Study On The Factors Of A STOCK Listed Companies' Dividend Policies According To The Companies' Profession

Dividend policies, one of the three key elements in modern financial management, are considered a puzzling riddle of the modern financial management. The study on the affecting factors of dividend policies, as a vital branch of the dividend policies into the "language" that both the company's administrative staff and its holding shareholders understand, in order to lower the extend of harm brought by information imbalance. Through statistics, finding out the laws in common among a group of companies could overwhelmed the harm from information imbalance to some degree. However, unless each of the companies' affecting factors of the dividend policies equates with each other, the results through statistics must "diverge" from the real affecting factors of the dividend policies. To take charge of such "divergence" to a minimum, this thesis takes the listed companies of different professions as its research samples, seeks the affecting factors of the dividend policies on the companies of all professions (taking the requirement that the sample value should be no less than 30 in the t test into account, this thesis focuses only on the factors whether to pay cash dividend and the factors affecting the cash dividend paying levers) and then compares them with the results from the samples of the listed companies, and explores whether these are some distinctions existing and whether it is of significance to research dividend policies according to the profession that each company belongs to. This thesis is divided into 5chapters as follows:Chapter 1, introduction. This chapter tells the purpose of researching the factors of dividend policies according to the companies' profession.Chapter 2, literatures review. This chapter reviews the research achievement in the Hong Kong and Taiwan region and in the Mainland China as well as the western classic research.Chapter 3, researches design. This chapter describes the research methods, research assumptions, and explanatory variables of positive analysis.Chapter 4, data analyzes. By the diverse line returns to return, This chapter respectively obtains the factors that affect the listed companies at different professions or all the listed companies to pay the cash dividend and their cash dividend paying levels.Chapter 5.conclusions and implications. This chapter compares the results of the data analysis above, and finds that the passed explanatory variables in the research sampling all the listed companies tend to exceed those in the research sampling the listed companies of different professions in numbers, the R2 and Adj.R2 in the research sampling all the listed companies tend to be less than those in the research sampling the listed companies of different professions. On the other hand, these are much diversity between the proved assumptions in the research sampling all the companies and those in the research sampling the listed companies of different professions. Therefore, the author considers that it is of importance to research dividend policies accounting to the companies' professions. At the end of this chapter, the author puts forward some suggestions on the topic's further study.