The Correlative Analysis On Growth Characteristic And Dividend Policy Of Listed Companies In China

This text combines the life cycle theory and policy theory of the dividend, on the basis of the thing that the stage of growing up is divided at enterprises, use 2001 of our country listed company dividend grant data to 2003 , adopt factor analysis , analysis of variance , whether parameter examine and come back statistical inference method of analysing etc., combining describing statistics, the dividend policy of studying the listed company of our country agrees instead of the corresponding growth characteristic . We choose the sectional data of the listed company from 1998 to 2003 at first from recommending enterprise life cycle and dividend policy theory to start with, reject the financial type and real estate company and these companies which lack the data,get 761 data of listed company, the figure of the sample reaches 4566. Through asking the average of every annual growth , have rejected the number value that variance is greater than 1, make 544 listed companies as the research object, make into a sample of mixing. Secondly, this text determines the nature with enterprise life cycle the characteristic turns it into financial index of all right quantitative analysis as the breakthrough point --Total assets , net assets , managing business income , core business profit , net profit mainly, the method of utilizing the factor to analyse, drew a growth type factor from these primitive variables, based on this and divide the growth characteristics of enterprises , divide out enterprises of the type in A , B and C three, A 36 enterprises among them, belong to maturity enterprises growing up steadily, and B, C two kinds of enterprises are 110 and 78 respectively, belong to through newly establishing an enterprise entering growth stage newly smoothly. Finally, adopt analysis of variance , grant the form from the dividend separately in statistical inference method of examining etc. that it is not the parameter, dividend grant competence , dividend is it discuss different to grow up three listed company difference nature , dividend of policy of characteristic to grant smoothness three aspect. The main research contents of this text are divided into six parts. First part is a preface , introduce this text problem research background , problem imagining and important meaning that studies of this text mainly. Second part is a document survey , offer the domestic foreign language of enterprise's life cycle theory and policy theory of the dividend in main introduction. The third part is the theory that is analysed, on the basis of analysing about enterprise's life cycle theory and policy theory of the dividend, whether grow up characteristic is it divide to go on to enterprise , propose hypothesis of studying. One hypothesis whether dividend grant form , suppose different to grow up listed company dividend forms of distribution of stage there are significance differences, the company with the better growth will take the measure of cash dividend more , the company with weaker growth will adopt the way without distribute or other involving cashes to flow out ing ; It is two grant level respect dividend to suppose, suppose different to grow up listed company dividend of stage grant level have remarkable differences, growth fine company dividend grant competence to be high; It is three grant stability dividend to suppose, suppose different to grow up listed company dividend of stage grant stability degree have remarkable differences, the more steady the company dividend policy with the better growth. The fourth part is study and design , include the source and data processing , variable design and research approach of the data mainly, among them grant the form and adopt the describing statistics method to the dividend in research approach, grant to dividend competence and dividend grant smoothness adopt analysis of variance with whether parameter examine, grant competence and difference of steady degree of dividend policy to examine to the dividend of three kinds of enterprises separately, combine the describing statistics amount and make explanations. The fifth part is real example analysis and inspection result, the real example of introducing the dividend and granting the form separately is analysed and examined , dividend grant real example of competence analyse and examine , dividend grant steady real example analyse and examine and cash regression model , dividend of influence factor of degree. The sixth part is this text conclusion, introduce this text conclusion and deficiency , this text of research that research institute make mainly. This text is different from those research enterprise's life cycle and article of the dividend policy of before, have one's own and remarkable characteristics. First of all , it was all some qualitative research to study articles about enterprise life cycle in the past, lacking the inspection of the real example, the characteristic that but this text determines the nature with enterprise life cycle is as the breakthrough point, turn it into financial index of all right quantitative analysis, adopt the real example method for the first time, the characteristic of stage of growing up is divided at enterprises; Secondly, in grow up foundation that characteristic divide to enterprise , adopt analysis of variance, parameter person who examine statistical inference method, combine describing statistical method, grant from dividend form , dividend grant level and smoothness three aspect that dividend grant is it study of our country listed company grow up characteristic and its dependence ,dividend of policy to come, investigate whether the dividend policy of the listed company of our country accords with its growth characteristic , whether has transmitted the correct information of enterprise's development outwards, to that the listed company at the stage of growing up differently of our country adopts the policy of the corresponding dividend have directive significance. Through working out the following conclusion: 1. Grant the form in the dividend Different to grow up there are significance differences in the forms of distribution of dividend of listed company at stage, the company with the better growth will take the measure of cash dividend more , the company with weaker growth does not adopt more distributing or other methods of salary distribution of dividend not influencing the cash flow ; 2. Grant the level in the dividend The competence of granting of the company cash dividend of different growth has remarkable differences, there is not remarkable difference to but transfer to the level of increasing the capital stock and presenting shares; 3. In steady degree of policy of the dividend All kinds of forms of distribution of company dividend are very steady , but no matter which kind of company is very unstable on the competence of granting of the cash dividend, the cash dividend of this and three kinds of companies ensures the multiple to be low and relevant. This text predicts over the next several years, three kinds of companies will all keep the existing forms of distribution of dividend, the A company will continue choosing the distribution policy of dividend relying mainly on cash dividend, B, C company will adopt and present shares , represent such methods of salary distribution of dividend not influencing the cash flow as the capital stock ,etc. mainly, but it will depend on the cash flow situation of those years of the company mainly how much cash dividend all kinds of companies grant . On stating and granting and stabilizing the degree aspect in level of dividend distribution and dividend in this, the listed company of our country has probably neglected its growth characteristic at stage of growth, have adopted the inconsistent dividend policies of stage instead of growing up. How is the impact on enterprise of dividend policy not so suitable, the normal signal that can transmit enterprise's development to the external world is worth discussing . Degree of difficulty divided stage that seeing that grows up...