A Study On The Influencing Factors And Signal Effects Of Dividend Policy Of A - Share Listed Companies

The dividend policy is one of the most important coroporate finance policies for the modern joint-stock company, closely related with the company’s operating, investing and financing policies. Moreover, the dividend policies of listed companies will broadly affect the interests of investors in the stock market. What are the factors which affects the dividend policy and what is the information contents are two of the chief questions. For Chinese A-share market, the listed company’s dividend policy is immature:dividend is quite few. In recent years, China Securities Regulatory Commission has been adjusted the thresholds for refinancing, trying to gradually guide listed companies to increase dividends. At the sametime, the gradually mature of institutional investors drive the development of industry differentiated investment. Basing on the differences in characteristics of the industries point of view, this thesis would study the dividend policy of the A-share listed companies in order to support the development of the market.The empirical analysis is composed by three parts:factor analysis and binary Logistic regression analysis of the companies from five different industries; Tobit regression; multiple regression; rank transformation analysis and nonparametric tests. Four specific questions have been studied.The results of empirical analysis illustrate:the significent influencing factors are different for different industries; capital expenditure is influencing for petrochemical industry and utility industry; strong cash flow is significent in influencing dividend policy but not dividend payout ratio. Signaling effects have been proved existing from market point of view.Based on the research findings, several advices have been given from three perspectives:the regulator, the investors and the companies.