The Research of Dividend Distribution Methods and Its Affecting Factors of Guangxi’s Listed Companies
|Keywords||Guangxi listed company dividend distribution affecting factors|
Dividend policy is the logic extension of the financing and investment activities of listed companies, and it is greatly concerned by all circles in the stock market, including stockholders, managers and debtors. While in Guangxi, it hasn’t yet attracted adequate attentions from academia, one proof is that you can hardly find out a paper about the dividend policy of Guangxi’s listed companies from domestic bibliology. In this context, research dividend distribution methods and its affecting factors of Guangxi’s listed companies will have major practical significance.The main dividend distribution methods of Guangxi’s listed companies are cash dividends, stock dividends, transferr provident fund to share capital and mixed methods of distribution, it shows that there are six main characteristics, such as unallocated phenomenon is widespread, which will affect the national interest, securities market, listed companies and investors negatively. In general, the dividend distribution of Guangxi’s listed companies is affected by a series of factors, not only by the laws and regulations of external factors, but also by company’s share structure of internal factors. Based on the empirical analysis of internal factors which can be quantified found that, the probability of dividend distribution is related to company’s profit ability, and negatively related to growing ability and proportion of circulating stock; cash dividends per share is related to company’s profit ability, current cash and share concentration; stock dividends per share is related to company’s profit ability, debt paying ability, company’s scale, and share concentration, and negatively related to current cash. Based on the above analysis, dividend distribution of Guangxi’s listed companies can be improved by six measures, such as optimizat the company’s share structure.