| Dividend policy is a tactics concerning distribution of income , which involves various related interests. It will produce important influence to investor, market and listed company itself. Stable and sustained dividend policy can not only benefit to the target that maximizes shareholder wealth, but also benefit to sound development of the capital market and the listed company itself. However, through very good analysis of the distribution situation in the last few years, the writer finds out that the listed company' s dividend policy lacks continuity and stability in our country, which has produced seriously negative function. As for the condition, the writer consider that the internal causeis a basic reason, and the external cause is another important reason. Therefore, this thesis isprimarily to analyze the internal and external factors that affect the listed company' s dividend policy. It aims at producing positive proof and relevant reference.The thesis firstly introduces the background, main contents and purpose. The financial management target theory, dividend distribution policy theory and information dissymmetry theory are introduced primarily. Then, the thesis states the general situation of dividend distribution in the last few years and the dividend distribution policy' s connotation and common ways. Besides, the thesis also makes an incisive analysis of its influence.This thesis emphasizes to analyze the internal factors that affect listed company' s dividend distribution. The normative and empirical analysis are combined to study whether each factor' s effect is obvious or not.As for the problem whether to assign dividend or not, the model Logistic is adopted and the SPSS statistics software is used. The result shows the factors that affect the dividend policy are not entirely identical in the term of different samples. On the whole, the listed company' s profit ability, liabilities conditions and assets scale are the leading factors that affect the dividend distribution. Generally speaking, the more strong the profit ability is, the more the possibility of the allotment is; the more heavy the obligation supports is, the less the possibility of the allotment is; the bigger the property scale is, the more the possibility of the allotment is. Certainly, it would be still under the influence of other factors at the same time.When the writer studies the factors that affect the cash dividend , the statistics software Excel is used. The result shows the factors that affect the cash dividends are incompletely identical in the term of different samples. In the mass, earnings level, cash status and liabilities conditions are the most important factors. Generally, the more the earnings are , the better the cash condition is, the more the cash dividends are; the more heavy the burden of indebtedness is, the less the cash dividends are. In order to compare different trades, four industries are chosen as samples and the same methods are used. It turns out that the four trades are of difference from the aspect of influencing factors. But profit ability, cash condition and liabilities conditions are the most important factors which almost affect each profession. Certainly, the other factors also take effects at the same time.When studying stock dividends , the methods similar to cash dividends are adopted. The result indicates that the influencing factors are dissimilar for different years and different professions. By and large, profit ability, liabilities level and growth capacity are the chief factors and th^y have positively related relation each other as well. Certainly, it also suffers the influence of other factors.The thesis can get such conclusions: the main factors that affect the listed company' s dividend distribution policy are profit ability, liabilities circumstance, property scale and growth capacity. Earnings is the foundation of the allotment, and it is the initial factor that listed companies should consider deeply. At the same time, the listed companies still ponde...
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