividend payment level seems to be low and lack of continuity and stability. In view of this, the paper picks up data of all environmental listed companies during 2008-2012 years in the Shanghai and Shenzhen markets as the research sample, using the ways of descriptive statistics, correlation statistics and multiple regression models, building three models to empirically analyze the influence on enterprise value from the aspects of paying cash dividend or not,cash dividend level and cash dividend stability. The empirical result shows that enterprise value of environmental listed firms has a positive correlation to whether the distribution of cash dividend and cash dividend stability, and has a negative correlation to the level of the distribution of cash dividend.Finally, on the basis of summarizing the empirical results, from the view that leading environmental listed companies to develop reasonable cash dividend policy, reforming government supervision system and cultivating rational investors to put forward some specific suggestions.