A Irrational Research On Phenomena Of Dividend Of Listed Companies In China

"Dividend Puzzle" has been a focus of the theoretical and practical circles, a classic topic ofFinancial Studies and one of the Ten Unresolved Financial Problems for more than half a century.Since Lintner model,Miller and Modigliani proposed Dividend irrelevance theory in the premise ofa perfect and efficient capital market （referred to as the MM dividend irrelevance theory）, laterscholars eased restrictions on the assumptions of the theory, not only proposed Behavioral school,Tax difference theory, Agency cost theory, Life-cycle theory, but also found a lot of factors thataffect corporate dividend policy, such as company size, current yield and cash flow, growthcharacteristics and stability of earnings and cash flow, institutional ownership ratio, financialleverage, equity structure, legal environment, product market competition and so on. Owing to this,it is necessary for us to observe and study the dividend policy of Chinese listed companies fromdifferent angles so as to explore the hidden factors of the policy.The article take several steps on the study of dividend distribution, the first is to make a simpledefinition of dividend and some related concepts,then introduce the forms of dividend distributionin China, and briefly discusses the theory of dividend distribution. It also make some simple butprofound summary on the unreasonable phenomenons of Dividend status of China’s listedcompanies and market background and analyzed the influencing factors combined with empirical,and finally, this paper presents recommendations on the optimization of dividend behavior policy ofChina’s listed companies.