An Empirical Research On Cash Dividend In Chinese Listed Companies

With the development of stock market and the growth of listed companies in China, it is becoming increasingly important to research on the listed company, including on the dividend policy, and cash dividend is one of the very important styles. More and more listed companies choosing cash dividend has been the new phenomenon of stock market in China since 2000.This thesis tries to sum up and conduct an empirical research on this new phenomenon.This thesis consists of five chapters. In Chapter 1, this thesis reviews a great deal of relevant literature in western country and China. The western theories are systematically divided into traditional dividend theory and contemporary one. The latest literature hi China is summed up from two aspects: the affecting factors of cash dividend policy and the responds of stock market.In Chapter 2, the thesis analyzes the characters and the problems of companies' cash dividend in China. Meanwhile the possible reasons are put forward according to the actual situation in China.Chapter 3 of the thesis selects all the listed companies that distribute cash dividend in 2002 to find the financial affecting factors of cash dividend by the multi-linear regression method.Chapter 4 does an empirical research on the market responds of cash dividend policy. The writer compares the respond of high cash dividend with that of low cash dividend, the cumulative abnormal return(CAR) as the index, finding that the responds of the two styles are completely different.The last chapter points out the limitations in the research, sums up the dividend character of listed company in 2003 and puts forward some suggestions to the governance of dividend policy.