Empirical Research on the Influential Factors of Cash Dividend Policy about Listed Company
|School||Wuhan University of Science and Technology|
|Keywords||listed company cash dividend dividend policy|
Dividend policy is one of the most important financial management of listed companies’policies, starting from the day of stock company coming into being, the theorists and practitioners home and abroad are beginning to focus on the dividend distribution of the company. A moderate and stable dividend policy can attract more investors and the creditors for the company, thus gains the inexpensive fund more easily, and also be helpful to stable the company stock price, so that build up the favorable image of a company. Therefore, it is very important to survival and development of the company. However, due to the special situation of China, the dividend policy of the listed companies exists very serious problems, which is showing some unreasonable characteristics. Compared with the west developed market, Chinese securities market still exit many problems in legislation, surveillance and regulation. For example, cash dividend is distributed irregularly, unsteadily and discontinuously, some managers lack cash dividends senses etc. These problems are disadvantages to our securities market development. To settle these problems should depend on the research of the dividend policy theory. But compared with foreign expansion theories, our research is just at the rising phase, which demands more and more persons to devote into the research field. Cash dividend policy is important form of dividend policy, so researching on cash dividend policy has important significance.According to the situation of Chinese security market, the listed companies of Shanghai and Shenzhen were collected as the latest sample to reflect the present development about the cash dividend policy. Total ten variables were supposed which would effect the formulation of cash dividend policy. Through the multiple linear regression analysis, the internal factors would be discussed with more details.Based on the empirical research, a conclusion could be got: the formulation of cash dividend policy would be effected by ROE、OCFPS、EPSR、BAR、NAPS、LnStock and CDPS2.