Empirical Studies Of The Different Growth Of Listed Companies Cash Flows And Cash Dividends

The dividend policy is always the focus field which specialist in fiance field devoted themselves to. Many scholars have studied the list company' s dividend policy in our country and have got a lot of suited conclusion. But the current study seldom research the dividend policy of the list company from the perspective of growth.The thesis hold the view that the list company in the growth phrase will pay more cash dividend to the stockholder than the list company not in the growth phrase under our certain capital envirment. The reason lies in the fact that the list company in the growth phrases will pay more attention to the consideration of maintaining good reputation, making full use of fiance lever and the long run development. As to the list company not in the growth phrase, they will be inclined to pay less cash dividend to the storckholders because of the faultiness of storckholder-protect legal system and the inconvenient for extended minor storckholder to restrict the inside controllers' immoral behavior effectively.In order to check the effect on relationship between cash flow and dividend brought by the different growth phrase the thesis suppose that the growth phrase cannot effect the correlation between cash flow and dividend of the list company greatly.In order to validate the view put forward above, the thesis chooses 745 list companise of 11 industries such as electrommunication, spinning industry, chemistry, construction etc. as study sample. After eliminate the illsuited data, the final sample is 411 list companies.By improving the basic growth-evaluating model put forward by Wang Hongwei the thesis sorts all the samples as 2 groups. The improved model resolves the calculation of increasing rate when the index is negative. It goes without saying that the result will be more credit and exact. Although there is no accepted criterion in distinguish growth phrase, the thesis realize the classification using distance discriminance.With the methods of circumscription estimate and hypothesis test, The thesis investigates the effect on cash dividend per stock and dividend paid rate brought by the growth phrase of the list company. The demonstration proves that the hypothesis is correct.By study the effect on the relativity between cash flow and dividend brought by the growth phrase of the list company, we find that the relativity between cash flow and dividend of all the list company is not so correlation. And we also prove that the growth phrase cannot effect the relativity coefficients between cash flow and dividend greatly.