An Empirical Analysis On Influential Factors Of Listed Companies' Cash Dividend Policy In China

On the influential factors of listed companies' cash dividend policy, western scholars after 40 years' research have been some successes, but still not a perfect theory may explain causes of dividend policy, which scholars call "the Mystery of Dividends". Domestic scholars of studying the problem are still in full swing. However, in China's capital market with the dual characteristics of emerging and transition, cash dividend policy has demonstrated distinct from the mature markets, "Chinese Characteristics". Therefore, research should not copy the western results, should be based on our national conditions, identify and explain problems through objective and rigorous empirical analysis.Because of that, this article firstly summarizes the western theories on cash dividend policy. Then it statistically describes status of listed companies' cash dividend policy in China, finding its main features as follows: the positive "U" shape of proportion distribution of companies which pay dividends, low level and lack of continuity, payment of cash dividends exceeding capacity or afer financing and so on. Based on the existing theories and our conditions, from management structure perspective, this paper theoretically analysizes the motive of cash dividend policy firstly; puts forward the assumptions and then builds model with the two-step method of "factor analysis - regression analysis" to test. The results reveals: The level of cash dividends paid is ignificantly and positively correlated with equity concentration, capability of gaining profit, management remuneration, institutional investor share-holding, asset size and paid level of last year; The level of cash dividends paid is ignificantly and negatively correlated with funds appropriated degrees, proportion of circulating stock and ratio of asset and liabilities. Finally, according to empirical findings, it proposes practical policy recommendations for new ideas of regulating listed companies' cash dividend distribution.