An Empirical Study Of The Influential Factors On The Dividend Policy In Chinese Listed Companies

Since the MM theory appears, many scholars began to study the dividend policy. Bonus mystery as one of behavioral finance mysteries has been studied by a variety of literatures. However, research on dividend policy is still inconclusive since now. As the maturity of the stock market, regulatory law and investors of each country are different, dividend policies are differ greatly, and a variety of classical theory can not fully explain the different markets of dividend policy. China’s stock market since its founding in 1990, has experienced a process of reforming and improving for 20 years, but up to now, China’s stock market’s dividend policy is not in a perfect state, especially the split share structure makes our country’s stock market and dividend policy have a strong specificity relative to developed countries, therefore, we selected on the dividend policy of listed companies in China to study, hoping to get some conclusions through data analysis of listed companies for the development of dividend policies of listed companies and regulators to develop regulatory measures to provide advice.To better understand the dividend policy, during this study of dividend policy in China, I summarize the relevant theories of dividend policy first, as a theoretical foundation for dividend policy evidence later, the theoretical part consists of two components:an overview of the knowledge of dividend policy, dynamic Dividend Policy at home and abroad.. Knowledge in the dividend policy outlined in a brief introduction to the concept and species of dividend, the concept,types and impact factors of dividend policy; About dynamic Dividend Policy at home and abroad, I introduce from abroad and domestic, as more mature research trends abroad, this paper focuses on explained the dynamics of foreign research. Foreign research, include classical dividend policy of theory and dynamic, and Behavioral Finance Dividend Policy of Theory and dynamic. In the overview of the dividend policy theory, I introduce the classic and behavioral finance of dividend policy theory, specifically including MM theory, the dividend on the remaining, "Clientele Effect" theory, tax theory, one bird in hand theory, the dividend signaling theory, agency cost theory, regret aversion theory, self-control theory, mental accounting theory and rational expectation theory; During the research dynamics of dividend policy, I simply divide into foreign and domestic. After a overview of dividend policy theory, this paper into the empirical analysis, for which consists of two parts, the first part is the statistical description of analysis, through which we can understand the development context of dividend policy since the stock market has been established, and this part of the analysis from four perspectives:whether the companies distribution of dividends, distribution of which dividends, dividend payout ratio, dividend payment continuity; the second part is the empirical analysis of econometric model, this part is also divided into four areas, including whether the companies distribution of dividends using logistic model, distribution of which dividends using a diverse selection of scheduling model, dividend payout ratio using a multiple linear regression model, dividend payment continuity using a lagged variable model. After the analysis, we get the general influential elements of dividend policy and affection degree of each factors impact on the dividend policy. The last part is a brief summary of the article, and found corresponding problem of dividend policy based on the conclusions in the listed companies in China, and make recommendations accordingly.