Empirical Analysis Of Inlfuencing Factors Of Cash Dividends In China Listed Companies

Dividend policy, financing policy, investment policy are three core policy,Dividend is one important way that investors get a return on investment, so theinvestors pay much attention on it. The laws and regulations are constantly strengthenrequirements for dividend distribution, On9thOctober2008China SecuritiesRegulatory Commission releases <Decision to modify certain provisions of the cashdividends of listed companies>, which Stressed the importance of cash dividends inthe distribution of dividends of listed companies. Compared with the western markets,the development of China’s stock market has many deficiencies. For example, due tothe dominance and power of the number of shares owned holding characteristics. Themotives and background of dividend policy in China is more complex than Europeand the United States and other countries with strong corporate practice handling, theoperating is different, the dividend time is random, discontinuous. Therefore thearticle researches dividend of listed companies in China regulatory authorities willdevelop effective measures, as well as do good to listed companies management.The article describes the overall situation of2006-2011China’s Shanghai andShenzhen stock market cash dividends; the model selects206companies in theShanghai and Shenzhen A-share listed companies of2011that distribute cashdividends as the study sample, the article shows descriptive statistics of the sampledata, this paper uses a multiple linear regression model, make the cash dividend pershare as the explanatory variable, while make profitability and dividends last yearpayment, asset-liability ratio, current ratio, ownership concentration, asset turnover,cash flow, asset growth rate of the explanatory variables, the explanatory variables ofthe explanatory variables, and the robustness test; come to affect China the mainfactors of the listed company dividends profitability and dividend payment ofcontinuity, solvency as well as long-term asset growth; another description of thestate-owned legal person holding listed companies in the process of analyzing thelong-term asset growth rate, there is a serious investment more than non-thestate-owned legal person holding listed companies.The main contribution of this paper is to discuss the long-term asset growth, inthe proportion of state-owned asset holdings; using2006-2011data of A-share listedcompany data, shows statistical analysis of the status of the distribution of cash dividends of listed companies in China; using2011data empirical analysis of thefactors that affect the distribution of cash dividends; the article also gives details thatsome kind of company pursuits of scale of Assets while ignoring efficiency, ascompared with the previous literature, there is a certain progress. However, there aresome deficiencies, the sample size is small, many companies have no choice listed,and it also limits the source of the sample.