Study On The Influencing Factor Of Dividend Policy Of Real Estate Listed Companies In China

Corporate finance has three core policies, and dividend policy is one of them. Reasonable and appropriate dividend policy can not only help the company establish a good corporate image, but also can make the company’s stock price stability. And that will increase more investor confidence in the company, so the reasonable dividend policy can guarantee the company’s steady development. Academic study of dividend theory has been to continue, including the establishment of MM theory and other theories based on relaxing the MM theory assumptions. This article chooses the perspective of dividend policy influence factors of research in the real estate listed company. That is because the development of the real estate industry has relevance to other industries and it makes a great contribution to the economic development of our country. The research of the factors that affect the dividend policy will be play a very important role for the related government department policy adjustment and the company dividend policy formulate.Dividend policy theory part elaborated in the paper. Then the paper firstly did descriptive statistics analysis for147listed real estate companies in five years, from2008to2012. And the paper shows the present situation of the real estate listed company dividend policy from the level of dividend distribution way, dividend payments and dividend policy stability. But also it is found the non-distribution phenomenon, the lower the amount of cash dividend distribution and the lacks of dividend policy continuity in the process of dividend distribution; Secondly empirical analysis used the panel data regression method, selecting the33listed real estate companies’ data from2003to2012as research samples. The regression results show that, in the factors of dividend policy influence, net profit growth, asset-liability ratio and ratio of cash flow have a negative effect on the rate of dividend payment per share. And the rest of the variables have a positive effect on the rate of dividend payment per share; Finally this paper put forward reasonable proposals for real estate companies to formulate reasonable, standard, effective dividend policy, from the perspectives of national government and real estate listed company.The innovation of this article is mainly manifested in two aspects. The first is the innovation of the research methods. This paper makes an empirical analysis by using the panel data, and analyzes the relationship between dividend payment level and influencing factors from the sides of time series and cross section; On the other hand, the innovation shows in the new sample data. This article selects the data in10years, from the years of2003to2012. The sample data is relatively new and the research time span, so that it could guarantee the accuracy of the study results.