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Effects Of The Corporate Life Cycle Of Cash Dividends Of Listed Companies

Posted on:2015-02-26Degree:MasterType:Thesis
Country:ChinaCandidate:Y Y LiFull Text:PDF
GTID:2269330428476833Subject:Accounting
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The life cycle theory of the enterprise is a very popular kind of management theory in the world in recent years. Enterprise’s development is similar to the development of living organisms. It goes through the formation, development, maturity and decline of life course, and shows obvious cyclical phenomenon. Enterprise wants to be in an impregnable position. It must grasp the change law of enterprise life cycle, clear the stage of life cycle, timely adjust the financial strategy based on the specific situation for seeking to improve enterprise management, strengthen the competitiveness, extend the life of the enterprise strategy and promote the healthy development of the enterprise, which is of great significance.Dividend policy is a choice between the company’s after-tax profits assigned to investors and retained within. It is related to the interests balance of the various stakeholders. The formulation of dividend policy and dividend distribution are related to the welfare of the company shareholders and creditors, and are related to the company’s future development. The present domestic research on dividend policy of listed companies shows the results of abroad to explain the mainstream theory of dividend policy dividend signaling model and agency cost theory can well explain the dividend policy of listed company in China. It is necessary to know when the listed companies in the different stages of life cycle, will combine internal and external environmental factors of different dividend distribution policy.Dividend distribution presents certain time-varying as the change of enterprise life cycle. The enterprise dynamically adjusts the dividend distribution policy according to the change of the life cycle. From the perspective of life cycle to research the company in the process of the evolution of life cycles the difference of dividend policy. It is a beneficial supplement, not only for China’s listed companies cash dividend policy theory research, but also help investors and regulators to better analyze and grasp the company’s dividend policy, promote the healthy development of China’s securities market, guide the listed companies according to the enterprise life cycle stage reasonable dividend policy.In the recent years, some scholars also started to use dividend life cycle theory to explain the dividend policy of listed company the results, which is generally thought that the dividend policy of listed companies in China and the enterprise life cycle stage have significant correlation. The research of the dividend life cycle theory has just started, the related empirical studies are rare, and the present study is focused on the dividend policy of listed company whether has the characteristics of life cycle. Therefore, this little research can study the cash dividend policy of listed companies from a more microscopic perspective in different life cycle. Attempts from the perspective of life cycle theory, the study of Chinese listed companies the influence of different life cycle stage on the company’s cash dividend, the empirical test life cycle theory’s ability to explain the cash dividend policy of listed companies in our country. This article respectively to different life cycle stage of the cash dividend payment will, cash dividend payment rate using LOGISTIC regression and multiple regression analysis, and the research results show that our country listed company cash dividend payment has the will and the cash dividend payment rate life cycle characteristics, and in the mature period of cash dividend payment will and the cash dividend payment rate is significantly higher than the other phases of the life cycle.The significance of this article mainly has two:one is described through analysis the present situation of cash dividends of listed companies in China, points out the problems of the existing and relevant measures improving; Second, when the company set its cash dividend, its different stages of enterprise life cycle as a consideration, at the same time, combined with the industry property of the company to make a more scientific choice.
Keywords/Search Tags:life cycle, cash dividend policy, dividend payment willing, dividend payment rate
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