Empirical Research On The Effect Of Dividend Policy To Accounting Performance Of Chinese Listed Companies

The dividend policy is one of the main three contents of finance management theory and the kernel of the profit distribution for the listed companies. The listed companies are the base of the capital market and firms'aim is to maximize their value. Stock dividend is listed company's rewards to its investors, and it is a signal of listed company's future to its investors, basing on listed company's prediction of itself. An appropriate dividend policy can not only set up a good image for a company, but also inspire the investors to continuously invest in the company, which enables the company to obtain a long term and steady developing condition and opportunity. By using western dividend theories for references, this article aims to explore the actual situation and factors of the dividend policies practiced by Chineselisted companies. The article is also expected to put forward somesuggestions for dividend policy of listed companies in China.This paper begins with western dividend theory,introduce the development from original school to modern school,and particularly explain dividend signaling hypothesis.From the aspect ofcapital market, analyse the dividend policy of china listed companies and future accounting performance with multiple regression method generally and sysmeticly.First make empirical researchon the ralition of dividend policy and future accounting performance, demonstrating that companies which give dividend have better future accounting performance. Onthis foundation, do research on how the dividend policy effect future accounting performance, conclude that future accounting performance have a positive correlationwith last year's cash dividend and stock dividend.Further more,make empirical research on how stock distribution proportioneffcet future accounting performance, conclude that companies which give more dividend , and they are lack of stablizaiton and development.At last, on the base of the research,make some suggestions for the dividend policiesestablishment and improvement of Chinese listed companies.