A Study Of Effective Factors On The Cash Dividend Policy

Since 1956, Lintner's, the scholar of US, had started the prelude of theoretical research on dividend theory, many foreign scholars implemented deep and detailed study on it from different angles and achieved certain results. However, because the dividend policy, especially the cash Dividend policy's making was influenced by many other factors such as the shareholding structure, laws and regulations, macroeconomic, financial situation, market reaction, the study is still in a state of a riddle which can hardly be solved for the sake of great difficultyIn recent years, Chinese scholars also made the relevant study to the listed companies in China on cash dividend policy on the basis of drawing on foreign theory, however, in China's securities markets which was provided with the dual characteristics of emerging and transition, the cash dividend policy demonstrated "Chinese characteristics" which are different from the mature markets. Therefore, the relevant research should be based on national conditions of China at the present stage, through the objective and rigorous empirical analysis to study.Whether the distribution of cash dividends of listed companies in China was to make reward to the investors or to transfer benefits to the large shareholders? Which factors influenced the listed company's cash dividend policy? For this reason, the writer undertook a comprehensive analysis in this thesis.Firstly, in order to understand the present studies statement in this field, a research review both in china and abroad present was generalized and the relevant theories on stock interest was summarized. Then by analyzing the present condition of Chinese policy on cash stock interest, the writer concluded the following main features: the cash stock interest policy is related to the macro environment; the phenomena of non-allocation of cash stock interest and mini-allocation are common existed; the rate of cash stock interest payment is high while the income rate of stock interest is low; the policy of cash stock interest is unstable as well as the allocation performance is based on big stock holders'interest transportation. Following based on the theory and analysis of the present situation in terms of the finance of the corporation coming into the market, the management and historical allocation situation, the writer carried out theoretical analysis and proposed hypothesis, applied the statistics of constructive model by using factors analysis method and Least-squares method to undertake demonstration analysis. The result indicates the level of cash stock payment is positively related to the corporation's capacity of debts repayment, profit gain and cash allocation as well as the intensity of first big stockholders and the previous payment level of cash stock interest. However, it is negatively related to the debts proportion of capital structure, grow up ability, proportion of circulating stock and the stock holders'counterbalancing ability. Finally, the writer propose some suggestion in the aspects of the internal finance management and regulation structure and relevant rules construction of corporation according to the conclusion drawn from this thesis.