Study On Influencing Factors Of China’s Private Listing Corporation Cash Dividend

With the birth of the joint-stock company, dividend policy has become the focus of company stakeholders. As one of the three major elements of financial policy, dividend policy is not only the game between all the stockholders, but also the key to balance the company’s own development requirements and the legal provisions of the state. Reasonable dividend policy not only can help enterprises to establish a good image, attract the investors’continuously investment, also can enable company to gain greater policy support in the national macro-economic environment, promote the long-term stable development. The specific implementation form of dividend policy is to assign reasonable between the limited profit after tax and shareholder returns, which makes the question that how to balance the interests of the business related became an inevitable question. And the cash dividend is the main method of dividend distribution, it has an important significance for the study of dividend policy.China’s stock market established in the early ninety’s of the last century and developed rapidly, In a short span of20years, China’s stock market experienced much equal to nearly hundred years of history of the stock market in the west. With the huge success, we should see soberly that our stock market also has the very big disparity compared with the western mature stock market. Although the state has introduced a number of measures on the dividend distribution, especially for the cash dividend policy, but due to the reality of China’s national conditions and enterprise development condition, the development of China’s listing Corporation dividend policy still exist many problems. Private listing Corporation as an important component of China’s market economy, due to a late start, the overall development is not mature, many problems still exist in corporate governance, capital operation and profit distribution. Due to China’s unique market environment, research on private listing Corporation cash dividend is particularly important.Firstly, based on theory of dividend policy and research review about dividend, this paper will count China’s private listing Corporation as the object of study, analysis the statistics from2003to2011of China’s private listing Corporation cash dividend distribution, analysis the status of private listing Corporation’s cash dividend.Secondly, using the2009to2011private listing Corporation as a sample, logistic regression and multiple linear regression as the analytic technique, to study the influence factors of cash dividend payment of private listing Corporation. The empirical results show that earnings per share, operating cash flow per share by, the growth rate of business income, the proportion of the first shareholder, company size and asset-liability ratio has significant effect on the payment of cash dividends policy. The growth rate of business income and asset-liability ratio is significant negative influence. Earnings per share, return on net assets per share, operating cash flow, the growth rate of business income, the proportion of the first shareholder and the rate of assets and liabilities rate have a significant impact on the cash dividends level of private listing Corporation to pay, The rate of return on net assets, operating income growth rate and the rate of assets and liabilities is significant negative influence. The empirical results are consistent with the hypothesis.Finally, based on the theoretical analysis and empirical conclusion of this paper put forward the corresponding suggestion.