Study On Influence Factors Of Cash Dividends In Chinese Listed Companies

As one of the three key foundations in modern financial management, dividend policy is the extended of financing policies and investment decision. Since the middle of and late 1990s experts of related areas have been dedicated to these studies,'the mystery of dividend' has long been paid attention to by both theory circle and practice circle.After ten years of development China's capital market passed through the western developed countries to spend a hundred years journey. But compared to more developed capital markets, the dominance in ownership structure, inadequate laws and regulations and immature philosophy of investors'investment are also constraints for Chinese stock market to mature. Based on the fresh and transition characteristic of China's capital market, the specificity of equity structure, administration structure and supervision system determine that we must use the fully-fledged dividend theory as a source of reference, and what really counts is to combine the realization of China's dividend policy.This dissertation finds the following characteristics in the A-share listed company's cash dividend distribution through the analysis of financial data from 2000 to 2009 in China, Various forms of dividend distribution, Non distribution of the phenomenon, Some companies cash dividend are abnormal, High percentage of bonus shares, Distribution programs are affected largely by the policy. To illustrate the problem to be studied, this paper combines the actual situation of China's capital market with the results of previous studies, investigating the factors of our cash dividend policy in the view of theoretical and empirical points in depth. I find the level of cash dividends policy is significantly and positively correlated with the company's profitability, cash dividends Last year, cash flow from operating activities per share, proportion of the largest shareholder, Company's share capital and the sentiment of Investor, meanwhile, is almost unrelated with the Asset-liability ratio.This article brings the investor sentiment in the model, trying to study the investors how to impact of the cash dividend policy, in order to make the contribution to the diversification in dividend theory. This paper is divided into five parts.The first chapter discusses the research background and significance, reviews the findings from financial Characteristics, ownership structure and other factors that affect factors in cash dividends on domestic and international, raises the innovation and the lack of this paper.The second chapter describes the main theories of cash dividends, concludes their overall characteristics by analyze the distribution of dividends in listed companies from 2000 to 2009.Then, this paper analyzes how the factors impact on the cash dividend policy.The third chapter makes the empirical research design on the basis of the theoretical analysis, including the assumptions, model construction and sample selection.The forth chapter is the part of the empirical research, analyzes the relevance between cash dividend policy and various factors through using SPSS 17.0 software, combining with descriptive statistics and correlation test. Regression results show that the company's profitability, cash dividends of the previous year, cash flow from operating activities per share, proportion of the largest shareholder, company size and investors' sentiment pass through the empirical test, while asset-liability ratio does not pass through the empirical test.The fifth chapter summarizes the conclusion of this study, analyses the empirical results, proposes the countermeasures and suggestions combining the actual situation of our country in order to improve the cash dividend policy in the listed companies.