Listed Company's Cash Dividend And Empirical Analysis On Influencing Factor

The dividend has been the topic which the academic circle pays attention since its birth. A large number of literatures about the European and American Corporation dividend policy which constructed above the Lintner model indicated that nearly all companies have established the long-range objective payment rate. The dividend change is as a result of the non-anticipated corporate income change or the cash flow change. In short-term, if the income or the cash flow will return to the beforehand level, then the dividend change may avoid, this is because the manager is not willing to change company's dividend frequently. Then, whether listed companies in our country have established the long-range objective payment rate? If so, what the level of this long-term payment rate is? This payment rate is taking what kind of target as a foundation? Toward this goal, how do listed companies make the adjustment? Whether there are any differences between various professions? The paper uses the description statistics and the econometrics modeling method to analyze the above questions.Paper including the below five partial:1st, first reviewed the present mainstream dividend theory as well as the progress in studying the dividend policy at both west and east, emphatically combed cash dividends' influencing factor, the signal transmission theory and the agent cost theory's scholarly research achievement, which established the theory support for this article research.2nd, carried on the theoretical analysis to the question which to be studied, simultaneously had determined the model which would be used in the paper as well as the estimate and inspection procedure;3rd, has carried on the description statistical analysis to listed company's dividend policy's present situation. Discovered that listed companies in our country has a series of problems in cash dividends' assignment:the proportion that listed company is willing to assign the cash dividends is low; The.level of Cash dividends is low, the continuity is bad; the situation of exceptionally cash dividends sends is serious. The primary cause to these problems lies in:First, macroscopic environment result to it; Second, the unique stockholder's equity structure; Third, listed company's dividend policy is sensitive to the supervisory department's macroscopic policy.4th, uses the econometrics to carry on the empirical analysis to our country listed company's dividend policy, drawing the following conclusion:Our country listed company has established the goal dividend payment rate, this payment rate take EPS as the foundation, the company will make adjustment to the dividend policy to adapt the goal payment rate. Based on this, discovered that different countries have certain difference in the cash dividends payment's question, and analyzed the reasons:First, because of the tax policy difference; Second, because of the management structure difference; Third, because of the legal environment difference. At the last part of this chapter has discussed the different phenomenon between different professions in depth.5th, proposed rationalization proposal to construct good and health dividend policy in our country. In a reasonable external environment situation, the principle to formulate the dividend policy for listed companies is:Take the company value maximization as the goal, determines company's dividend policy through weighs shareholder's short-term benefit and the long-term benefits. Securities Supervisory Association should also make the positive endeavor, builds a better external environment, strengthens the restriction to protect investor's benefit from law.