| Dividend policy of listed companies is key part in maximizing company value, and it is also an important way for investor to obtain investment repayment. Dividend policy has long since been the hot topic of scholars, which is not only one of the most classic study field among modern financial theories, but also one of three "mysteries" in finance, enjoying the saying of "dividend mystery" in western academic community. Cash dividend policy is a reasonable allocation strategy that listed company distributes after-tax income between shareholders’income and profits on hand, which is the continuity of the listed company finance and investment. As far as cash dividend policy’s market effect and economy influence are concerned, cash dividend policy reflects a company’s management behavior and performance. Cash dividend policy arrangement is appropriate, not only can guarantee the company shareholder’s benefit, stable company’s stock price, also can make the company to maintain the good market image, provides the convenience for company’s service development and the fund collection, thus also becomes a tremendous influence factor which the company grows strong. In other words, cash dividend policy is a continuation of the financing and investing activities of listed company that has a significant impact on investors, securities market and listed company itself.In recent years, China Securities Regulatory Commission issued a series of requirements to standardize company’s cash dividend. However, Cash Dividend policy of listed companies in china has many non-standard problems. China Securities Market, there have many excellent small and medium-sized listed companies with a market value of exuberant vitality and high-growth, long-term investment value of a cause of concern. Therefore, in order to regulate their behavior of cash dividends, it is necessary to study the affecting factors of their cash dividends.Firstly, according to the relevant dividend theory, this paper compares and analyzes the status and influencing factors of cash dividends policy American and China stock markets. After the analysis of the affecting factors of small and medium-sized listed companies, this paper has comparison of influencing factors of small and medium-sized listed companies between the two countries. The external factors, empirical results, and other factors were compared.Secondly, based on analysis about the cost of capital theory, sustainable growth theory and dividend policy, this paper investigates the relationship that a company’s cash dividend payout ratio has with the cost of equity capital and the sustainable growth rate and builds an estimation model of predictable and sustainable payout rate(PSPORM). According to (PSPORM), respectively, the paper tests the sample of A-share small and medium-sized listed companies from2007to2011in Shanghai and Shenzhen Stock Exchange. The result finds that the rate of return on equity can’t compensate the cost of equity capital in many listed companies in most years. But the SPOR characteristics of the small and medium-sized listed companies in American Securities Market are consistent with the listed companies in many aspects.Thirdly, on this basis, the paper takes the cost of equity capital and the sustainable growth rate into account and improves the system of EVA in order to create company value according to the estimation of SPOR. Corresponding measures to be taken therefore were given to realize the continuous cash dividend of the small and medium-sized listed companies in China. At same time, it guide to them make cash dividend policy. Referring to the successful experience of cash dividend policy legislation in U.S., provide advice and protect the interests of shareholders.Finally, the paper summarizes research conclusion, enlightenment and the limitation of the paper, and puts forward the direction of further research and thinking. |
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