| The dividend policy is one of the listed company’s three most important financial decisions, it is not only a direct impact on the long-term and stable development of the listed companies, but also directly affect the interests of investors. In foreign-developed capital markets, cash dividends of listed companies is the most common, and also is normal decision-making behavior of company operating and management processThe cash dividend policy of listed companies is the strategy of the rational allocation of the company’s net profit between the shareholder and the company retention, the company’s future development, investment and trade-offs between the financing plan and capital structure. Therefore, the cash dividend policy is a difficult problem to solve in the financial management of listed companies.At the same time, China’s securities market, compared with foreign-developed capital markets, is not ripe and standardized yet. Therefore, the distribution of cash dividends in the listed companies is very randomness, the Lack of continuity and stability. This makes the study of the cash dividend policy and influencing factors of Chinese listed companies very significantly.The overall structure of the thesis is divided into five parts:Introduction. Introduces the research background and significance of this article, relevant literature review, research method and research content. The first chapter, the cash dividend policy theory. This chapter begins by a simple introduction to the concept and content of the cash dividend policy, followed by a systematic exposition of traditional and modern dividends theories.Chapter Ⅱ.Theoretical analysis of the influencing factors of the cash dividend policy of listed companies in China. This chapter begins by using statistical analysis of the basic situation of cash dividend in the listed companies in China2000-2010, and Then from the company’s internal and external factors, as well as of shareholders own point of view carried out the theoretical analysis.Chapter Ⅲ. Empirical Analysis of Cash dividends of listed companies in China. From a sample of1303China’s A-share listed companies2008-2010carried out the empirical analysis of payment of cash dividends per share as the dependent variable, ownership concentration, asset liquidity, capital structure, profitability and cash dividend policy continuity, cash flow, ability to grow the size of the company as independent variables influencing factors of the cash dividend policy,.The fourth chapter, study conclusions and recommendations. Summarize the Whole Article and put forward the related suggestions. |
