Research On The Influencing Factors In Listed Company's Dividend Policy In China

Dividend policy, a tactic concerning allocation of income, involves various related interests and greatly influences investor, market and listed company. Stable and continued dividend policy can not only maximize shareholder's wealth, but also promote the sound development of both the capital market and listed company. Through the analysis of the distribution situation of some Chinese listed companies in the last few years, this dissertation finds out that the dividend policy lacks continuity and stability in China, which has badly influenced investor, market and listed company. According to the situation, the author considers the internal factors to be the essential cause. Therefore, this dissertation primarily analyzes the dividend allocation of some listed companies to find the causes for the allocation status. Aiming at supplying positive data for the listed company to formulate dividend policy and acting as a reference for the standardization of dividend allocation and the improvement of listed company's supervision, this dissertation applies empirical analysis and specs analysis to research on the internal factors that affect the listed company's dividend policy. This dissertation firstly introduces the background, main contents,purpose of the research and the technique route. In the literature review, this dissertation introduces dividend, dividend policy and the influencing factors in the policy. Besides, it reviews the past dividend theories. Then this dissertation compares the dividend allocation situations home and abroad and finds the causes for Chinese current listed companies'dividend allocation by means of statistics and comparison. The internal influencing factors are the emphasis of this dissertation. Logistic model and multiple-linear regression model are used to analyze the influencing factors in dividend allocation, cash dividend allocation and stock dividend allocation. In light of SPSS and Excel, this dissertation analyzes the total situation of the years from 2001 to 2003, the respective situation of 2001, 2002 and 2003, and the situations of public utilities, real estate, integrated trade, industry and business. The research results show that the influencing factors consist of company's profit power, management efficiency, debt situation, capital scale, market manifestation and stock right concentration degree. Last, this dissertation puts forth some advices for the standardization of dividend policy.