Empirical Research On Relationship Between High-Listed Companies And The Growth

In the western world dividend policy was the most common,and the most important means of payment.The cash dividend had played an important role and could not be substituted by the other dividend payments.As a result,even the rate of cash dividend tax income was higher than the rate of capital cases tax income,foreign companies still distributed a lot of cash each year with the stability of the cash dividend policy.The cash dividend policy of China was different from the West.The cash dividend policy of listed companies in China had become more and more diversified.It had changed from a neglected,low proportion to high-camp stage today.The reason of change was the policy-oriented,also the company had to consider their own development.With the development of the Chinese stock market,the dividend policy of listed companies gradually had been sharp focused.This article started with the current widely concerned about the phenomenon of the high-camp emerging from cash dividend,combined with the current dividend policy trends in China.This article chose the listed companies as study samples from Shenzhen and Shanghai A-share market in 2006,which took place high-camp in the current allocation.At first this article used factor analysis to establish financial indicators system of the growth, to verify the relevance between the growth of listed companies and their financial indicators.Then through linear regression analysis to inspect the cash dividend policy of listed companies to aspect solvency,operating capacity,profitability and shareholder profitability,growth and the ability of costs control for the next year or not,and then verified the relevance between the listed companies of high-camp and the growth of the listed companies.It hoped to have a view to predict the future development of the situation with the adoption of high-current allocation in listed companies,and a meaningful reference for the securities regulators and the investors.The results of empirical research showed that:the cash dividend distribution policy of a listed company had a certain role in signal transduction for its performance in the future, was to send a significant impact on the long-term development of listed companies,that is, the high proportion of the existing allocation for the capital market is to transfer the signal of the company is to be good growth in the future.The potential relevance between the high-camp of listed companies and its growth is exist.