Research On Influenced Factors Of Listed Companies Cash Dividend Policy In China

In China securities business has founded and developed in short ten years, but it took nearly one hundred years for capitalism countries. When we affirm the achievement we achieved in security businesses, we should realize that compared with west developed market, there are still many problems in legislation, surveillance and regulation, such us cash dividend distributed irregularly unsteadily and discontinuously, lack cash dividends etc. These problems are disadvantages to our securities market development. It should depend on the research of the dividend policy theory to settle these problems. But compared with foreign expansion theories, our research is just at the rising phase. It demands more and more persons to devote into the research field. Cash dividends are important form of dividend policy, research on cash dividend policy has important significance. Since 2000, more and more companies have chosen cash as dividend, which has been the new phenomenon of stock market in China. It's also why I chose Research on Influenced Factors of Listed Companies Cash Dividend Policy in China as my master paper. I just hope it can be favorable for the development of China's dividend policy.The study includes six parts: the first part demonstrates the goal,meaning of the research,the present state of domestic and overseas study as well as the framework and methodology systematically. The next part reviews theoretical foundation of cash dividend policy, summarizing the connotation of dividend policy and cash dividend policy,western dividend theory. The two parts above are theory evidence supporting study for the influencing factors of cash dividend policy. The third part states foreign scholar's empirical study on the influencing factors of cash dividend policy, reviews the Joseph's dividend model and Barkley, Smith and Wa Tezi's dividend model. The fourth part describes the characteristics of cash dividend policy and the influenced factors of listed companies in China. Analyze the characteristics of cash dividend policy of listed companies in China from five aspects such as the stage characteristics of cash dividend policy. Analyze the influenced factors from three aspects such as external influencing factors,internal influenced factors,the will of shareholders. The fifth part is the empirical analysis on influenced factors of listed companies cash dividend policy in China. Analyze influenced factors of listed companies cash dividend policy in China by stepwise regression analysis. Through analysis can be drawn that influenced factors of listed companies cash dividend policy in China include net assets yield,operation cash flow per share,dividend payment rate,the rate of assets and liabilities,net assets per share,natural logarithm of general share capital,cash dividends per share last year. And put forward relevant proposals according to the conclusions of the study .The last part covers the summary of the study and prospects. This part is the summary of thesis, include the summary of the contents of the thesis and point out the innovation. And at the end of the thesis, author analyzes the limitations and comes up with the general direction for future research.