The Research On Continued Cash Dividend Factors Of Listed Companies

Since 2006 China securities regulatory commission regulatory policy put forward specific quantitative requirements of cash dividends of listed companies,Then emerged gradually after a series of regulatory policy causes the capital market and listed companies to the attention of the continuous cash dividends, while the regulatory measures to improve the enthusiasm of the cash dividends of listed companies in our country, but the capital market for cash dividends is still not optimistic, the implementation of continuous cash dividends of listed companies in China the number is less, for smaller amount of cash dividends, continuous cash bonuses depend on company’s profitability and other features, and steady cash dividend is not only beneficial to investors, but also to achieve long-term development enterprises set up good image. So, what factors influence the continuous cash dividends of listed companies, how these factors influence the direction and strength.Based on the deep Shanghai in 2006-2013 a-share listed companies as samples,starting from the financial and corporate governance factors, adopts the method of combining theoretical research and empirical research, the combination with the current continuous cash dividends of listed companies in China, Through stepwise regression analysis select variables into the model, and then empirically the continuous cash dividends of listed companies in China factors. The empirical results show that the continuous cash dividends of listed companies is mainly influenced by corporate profitability, undistributed profit, free cash flow, growth ability, operation ability, asset-liability ratio and the influence of the first big shareholder’s stake, among them, the listed company’s operating activities per share in cash flows, earnings per share and net assets yield rate, free cash flow per share, the first big shareholder’s stake, positively related to the total asset turnover and cash dividends;And undistributed profit per share,sustainable growth rate, asset-liability ratio is negatively related to the continuous cash dividends. Finally combined with empirical research results and the current situation of continuous cash dividends of listed companies in China, puts forward the broadening of the listed company financing channel andpolicy recommendations of improving the operating performance of listed companies,in order to enhance the capacity of continuous cash dividends of listed companies,promote the continuous cash dividends of listed companies, increase the intensity of returns for investors.