Research On Dividend Policy Of Financial Listed Company

The dividend is that the listed company distributes the after-tax income for shareholders, and reflects the behavior and business performances of the listed company. It also has important influence on the fluctuations of image and stock price of the listed company. Investors try to understand the prospects for the future development of the company through the dividend distribution policy, they are more concerned about the sustainable development of the companies and whether there is a long-term investment value. The company also hopes to convey good information through the dividend distribution policy. Managers want to make a reasonable dividend distribution policy to attract more investors.So dividend policy of listed company is a key part in maximizing company value, and it is also an important way for investor to obtain investment repayment. Since American financial analyst Miller and economist Modigliani published paper iri1961named Dividend Policy, Growth, and the Valuation of Shares’in which the view point have studied dividend policy from different standpoint with different methods and have put forward different theories, such as signaling theory and agency theory. Scholar of China studied from them and obtained certain achievement on the basis of Chinese situation since1990s.From the industry point of view, the purpose and significance of this study is to analyze the impact of dividend distribution policy factors, to identify the factors that affect the dividend distribution policy and the corresponding countermeasures. This paper combines the theoretical analysis with the empirical studies:make a research into the status quo and influencing factors of dividend policy of Financial listed companies. First section makes a statistic description to the actuality of dividend distribution in listed companies of China, to analyses the characteristics of dividend policy over the past twenty years and to provide a realistic basis for the following empirical research. The statistical analysis indicates the following several characteristics of dividend policy in listed companies of China:dividend distributions are various informs and cash dividend accounts for the dominant position, the phenomenon of non-distribution are very common, divided policy fluctuates greatly, lack of continuity and stability. Then, the paper makes a statistical description, focusing on the status quo of dividend distribution of financial listed companies. By collecting the information of dividend distribution of financial listed companies over years, the statistics showed that the dividend distribution of financial listed companies in China have the following characteristics:first dividend distribution company occupies a higher proportion; second cash dividend is a dividend distribution of the main form; third dividend distribution policy is stable; forth cash dividend payment levels increases year by year.This paper selects the2008-2010financial listed companies as a sample. By selecting the corresponding indicators that can reflect the characteristics of the financial industry from the listed company’s profitability, solvency, company size, growth capacity, and ownership structure, the author establishes a multiple linear regression model. First the study tests the multicollinearity among the independent variables using SPSS software, found multicollinearity between independent variables does not exist. Then the variables are forced regression, after removing the variables which did not pass the test, concluded that influence factor model of the dividend policy of listed financial companies. The final results show that the cash dividend distribution of financial listed companies in China is obvious positive correlation with Return on Equity, Total Assets Turnover, Net assets per share and is negative correlation with the Tobin’s q value as well as Asset-liability ratio, and the Shareholding structure, company size, capital mobility has nothing.Finally, according to results of the study, put forward corresponding countermeasures and suggestions:first, improving the legal environment and regulating the behavior of the dividend distribution; second, financial listed companies should continue to maintain stability and continuity of cash dividends paid; third, these listed companies should optimize the equity structure for protecting the interests of minority shareholders; forth, taking measures to guide the listed companies to establish business objective of Shareholders Wealth Maximum.