Study On The Influencing Factors Of China Pharmaceutical Listed Corporation Dividend Policy

Dividend policy, the major decision of companies’ daily operation activity, is also the focus of academia about company’s financial management activities. Appropriate dividend distribution As a major decision in daily business activities of the company, dividend policy is a focus in academic circles on the financial management activities. An appropriate dividend policy can help the company to establish a good image, stimulate the investors’ investment enthusiasm, lay a long-term stable foundation for the development of the company.Many scholars abroad have researched and tested the relationship between the dividend policy and the company features so far. Because of the stock market is immature, our listed corporation’s dividend policy has its own characteristics. There are obvious differences between different industries. The research in this area is still relatively few in China, especially in specific industries. Which characteristics of the listed corporation have influence on the dividend policy? Are the factors have similarities between our country and the developed country?As one of the high and new technology industries, the pharmaceutical industry has high risk and high investment. It has some characteristics about social welfare and public property. Because it is less affected by the macroeconomic cycle, it also has the characteristic of non periodic. The pharmaceutical industry has a certain uniqueness compared with other industries. So the author selected the listed corporation of pharmaceutical industry as the subject of study to research the dividend policy.This paper first reviews the theories of dividend policy and the literature about the relationship between dividend policy and characteristics, then apply this relationship to the study. The author selected the listed corporation of pharmaceutical industry as the subject of empirical study mainly according to the binary choice model and multiple regression model.The results of the study show that the company features and the dividend payment tendency distribution have a significant correlation, but the company features and dividend payments are not. In other words, a company characteristic may not affect the dividend payments when it has an effect on the dividend payment tendency.Finally, combining with the present situation of pharmaceutical industry and the empirical results, the author put forward some suggestions from different aspects.