Research On The Influence Factors Of Cash Dividend Distirbution Of Strategic Emerging Industries

Dividend distribution policy is the policy about whether the company dividends, howmany dividends distributed and when to dividends, cash dividends is shareholders deserveincome paid to shareholders in the form of cash, it is the main form of the dividend payment.Appropriate cash dividend distribution policy, not only set up good company image, but alsostimulate the enthusiasm of the investors to invest, and make the company have long-term,stable development opportunities and conditions. The strategic emerging industry is focusedon supporting the development of China, high-tech proportion, sustainable development andhigh risk are the main characteristics of the strategic emerging industry. In2009China putforward the concept of strategic emerging industry，the rapid development of strategicemerging industry in recent years, but there is a problem in its dividend distribution policy, itwill restrict the development of the company. So the research on the cash dividenddistribution of the influence factors of strategic emerging industry listing corporation hascertain practical significance.In this paper, using descriptive statistics, principal component analysis and multiplelinear regression analysis, select2010-2012motherboard of strategic emerging industrylisting corporations the research sample, effect of the influence factors of cash dividend policy,then proposed to help listing corporation to establish appropriate cash dividend distributionpolicy recommendations. This paper reviews related literature on dividend distribution policy,put forward5hypothesis by the agency theory,"a bird in the hand" theory, signaling theoryand customer effect theory. If the listing corporation of strategic emerging industry hasstronger profitability, stronger solvency, larger the company scale, higher ownershipconcentration they will have higher cash dividend, and the high risk would make lower cashdividend. This paper selected185strategic emerging industry listing corporation from thelisted on the main board as the object of study, a total of555effective samples. This papertakes methods descriptive statistics analysis of the present situation of strategic emergingindustry, the cash dividend distribution from different angles. At first, this paper named thedesign of variable by principal component analysis, then took the main ingredients intoregression models, and gets the result. The results are consistent with the hypothesis.Theresults show that big shareholders from strategic emerging industry listing corporations bycash dividend get cash, they violate the interests of small and medium shareholders. High riskmade the strategic emerging industry listing corporation want attractive more investors bycash dividend, on the other hand they lack of funds, this phenomenon makes the strategic emerging industry listing corporation mostly paid cash dividend, but the amount is not muchand not continuous. The profit ability, debt paying ability, company scale of the strategicemerging industry listing corporation reflects its paid the cash dividend strength, determinesthe amount of the cash dividend.