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

Atfer decades of development, studies about corporate dividend policyhave formed many mature theories. And the research results show that thefactors influencing the dividend policy of listed companies is varied.Compared with the western market, there were lots of phenomena such asnon-distribution, large-distribution and "high stock dividend" in China’scapital market. The sustainability of listed companies’ dividend policy ispoorer. More policies and measures were put in place from the government tostandardize the listed companies’ dividend policy. Whether the "half coercive"means for different listed companies in the stock market is rational, it remainsto be studied.This thesis sotrs and compiles the theories and literatures of dividendpolicy and then analyzes China GEM and MBM’s dividend policy. In this way,we test the rationality of market segmentation study. The research usestwo-steps method (factor analysis and multiple regression analysis) forempirical study. The results show that the GEM listed company’s dividendpolicy does not conform to the development of the enterprise life cycle, andthe MBM listed company’s dividend policy show a good fit with the rule oflife cycle. At the same time, growth, profitability and level of retainedearnings, cash and debt levels, enterprise scale and the level of stock dividendpayment all have significant effects for both the two board listed companies’dividend policy. Equity concentration factors signiifcantly affect the MBMlisted companies’ dividend policy, but not GME listed companies’.Based on the results of empirical research in this paper, the "halfcoercive" and "dividends tax" system in our country was analyzed. And theresearch found out that the "one cut" type regulation for different market’slisted companies is not reasonable."Dividends tax" shows unfair inlfuenceand has caused strong speculative atmosphere. Finally, the article gives policy suggestions, include: perfecting the tax system of share out bonus, buildsystem of the difference of dividend policy vote, and to distinguish the marketregulation policy, etc.By comparing the related research at home and abroad, this articleembodied in the following aspects: the main contirbution of the paper is thatthe research will cover GEM, the emerging capital market in China. Andcomparative study the GEM and MBM listed companie’s dividend policycharacteristics and influencing factors in recent years; According to the needsof research, this paper used the independent sample t-test, KMO and Bartletttest, factor analysis, multiple regression model for empirical study. Theresearch method is scientific and reasonable.