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

Since Fischer and Black put forward the famous theory of"Dividend puzzle" in 1976, it has been a hot academic topic for a long time.As China's capital markets improving,the stock has been getting closer and closer into the lives of ordinary people,dividend policy accordingly become a major focus of concern.Investors are more and more concerned about the sustainable development of the companies,Whether there is a long-term investment value.They hope more earnings by having a good dividend policy .It is the nature of cash dividend to be the profit distribution between investors and corporate, and profits are the enterprise foundation and starting point for redistribution. Although the relationship between dividends and earnings has been a financial concern for a long time , but the literature related to the past results of operations of enterprises and corporate cash dividend policy has been little studied. The research on cash dividend policy in China shows: the operating results and cash dividend policy has a delicate relationship.Through theoretical analysis and empirical test, we conclude: Listed companies to change their cash dividend policies are not based on the company's operating results, the company's past earnings, cash flow level and the company's growth opportunities to our listed cash dividend policy formulation have no significant effect. However, significant changes in the cash dividend policy between the company's annual earnings based on changes in that, when the company's earnings increase, the company will consider increasing the cash dividend payment.