An Empirical Study On The Cash Dividend Distribution Of Chinese Enterprises Under The Circumstance Of Financial Crisis

Dividend distribution is one of the core components in modern corporate financial management. Dividend distribution policy is the basic strategy adopted to maximize the benefit of the corporate shareholders and allocate the residual profits on the basis of the long-term corporate development and the balance between the interests of internal and external stakeholders. As one primary type of dividend distribution, cash dividend distribution is an important way of rewarding shareholders. Previous empirical studies on the cash dividend distribution policy mainly focus on the empirical analysis of the dividends before equity division or the comparison between the dividends before and after equity division. In 2007, starting from the United States, the financial crisis broke out and spread all over the world, including China, whose stock market was also affected. However, due to the government's macro-control efforts, China's stock market recovered rapidly. So the present research is of high value because it fills the gap by selecting samples before and after the financial crisis. Based on these sample data, this thesis performs an in-depth analysis on the dividend distribution policy of listed companies in order to find out how it changes before and after the financial crisis. It can give some implications to the contemporary dividend distribution; also, it may provide theoretical and practical guidance to the standardization of the listed companies' performance as well as the promotion of stable and healthy development of securities markets and protection of investors'interests.Based on the empirical study on the dividend distribution policy and combining western dividend theories and related literature, this paper analyzes the dividend distribution before and after the financial crisis and describes the possible influences that each financial index may have on the distribution policy. The hypothesis was confirmed by constructing the Logistic regression model and using the data of the listed companies. Finally, the conclusion is drawn, and the limitations of the study and suggestions for future research are pointed out.The originality of the study is as follows:First, the sample data after the financial crisis is adopted for comparative analysis on the basis of theoretical discussion. The changes in dividend distribution policy are analyzed from the perspective of the investors in hope of giving suggestions to investors for their future investment.Second, the conclusion is drawn from the empirical analysis on the dividend distribution before and after the financial crisis.