| Dividend policy is the core of the financial management of the modern companies, which not only relates to the long-term and stable of development the listed company, but also the benefits of the investors. The cash dividend is the most common dividend policy. The selection of dividend policy is very important to the wide financing channel,the level of the financing cost and the capital structure. Also, the company pay dividends can reduce agency costs as well as convey the signal of future growth of the company to investors.The split share structure reform began in April 2005, now it comes to the end. In the context of stock-liquidity reform, this article analysts the cash dividend policy of the Chinese listed company of 2009, which only paid the cash dividend.The research uses the factor analysis and the multiple linear regression to analyst the characters and main influence factors of the list companies'cash dividend policy.The empirical results show that:the profit-making ability, pay-debt ability, operational capacity, company's growth, cash flow, ownership concentration, ownership properties, company size, industry factors, the previous year's dividend policy and other factors have noticeable affection on cash dividend policy. The result indicates that the level of cash stock payment is positively related to the company's profit-making ability, capacity of the debts repayment, operational capacity, cash flow, the intensity of the first big stockholders, the intensity of the second big stockholders, the top 5 shareholders, the top 10 shareholders, the proportion of state ownership, company size, industry factors, the previous year's dividend policy. However,it is negatively related to the debts proportion of capital structure, company's growth and the proportion of legal person share. Finally, according to the conclusion, the writer propose some suggestion in the aspects of optimizing equity structure, the corporate-governance and the company management. |
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