Research On Cash Dividend Distribution Behavior And Influencing Factors Of Listed Companies

Since 2008,our regulatory authorities have progressively published the dividend distribution policy,regulations to development of securities market,paid attention to the importance of dividend distribution policy.This article are analyzing to dividend distribution policy,researching dividend distribution behaviors,trying to explore key influential factors of dividend distribution behaviors.This article uses research approach of literature survey,via collecting and reading literatures,understands the development of dividend distribution behaviors and factors analysis both domestically and abroad,in order to touch the nature of dividend distribution.This article also uses research approach of theory analysis,via borrowing the dividend distribution theory from broad,try to build up a suitable research analytical frame,compare the theory background abroad with the real situation in China,develop a theory research which matches domestic situations.Last,this article uses research approach of empirical approach,collected,analyzed and processed sample data from 551 publicly listed companies at Shanghai Stock Exchange form 2014 to 2016,used correlational and regression analysis methods,built multiple linear regression analysis models,did practice research on influential factors for dividend distribution behaviors,including companies’ profitability,solvency,growth and cash flow ability,tradable stock ratio and cash dividends payment from last year.The correlational study based on statistical shows: listed companies’ annual cash dividend payment amount is closely related to earnings per share and cash dividend payment from previous year.The regressional study based on analysis shows: earnings per share and cash dividend payment from last year are the main factors which decide the payment amount of cash dividends,asset-liability ratio,main business income growth rate,generated cash flow per share and proportion of circulating stock only have minor influence on cash dividends.Lastly,according to this article research,dividend distribution behaviors from our domestic listed companies have format diversity,lack of policy stability,combined with qualitative analysis result,it reached conclusion that business performance is the key measure to ensure the cash dividend payment.From the government,management and investor levels,it proposed the measures including strict delisting rules,improve listed companies performance and cultivate investors reasonable investment concepts,in order to solve the problems on dividend distribution for listed companies.