Research On The Relationship Between Cash Dividend Policy And The Valau Of Chinese Listed Companies

Dividend policy is three of the most important modern enterprise financial decision,it has been the focus attention of investors and the capital markets. Dividend policy is the core way listed company share the profit to investors. Developing a reasonable dividend policy can build a good image to the investors, get a good impression to investors, and attract long-term injection of funds to stable the company’s share price. China’s stock market was established in the 1990 s. China Securities Regulatory Commission(CSRC) issued "Listed Company Supervision Guidelines No. 3- cash dividends of listed companies," in 2013 aimed at improving the cash dividend policy of listed companies which are not standardized, and lack of long-term cash bonus and stability problems.The guidelines divided the listed company into two phases:growing phase and mature phase. This paper selects SZE and SZSE A-share listed companies from 2001 to 2013 as samples. Analyzed from the changes and development of the cash dividend policy,willingness to pay cash dividends, the stability of cash dividends payment.Firstly use the modified cash flow combination method to determine these samples’ life cycle. Then using the divided sample companies do descriptive statistics, showing the characteristics of each life cycle; Secondly, use multiple linear regression models in the three stages to study the impact of willingness to pay dividends and payout level to enterprise value. Empirical study shows that in the growing years often enterprises, willingness to pay dividends and the dividend payout ratio in cash are negatively correlated with the enterprise value; in mature years enterprises often willingness to pay dividends and the dividend payout ratio in cash are positive correlated with the enterprise value; Asset-liability ratio of enterprise value exists a significant negative impact; Logarithm of total assets of enterprise value exists a significant negative impact; ROE is a significant positive impact on corporate value.