Research On The Influential Factors Of Listed Companies Cash Dividend Policy In China

Ever since the appearing of the MM theory of dividend irrelevance, theorists from theoretical circle began to pose doubts on the relationship between dividend policy and company value. Things following are the emergence of clientele effect theory, the tax differential theory, signaling theory, agency cost theory one after another. What’s more, these theories fail to stay in coordination, and sometimes there were conflicts; therefore, people haven’t reached an agreement on the relationship between dividend policy and company value.The author mainly resorts to the way of combination of standard accounting and positive accounting research to study the factors that have impacts on the dividend policy of the running cooperation. For the theoretical analysis, I made a detailed statement on the dividend’s delivery, agency theory and the research of domestic and foreign. Through the revision of "Bird in Hand""Agency Theory", I made a further research. For the proof analysis, I made a suppose from the aspects of company’s scale, profitability and solvency. We finally chose to take the4676samples in Shanghai and Shenzhen in2007to2010, after excluding the Financial listed companies, small board and GEM listed companies, missing data or unusual listed companies. After the study of these samples, we examined the Person, KMO and Bartlett sphericity test. After ensuring this research goes with factor analysis, we selected the factors. In order to meet the need of80percent, we made the number of the factors into6. We also named the factors like:factor "Company’s scale", factor "Profitability" and so on according to their compositions and the results brought by revolving. Finally, we return the factors into Logistic and Diversity. Through the analysis of the results of the returned factors and the test of our suppose mention previously, we reach the result of listed company’s cash dividend will and issuance of the level of empirical research. In order to have a further research on the running company’s dividend level, we structured the BP neural network. We can see from the experiment that this network could predict the state of the running company’s dividend. Lastly, I made a conclusion of the research and suggested the ways to study the cash dividend policy on the foundation of the theatrical and empirical research.