Research On Influencing Factors Of Cash Dividend Of Chinese Private Listed Companies

As China's economy and the private economy developing fleetly in China, private listed companies have increasingly listed out. Private listed companies become newly emerging force of the securities market. Because they have strong profitability and capital value-added, they play an important part in the economic development. At the same time in recent years the China Securities Regulatory Commission pays more attention to the cash dividend of listed companies and promulgates a series of related provisions. In the meanwhile, cash dividend which is the main dividend form in mature market of the west exerts important effects on the development of listed companies. Under the nonstandard cash dividend distribution in China, it is necessary to study the activity of cash dividend of private listed companies.This article chooses cash dividend of private listed companies as our investigation object. The research probes into the influencing factors form outside and inside angle. With the empirical analysis of correlation analysis and factor analysis, we find factors which influence the cash dividend. Comparing with the research in mature market of the west, we find the nonstandard cash dividend distribution and reasons that causes this kind of phenomenon. In the analysis from outside angle, our research goes from legal system, the degree of mature in capital market, the character of private listed company and changes of new accounting standards.According to my research, some suggestions were made from both private listed companies and supervision department, for example,paying attention to improvement of their profit level, using cash dividend policy reasonable and effective, enhancing the investors' quality and erecting a regulated system of information exposure. I want these suggestions could benefit the development of private listed companies and finally impels the Chinese stock market health to have the foreword development.