Dividend Policy Of Listed Companies Based On The Enterprise Life Cycle Theory

Dividend policy plays a vital role in the company, the reasonableness of futurelong-term development related to the company, the shareholders return on investmentrequirements and capital structure. A crucial and difficult question for modern enterprisemanagers is concerned therefore, had to face is that the internal revenue will be in theform of dividend income distributed to shareholders or to provide financial support forfuture reinvestment and survived.Because of China’s stock market is not mature enough and perfect, there are someloopholes in the formulation and monitoring of the legal system, in terms of dividenddistribution reflects the larger blindness and randomness. Factors dividend policy arevery complicated, this article attempts perspective on corporate life cycle theory, todemonstrate China’s listed companies dividend policy. Research is to explore thebehavior of listed companies whether dividend policy life cycle characteristics.Research methods include literature, specification combines research and empiricalresearch methods.The first chapter of the paper is an introduction, including articles in thebackground, research contents and methods and the main structure and the contribution.The second chapter is a review of the literature at home and abroad, according to thecollected information on various aspects of the theory to study the dividend policy andcorporate life cycle theory. The third chapter is the dividend policy and the theoreticalbasis of the relationship between corporate life cycle framework. Under the guidance ofthe theoretical foundation and research ideas and establish a theoretical framework, thefoundation for the empirical analysis of the text. The fourth chapter assumptions madefor the empirical research. The fifth chapter is the final conclusion and prospect and advise of the paper. This paper conducted in-depth analysis of research findings andoutlook, made a series of innovative research ideas and policy recommendations, to laya little foundation for future research in this field.