The Study On Dividend Policy Of Chinese Listed Companies

Dividend policy of listed company is a key part in maximizing company value, and it is also an important way for investor to obtain investment repayment. Since American financial analyst Miller and economist Modigliani published paper in 1961 named"Dividend Policy, Growth , and the Valuation of Shares"in which the viewpoint have studied dividend policy from different standpoints with different methods and have put forward different theories, such as signaling theory and agency theory . Scholar of China studied from them and obtained certain achievement on the basis of Chinese situation since 1990s.The research will start from the dividend allocation characteristics of listed companies in China, through analyzing the statistical data related to the dividend from 2005 to 2007, using empirical analysis to find out the main influencing factors on Chinese listed companies'dividend allocation policy.Through the research, we get the conclusion that the profit rates, the main operating income growth, the proportion of flowed shares, and debt-to-asset ratio have apparently effect on the dividend allocation policy in Chinese listed companies.