A Statistical Analysis Of The Factors Influencing The Distribution Of Dividends In Shanghai And Shenzhen A-share Listed Companies

Dividend policy is one of the core contents of the company's wealth management.Research on dividend policy is a topic that scholars at home and abroad have been exploring and researching.From traditional dividend theory represented by MM theory to signal transmission theory,behavioral policy theory and other modern dividend policy theories.The academic community has been exploring its influencing factors,but because the dividend policy is sensitive to many factors,including company characteristics,market characteristics,and alternative forms of dividends,there is no universal set of factors that applies to all companies,thus becoming a "dividend puzzle".Based on the basic theory of dividend policy and related research by scholars at home and abroad,and combined with the present situation of the securities market,this paper firstly analyzes the basic characteristics of the dividend distribution of Shanghai-Shenzhen A-shares board,small and medium-sized board,and listed companies on the GEM.The following four results:(1)The general dividend-free phenomenon of Shanghai and Shenzhen A-share listed companies has been eased,the number of dividend-paying companies has gradually increased,especially the GEM market,dividends are strong;(2)The company's dividend distribution methods show diversity and concentration,in which the distribution of cash dividends is the main,and the company's bonus shares will be accompanied by the distribution of cash dividends;(3)The level of cash dividend distribution is low,and more concentrated,companies generally only pay attention to the practical needs of endogenous financing and ignore the return on investment of the shareholders;(4)The company has not shown a clear dividend sustainability.The distribution of cash dividends lacks continuity and stability.Among them,the main board market is the worst one,GEM market is the best.On this basis,this paper mainly studies two problems of cash dividend policy of listed companies:whether to choose to distribute cash dividends;if it chooses to allocate cash dividends,how much will be allocated.To solve the above two problems,this paper selects 2009-2016 years in Shanghai and Shenzhen A shares of listed companies for eight consecutive years of data samples,and seven to reflect the listed company asset size,profitability,debt level,asset liquidity,growth ability,capital structure,ownership concentration and other aspects of the explanatory variables,with the willingness of dividend distribution,cash dividend per share and dividend payout ratio as explanatory variables,construct Logistic regression and quantile regression model,the empirical analysis of the influencing factors of the cash dividend distribution of the listed companies on the main board,small and medium-sized board,and GEM.The results show that:(1)With respect to the dividend distribution willingness,asset size,profitability,debt level,asset liquidity,growth capacity,and non-tradable shares all have a significant impact on the dividend distribution intention of boards and small and medium-sized boards listed companies.For GEM listed companies,only the profitability,the level of liabilities and the proportion of non-tradable shares have a significant impact on their willingness to distribute.(2)Regarding the level of dividend payment,whether it is for high-level or low-level dividend payment boards,small and medium-sized boards,and listed companies,the profitability,the level of debt,and the ratio of non-tradable shares have a significant impact on their dividend payment levels.For the low-level dividend payment level of small and medium-sized companies listed on the board and the GEM,the asset size does not have a significant average dividend payment;for high-level dividend payment boards and small and medium-sized listed companies,the growth ability is not significant.(3)In terms of dividend payout ratio,profitability,non-tradable shares ratio and equity concentration have a significant impact on dividend payout rates at different levels for listed companies on the main board;for small and medium-sized listed companies,profitability and asset flow has a significant impact on dividend payout rates at different levels;for GEM listed companies,only the level of debt has a significant impact on dividend payout rates at different levels.It is worth noting that different from the level of dividend payment,profitability has a significant negative effect on the dividend payout rate,which indicates that the company's profit level has increased and its cash dividend per share has increased.However,the growth rate of cash dividends is less than the growth rate of earnings,resulting in a dividend payout ratio.The decline reflects the phenomenon of low dividends of high-profit companies in the Shanghai and Shenzhen A-share markets.