An Empirical Study On Influencing Factors And Industrial Differences Of China's List Companies' Dividend Policy

The dividend policy, the financing decision, and the investing decision are considered as the top three accounting decisions, but the researches on dividend policy have not come to the same conclusion, so dividend policy is called as "the Dividend Puzzle". The dividend policy is closely related with the benefits of shareholders, and the dividend can result in the fluctuation of the stock price, so the dividend policy is very important in the financing activities. In the capital market, investors speculate on the dividend policy, and the speculation is based on the influencing factors, thus these influencing factors can influence the company value via stock prices. Because of the imperfect capital market and the unreasonable dividend allocating policy, the researches concerning the dividend policy of China's Ltd. Company are of importance. And the dividend policy, profit ability and development opportunities are closely related with the industries. So dividend-payout-ratio may vary in different industries. Furthermore, there is a practical problem worth of attention that whether dividend policy theory is of catholicity among industries, or, whether of the same guidance.We should not neglect the industrial differences of distributing policy. Thus the paper adopted new data and research methods to examine the potential influencing factors an and the industrial differences of dividend-payout-ratio.Because of the relativity between dividend policy and the stock price fluctuations, the dividend policy is very important in the financing activities. But it can be concluded from the literature that, choosing sample according to certain principles, the existing regressive analysis are based on Cross-Sectional Data. Such research methods did not take into count the influence of industrial difference and other time-series data. Different from the existing papers, the paper adopted new data and research methods. First, in order to confirm the influencing factors in every specific period, the paper divided the data into three parts according to the macro-economic policy, and then made a cross-section regression analysis of every period's data. Then, in view of the shortcomings of cross-section data, the paper used the panel data to do the same work. In addition, the paper used Wilcoxon signed-rank test to confirm the influence of the macro-economic policy.Using data of 2001-2003 periods, the existing literature only analyzed the industrial differences of cash dividend, but the paper has extended the research object and the periods. The paper divided the data into three parts according to the Macroeconomic policy, and then used Kruskal—Wallis test to analyze whether the industrial differences are obvious. If the industrial differences are obvious, the paper continued to compare each pair data and analyze whether the differences are ubiquitous.On the basis of putting forward the background, the way of thinking and innovation points and reviewing the theories of dividend policy, the paper used industrial data to make an empirical analysis of the dividend policy's influencing factors and the industrial differences of dividend-payout-ratio. The findings are as follows: (1) the Macroeconomic policies have not influenced the companies' cash dividend, but they did influence the stock dividend, and share transfer policy is only influenced by the Macro-policy of taxing on the stock dividend. (2) the cash dividend and the stock dividend are mainly influenced by the companies' profit ability, and share transfer is mainly influenced by the cash ability. (3)the different forms of dividend allotment are of certain mutual replacement. (4) the industrial differences of dividend allotment are not of catholicity. The findings supply managers with correlative foundation for them to decide on dividend policy and investors to decide on investment.