Research On Dividend Policy Of The Listed Company In China

As the main branches of Financial Economics, dividend policy was always the focus of foreign theory researchers and practice workers. Thinking about the global theory study and empirical research, we found no simulation result on the reasons of dividend distribution.In recent years, the dividend policy practice of China capital market showed many non-rational arrear behaviours of China Listed Companies. The regulation and government department issued a series of regulationg policy with no obvious effect. For example, since 2000, the China regulation and government department combined the refinance policy with cash dividend, made a dramatic increase of the proportion on companied with cash dividend. But non-distribute phenomenon of listed companies was still serious with the conflict facts of nominal Cash Dividends and ultra-ability Cash Dividends. The policy driving of regulation can't give a reasonable explanation. Then what on earth influences the intention of Dividend Distribution of China Listed Company? What's the deep motivation of nominal Cash Dividends and ultra-ability Cash Dividends? With the unique system background of the China Stock market, will Corporate Governance affect the dividend policy of China Listed Companies? How? The thesis tried to find a satisfied answer on the former researchers'excellent disquisitions. The study of the above questions will show important theory significance and practical application value to optimize dividend policy, improve Corporate Governance, perfect law system and extra regulation of China Listed Companies.The dissertation contains the introduction part and six chapters amounting to about 110,000 charatctes.The thesis analysized the status and background of China Listed Companies based on the reviews of the empirical study literature on modern dividend policy theory and therefore primarily discussed the effect mechanism and degree of the major influential factors considering industry characterstics and corporate characterstics. Furthermore, some empirical study on the intention of dividend distribution of Listed Company and the influencing factors of the cash dividends level was made from the view point of Company Governance based on model of econometrics by controlling the related variables. Finally, according to the theory and empirical study results, some advice was given on establishing scientific dividend policy and designing better corporate governance.The thesis absorbed the existent research results from the domestic and abroad academics. The special features and innovations are as following:First, the status and the special institutional background of China dividend policy were systematicly analysized. The thesis summarized the basic features of the practices of dividend policy and pointed out that internal governance mechanism such as ownership structure, top-management incentive, institutional arrangement of Board of Directors and external governance mechanism such as market surpervision were the Systemic Origins considering the progression of dividend policy History.Second, the dividend policy of the China Listed Companies has prominent industrial characteristic was studied and approved. The thesis made thorough empirical test on the industrial characteristics of China Listed Companies'dividend policy for no special relative research now. The results showed that the cash dividend level of the China Listed Companies has prominent industrial characteristic. As a whole, the cash dividend level of industries with serious government control is higher than those with serious industries competition. The empirical results also showed that about 4.60% of the differences between industrial characteristic and the cash dividends level can be explained by industries.Third, the main enterprise character factors affecting dividend policy of China Listed Companies were systemeticly analysized and identified. The thesis respectively studied the effect mechanism and degree of the intention of dividend arrear and the level of cash dividend considering firm size, growth opportunities, profitability, current shares, debt size and free cash flow of firms based on existent research results from the domestic and abroad academics. The results showed that enterprise character factors affected not only the intention of dividend distribution, but also the level of cash dividend to some extent. Fourth, it was proved that corporate governance would affect the intention of dividend distribution. The thesis empirically researched the factors affecting the intention of dividend distribution of China Listed Companies by designing a Logistic regression model with the agent variable"pay-out or not"from the view point of company governance based on the theory explanation that corporate governance affected dividend policy.Fifthly, the influencing factors of the cash dividends level of China Listed Companies were syntheticly analysized using single and multiple factor analysis methods.The thesis mainly discussed the influencing factors of the cash dividends level of China Listed Companies viewing from corporate governance on the basis of agency theory and relative results of empirical studies.The result of the empirical study showed that the cash dividend level of China Listed Companies was assuredly affected by the features of Corporate Governance through controlling the Enterprise Character Variable, timer Character Variable and Industry Character Variable.However, there still remained quite a few shortcomings in the dissertation, resulting from the limited ability of the author and the difficulty of files collecting. First, the thesis selected the datas before the reform of non-tradable shares in order to keep the data stable during research period. So, in Post Non-tradabe share Reform Era, whether fundamental changes of the characteristics and the main influencing factors of the dividend policy of China Listed Companies have happened need further study. Second, on the empirical study of cash dividend policy, the thesis mainly used the absolute index Dividend per Share. Dividend payout ratio index was used only in robust statistics. The reliability of the regression results may be affected in certain extent. Third, the thesis only discussed how internal governance mechanism such as ownership structure and board composition effect dividend policy. Limited by the emphases of research and the difficulty of data collecting, further study should be made about how external governance mechanism effect dividend policy.