Research On The Influential Factors Of Cash Dividends Policy For Listed Corporations In China

Dividend policy is one of the three major concerns in modern corporation financial management. Proper dividend policy could be helpful to establish a favorable company image, encourage the investors' enthusiasm for the constant investment and build solid base for the extended and stable development of company. So studies on this subject will have deep and far construction both in theory and reality.At first, this dissertation reviews the predecessors study about dividends policy. Combined with data of stock market in our country, I summarize the characteristics and problems in dividends policy. Then according to the dividends theory, I analyze the factors that affect cash dividends policy and bring up empirical hypothesis.In empirical study, I select 3 contrast samples, before dual-rights reform, during dual-rights reform and after dual-rights reform. Using correlation analysis, factor analysis and regression analysis, I find some differences of influential factors between the 3 samples, and then confer the influence of dual-rights reform. This is the innovation of my paper. The results show that the profit-making ability, pay-debt ability, cash flow, last year dividends, company size, stock dividends and share structure have noticeable affection on cash dividends: company growth, risk and governance policy have some effect on cash dividends but not noticeable. After comparing the empirical result of the samples before dual-rights reform, I find that there are some obvious differences between them, mainly representing in share structure and cash flow. After dual-rights reform, the listed corporations become more reasonable in making dividends policy. The dual-rights reform is fruitful.At last, based on the theory analysis and empirical test, I bring up some suggestions to standard the dividends policy.