Empirical Studies Of Dividend Policy Of Listed Companies In China's Industry Particularity

Dividend policy play a unique important role in corporate finance. The main theories of dividend policy are signaling theory , agency theory and shareholder conflicts theory; Linear regression analyses(for agency theory)and cumulative abnormal return(CAR,for signaling theory) are two main methods to application, most of study sample data come into all list companies in A-share market(some except bank-relative and ST companies). With variation of the capital market policy and dividend distrbution, the research conculusions are often different. Now the current view of dividend policy is based on the special ownership structure and corporate governance of the reformation results from state-owen-enterprise and the conculusions are quite differ form those in western . especially some empirical analyses show a opposite view to the supvervise department : the controlling shareholder have the incentive to transfer cash from the list companies, empirical results which data from entire list companies support the hypothesis . This paper suggest that it is an improper result if the sample data from a certain industry and conduct empirical analysis to prove it.Using method of regression analyses and selecting samples from textile companies that spans 6 years(from 1998 to 2003),four hypothsis are developed and several research models are established .We draw several conclusions: the distribution of dividend and the amount of total dividend are main determined by the currtent earning ,and then by net asset earning rate which also is significant. It proved that the matture dividend policy has not established in this industry; What's more, the phenomenon of transferring cash from list companies is not exsist in textile industry either.The major innovation of this paper are: First, there are characteristics of a certain industry either in the selection of dividend policy or in the relationship of corporate governance and cash dividend; Secondly , as a empirical result , it is better if the systematic view is involvved; Thirdly, the paper suggest the companies and the supvervise department make dividend decision according to the same investment earing rate .Arise from the results, the paper take several advice for the study method of...