An Empirical Study Of Private Listed Companies In Central China’s Dividend Policy

From the establishment of the Shanghai Stock Exchange since1990, just24years, China’ssecurities market has undergone enormous changes, while the stock market has gradually becomethe main force of China’s socialist market economy. With the continuous development of thesecurities market, as China’s new force private listed companies, in recent years, rapid development,after reports that at the end of2013, net earnings per share weighted much higher than private listedcompanies in Shanghai and Shenzhen level, these data have shown a strong vitality of private listedcompanies and strong profitability. However, the rapid development of private enterprises in theperformance of a number of issues, particularly the central region appeared in private listedcompanies, such as ownership structure is irrational, the family business profit distribution are notstandardized, state-owned shares "dominance" dividend continuity and poor stability and viciousdividends and so on, these problems will be restricting the sustainable development of private listedcompanies.This paper describes the basic theory of dividend distribution policy on selected40companiesas a representative sample of research in six provinces770private listed companies, collectedbetween the years2009-2013annual report and related financial sample companies indicators, thefirst departure from the existing financial indicators, a brief description of the status of the sixcentral provinces dividend private listed companies; Secondly, the use of methods to build modelswere analyzed by SPSS software to test the correlation and multiple regression models to identifyprivate listed companies and the level of dividends paid cash dividends factors capacity; Finally,based on the results of descriptive analysis and multiple regression analysis to identify the centralregion of private listed companies appearing on dividend policy and private enterprise specificallyoptimized for this proposed recommendations.In this paper, a method of data analysis and multiple regression analysis, studied the followingsix parts: the first chapter, the main research background and significance of this article, thecontent, as well as domestic and foreign literature research paper showing dividend policy researchinnovations and inadequate; Chapter II, introduces traditional and modern dividend policy; Chapter III, the main explanation of the status quo six central provinces of private listed companiesdividend through dividend distribution of private listed companies, the proportion of cashdividends and the dividend payout ratio analysis, pointing out the central region of private listedcompanies with dividend distribution is more common, mainly dividends paid in cash based, lowdividend payout ratio and other issues; Chapter IV, is a central area of private listed companies inthe sample empirical research study design; ChapterV, mainly the result of empirical analysis,using descriptive statistical analysis of results after correlation and multiple linear regressionanalysis to test, draw a dividend concentration, independent directors is how to influence thedistribution of dividends and derive a significant correlation between them. Chapter VI, mainly putforward their own proposals, including: specification dividend policy formulation, improve thecompany’s profitability, optimize the shareholding structure of the company, improve informationdisclosure and relevant laws and regulations.