Research On Dividend Policy Of Automobile Industrial Listed Companies

Dividend policy of a listed company is a strategy that assigns its profits between shareholders and remain earnings. As one of the three key elements in modern financial management, it reflects interest relationship among the company, shareholders, creditors, senior managers, employee, etc. For many years, the western financial scholars devoted continuously to the dividend policy, but they haven't been able to find one kind of universal suitable dividend assignment pattern . With the development of stock market in China, the domestic scholars also pay great attention on dividend policy recently, but have gained little breakthrough.This paper consults the achievement and the method of domestic and international dividend research. It consists of both the theoretical and the positive analysis of automobile industrial listed company. The paper includes three parts. Part 1 reviews relevant literature in western country and China. Part 2 analyzes the listed companies'dividend assignment characters and their influencing factors. Part 3 mainly analyzes the present situation and the trend of Chinese automobile industry, and then establishes a model to explain its dividend policy.To analyze the dividend policy from the industrial angle is the main innovation in the paper, because other people rarely do from this angle. We select correspondingly some specific indices after considering the automobile industrial characteristics, and then use the multiple regression method. The result shows the factors that affect the automobile industrial dividend policy, according to the influence degree, are the company's profitability, the circulation stock proportion, the company size, the turnover rate of total asset, but the asset liability ratio and so on are independent of it. I hope the paper can help the dividend practice of automobile industrial listed companies, and it can provide some guidance for a more thorough research.