China Travel Corporate Dividend Policy And The Future Results Of Operations Of The Relationship Between Empirical Research

The relationship between the dividend policy and the future operational performance of the listed tourism companies in China is worthy of study for its great thoretical and practical value. With the continuous growth of China tourism industry, the number of tourism listed companies is also increasing rapidly.From the dividend policy of three financial policies, discuss the impact of operating performance to improve the existing dividend policy, and raise the company's operating performance, all of these have great significance.This article, from an empirical perspective, which discusses the relationships between the dividend policy and the future operating results of the tourism listed company. After summarizing the research of relevant empirical literature and the theory of dividend policy and business performance domestic and abroad, first analysis the status quo of dividend policy and operations in tourism listed companies, and then based on western theories in the signaling and agency cost, proposed three hypothetical propositions. Namely, the company which had regular distribution always operating better than not; Cash dividends and stock dividends and the company's future operating results directly proportional; capital reserve capitalization and future operating results the uncertainty proportion. and then, select the samples of 18 tourism companies before 2004, use ROE and EPS to reflect companies operations,and use CD per share and dividends per share and earnings per share to reflect the dividend distribution of listed companies. And then build and fit a regression model for statistical analysis to analysis the relationships between company's dividend policy and operation results among 2004-2008.and then verification the results. Based on the results of the hypothetical proposition is verified. The results show that:more frequent distribution of dividends tourism companies perform better in the next year; CD has a positive correlation with ROE,EPS in next year, but it could not be verified of SD because too small sample size; travel listed companies to distribute cash dividends and the following year's return on equity, earnings per share showed a positive correlation between the stock dividend because the sample size too small and could not be verified; capital reserve capitalization and future operating have uncertainty proportion. Finally, propose some relevant policy recommendations to the managers.