The Effect Of Corporate Social Responsibility Of Listed Companies Cash Dividend

In 1924,Shelton first noticed enterprises should fulfill their social responsibility, it opened a prelude to the overall world to explore supporting corporate social responsibility theory and empirical. In the extensive radiation of economic globalization, China’s part of enterprises are beginning to realize should bear consciously social responsibility, integrate corporate social responsibility and their own competitiveness perfectly. The formation of a "force for sustainable development" is based on today’s complex world economy among the powerful weapons. Few scholars from the direct interests of shareholders paper studies the relationship between assuming social responsibility and shareholder returns. Thus, this article catch one of the top ten financial challenges "Dividend Policy" as the starting point for the impact of corporate social responsibility of listed companies to distribute cash dividends of theoretical analysis and empirical research.First, in the elaborate theory of under the premise, with the current situation of China’s capital market cash dividend, we analyze the mechanism of social responsibility to generate cash dividend of practice. Next, using principal components method to build a comprehensive social responsibility values to reflect the degree of enterprises to participate in social activities, as the explanatory variables of this study; Using Logit models and multiple linear regression model to verify the impact of corporate social responsibility for the cash dividend. Preliminary studies have found that corporate social responsibility have a significant impact on whether or not the specific amount listed companies cash dividends and dividends; By grouping, research firm nature on cash dividends and Social Responsibility, it was found that there is no significant difference in the impact of state and private enterprises; finally found that social factors are not the responsibility of one of the factors listed companies’ dividend stability.