Factors Of Cash Dividend Policy Implications

Dividend distribution is one of the enterprise’s financial activity, become theconcerns of the Chinese and foreign scholars in recent years. Dividend policy is akind of management activities, through this kind of management activities, on the onehand, can be allocated to the investors in the current profits of listed companies andinvestors to transfer information for the development of the company, on the otherhand, investors can get a reasonable return on investment from listed companies,investors continued investment enthusiasm and confidence.Has its own characteristics: small and medium-sized board listed early small,equity is small, high growth, not of large-cap not worry, the size of the so-calleddividend shares likely, rose quickly. In October2009, listed on the gem, themainboard has been formed in our stock market, small and medium-sized board andgem troika common development of capital market framework.Plate, small and medium enterprises since2004plate, let people feel shine at themoment is one of the characteristics of the high returns, many small andmedium-sized board listed company has successively introduced high sends turn andhigh cash dividend distribution policy. As of April2013, the number of small andmedium-sized boards of listed companies has reached704, total market capitalizationof2.87trillion, accounting for13.24%of the total market value of the secondarymarket. Visible, the small and medium-sized plate in China’s securities market has apivotal position. Small and medium-sized board how to further improve theirdividend policies, to gain greater development in the capital market, how to providereference for the development of the gem of ripe experience, and this, in turn, cancontribute to the main board market and the capital market of the construction of theconstantly improve, is worth a whole new field of research.This article first systematically the research results of Chinese and foreignscholars about dividend policy and generalizes the related literature, and expounds the several common dividend policy. In combination with the characteristics of the smalland medium-sized board itself, systematically analyzes the small and medium-sizedplate of internal and external causes high cash dividend policy. Through the empiricalanalysis listed in2008after71home small plate business five years of cash dividendlevel, it is concluded that earnings per share, asset-liability ratio, operating cash flowsper share, total equity logarithm, net profit growth rate, current asset turnover ratio isthe main factor affecting the small and medium-sized plate cash dividend.Through the empirical analysis, and combining with the characteristics of smalland medium-sized plate, this paper puts forward to perfect relevant laws andregulations, strengthen the regulatory penalties, improve enterprise core competitivepower, optimization of capital structure, cultivating rational investors such as policyrecommendations. The study limitations and future research prospects are put forward...