| As one of the Core contents of corporate finance, dividend policy had been obtaining scholars’attention of financial finance field. Dividend policy is a balance between in reinvest profits or returns to shareholders. It is linked to the current shareholders benefits and the long-term development of the enterprise. On one hand, dividend policy can reflect a company’s state of operation and performance, On the other hand, for the modern enterprise that, it is not only a simple profit distribution, and also a refinancing problem. So, to the managers of company, it needs to be in reasonable distribution.Listed enterprises less dividend distribution have been a long-standing phenomenon in our country, and the dividend policy formulation is great blindness and liberty. In2000, the CSRC issued relevant policies according to this phenomenon. From2001, the dividend of the listed companies is regarded as one of the factors determine whether they have the eligibility to refinance, which made many of the listed companies take strategic allocation measures pointing at this policy to obtain refinance qualifications and follow-up financing. After2001, the dividend payments to the number of the company and proportion substantially increased. The policy guidance that listed companies don’t share out bonus phenomenon gets a degree of change. But still have a large part of the listed companies choose not dividend distribution. So what is it led to the phenomenon of listed companies less dividend distribution in China is still a problems to be solved.In recent years, the western scholars began to use the enterprise life cycle theory to research the listed company’s dividend policy. The results indicate that the listed company’s dividend policy has the life cycle characteristics. The maturity enterprises are more likely to pay dividends, and dividend payment rate is higher. They observe a highly significant relation between the decision to pay dividends and the earned/contributed capital mix, controlling for profitability, growth, firm size, total equity, cash balances, and dividend history, a relation that also holds for dividend initiations and omissions. But these conclusions are based on the west mature markets, whether it is suitable for the actual situation in our country, is a problem to solve of this article.First, we reviewed the traditional dividend policy theory and the life cycle theory, and summarized the life cycle explanation of dividend policy. And then establish empirical model and put forward the research hypotheses. Using Stata and Spss as analysis tools, and verifies the result using descriptive statistics, Logit regression analysis and Tobit regression method in two aspects:the tendency of dividend distribution and the dividend payout level.The result of the validation shows that:(1) the influential factors which affect dividend policy show a significantly cyclic nature. Listed companies distribute dividends or not have strong and positive correlations with the size of the company, the profitability, whether dividends already distributed in the last year, and have negative correlation with growth ability.(2) the dividend payout level basically have cyclic nature. According to the result, only RE/TE and the size of the company have strong and positive correlations with dividend payout level; the profitability has negative correlation with the dividend payout level; the growth ability has negative correlation with dividend payout level but not significantly.According to the conclusion of the study, some proposals and suggestions are made to the listed company how to cash dividend policy. First, enterprises should consider enterprise’s life cycle stage when making dividend policy; Secondly, the CSRC should perfect policies about dividend, strengthen the dividend policy information disclosure supervision, in order to standardize the listed company’s dividend distribution behavior, and guide the listed company set up reasonable dividend policy. |
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