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

Second board is an indispensable part for a mature capital marketsystem in China. It’s officially listed on the Shenzhen stock exchange OnOctober30,2009; it was established to improve the multi-level capitalmarket system in our country. Dividend policy has been one of hot topicsamong the study of scholars and entrepreneurs. The cash dividend policyshows the absolute dividend payment level is low; the ability for theimplementation of the cash dividend is poor. As a result, listed company’sdividend policy can not only add and abundant theoretical achievements ofdividend policy, but also can give a real dividend policy of listed companyand securities regulatory commission regulators to provide someSuggestions, such as industrial structure upgrade and healthy developmentof the economy, It has far-reaching significance.According to the research design of paper, this article is divided intofive chapters.The first chapter is introduction. It explains the research backgroundof dividend policy the growth enterprise market of listing Corporation inChina, the research purpose and significance, research content, method andstructure of the thesis, the main contributions of the thesis.The second chapter is related theories and literature review ofdividend policy. It reviews the classical theory of dividend policy,introduces the dividend policy of domestic and foreign research literaturereview, and puts forward my idea.The third chapter is the analysis of influence factors of Second boardlisted Corporation cash dividend policy theory analysis. It analyzes thecharacteristics of Second board listed Corporation cash dividend policy inChina, Second board and the main Board has carried on the comparativeanalysis about dividend policy. It conducts a systematic research on theinfluence factors from internal and external aspects of listed Corporation cash dividend policy.The fourth chapter is an empirical analysis of influence factors oflisting Corporation cash dividend policy. Firstly, according to thecorresponding dividend policy theory, it puts forward the hypothesis of thisstudy, the definition of variables; secondly, the cash dividend distributionof listing Corporation respectively build the Logistic model and themultivariate linear regression model, used the descriptive analysis,regression analysis and other methods to conduct the empirical studylisting Corporation dividend policy.The fifth chapter is the research conclusion.The main conclusions are:The stronger the profitability of Second board listed Corporation, thehigher of listed Corporation growth; it obtains the greater the chance ofcash dividend, and the higher the level of cash dividend distribution. Thestronger debt paying ability of listed Corporation, it obtains the greaterchance of cash dividend, the higher the level of cash dividend distribution.The higher of Top10shareholders of shareholding of listedCorporation, the greater the chance of cash dividend, but the top10shareholders of shareholding proportion of cash dividend distribution leveldoes not have a significant impact.