On Our Cash Dividend Distribution Policy Factors

This thesis is an empirical study about the factors which influence the decision of cashdividend policy in China. As we all know that stock dividend is listed company's rewards to itsinvestors. It's a signal of listed company's future to the stock market. Choosing a very dividendpolicy is important to listed company, because the policy can not only represent its good image, butalso but also pass confidence to the investors. And then, the company can raise more capital easilyto obtain a long-term and steady developing condition and opportunity.By using the western dividend theories and domestic interrelated articles for references, thisthesis analyses the cash dividend policy from a new standpoint--- based on the data of more than 60listed companies, which belong to two different industries. The result is interesting: the factorsinfluencing the dividend policy are different in two different industries, and behind it, differentstructure of owners' equity is the real reason.There are five parts in this thesis.Chapter one is an out line of the dividend policy. It reviews the representative views ofwestern main dividend theories.Chapter two describes and analyses the actual situation, characteristics of formation ofdividend policy practiced by Chinese listed companies.Chapter three researches the cause of dividend policy by setting up a statistic model, based onthe data of more than 50 companies. Different influencing factors were found in different industries.Chapter four continues to find put the real factor that influence the decision of dividendpolicy.Chapter five provides a series of the distribution of dividends, and point out the shortcomingsin this article.