Cash Dividend Policy Research Of Listed Companies In China Based On Panel Data

The ultimate financial allocation of the listed companies directly related to the maximization of the value of the company. Dividend policy development as an important link in the distribution of financial urgent need to attach great importance to the company’s management and financial scholars. Since American financial analyst Miller and economist Modigliani published paper in1961named’Dividend Policy, Growth, and the Valuation of Shares’, western financial scholars to "MM dividend irrelevance theory "as the representative of the classical dividend theory expansion proposed such as tax differential theory, signaling theory, followers effect theory, behavioral theory. Scholars in China followed them and obtained certain achievement on the basis of Chinese situation since1990s as the special capital market structure and regulatory system in China. Most studies have focused on the market effect of the dividend policy of listed companies, and mainly normative analysis, few empirical studies. What factors determine whether a listed company for distribution of dividends as well as to determine the allocation level factors on the statistical methods used are relatively simple, the results obtained are not quite the same.The article analyzed the dividend distribution of Chinese listed companies, then we found that the dividend policy of listed companies in China has the following characteristics mainly:The dividend distribution companies accounted for a small proportion of all listed companies; the characteristics of the industry is obvious; cash dividend rate of return is very small etc. For the first section, we use the panel probit model, and for the section we use the fixed-effect model. We analyzed using Stata and built two models to verify the results. Finally, we found that Corporate profitability, asset-liability ratio, firm size, and the largest shareholder stake are the factors that affect the company’s cash dividends; Earnings per share, per share net assets, return on equity, current ratio, total asset turnover, the share of retained earnings, asset-liability ratio, total operating revenue year-on-year growth rate, the proportion of the outstanding shares, as well as the largest shareholder stake the main factors that affect the dividend payment.As compared with the previous studies of the literature of the dividend polic the biggest innovation of this paper is the use of panel data analysis. We know th the surface of this data has many advantages compared to the cross-sectional dat Statistics based on the dividend policy of listed companies in China for nearly tw decades, a changing constantly adjust the dynamic process, and study the divider policy of the variables that may exist between collinearity solve these problem Consider using the panel data, the results obtained are also more credible. Tr inadequacies of this article is:select data time span is shorter, only consider th distribution of dividends of listed companies tradable share reform; only considere the cash dividend, neglected the stock dividends and others.