A Study On The Influencing Factors Of Dividend Policy Of Listed Companies In China

Dividend policy is to determine the relevant matters of the company manager spaydividends, is an important part of the joint-stock enterprises profit distribution, and thefinancing decision, investment decision and known as the three largest financialmanagement activities. Dividend policy is always the domestic and foreign theory andpractice in the study and exploration of the hot.Since twentieth Century50years,foreign scholars have started research on the dividend policy, and produced manyclassical theory. The scholars in China in twentieth Century90years later and graduallybegan to research on the dividend policy, and has made a series of achievements. Butthe research on the dividend policy of domestic mostly in China based on themotherboard market, the GEM market started late in China, research on the growthenterprise market of listing Corporation dividend policy is still relatively scarce. Alisting Corporation’s dividend policy of quality, directly affects the company’sinvestment, financing activities, related to the rights and obligations of companymanagers, creditors and other stakeholders. Therefore, the beginning and the investmentrisk is relatively high growth enterprise market of listing Corporation, the dividendpolicy research is particularly important.The factors influencing the dividend policy mainly includes: internal nationalmacro economic environment factors, legal factors and other external factors and freecash flow, debt paying ability, enterprise factor. In this paper, based on reviewing theliterature related to the impact of factors of domestic and foreign dividend policy,consult the relevant statistical data, the GEM Listing Corporation annual report ourcontent arrangement, mainly from their own point of view of the dividend policy of thecorresponding factors set, from January1,2010to December31,2012a total of325dividend distribution and effective data the growth enterprise market of listingCorporation related data as sample data,using SPSS17.0statistical software, using theempirical research method, to study the influencing factors of dividend policy of thegrowth enterprise market of listing Corporation in china. This paper carries outempirical analysis on the motivation of Chinese GEM Listing Corporation currentdividend policy, the strengthen company internal control, improving profitability from two aspects such as the optimization of enterprise internal environment and strengthenthe construction of laws and regulations, improve the national macro economicenvironment to optimize the external environment of enterprises put forward specificmeasures to improve the dividend policy the growth enterprise market of listingCorporation in china. Hope can provide some help to promote China’s sustained,healthy development of the growth enterprise market of listing Corporation.