An Empirical Study On The Influencing Factors Of The Cash Dividend Policy Of Listed Companies Of Shan Dong Province

Dividend policy as one of the three core content of contemporary corporate finance, the development and implementation of all listed companies have a significant impact. The old Western capitalist countries, China started a short time in the dividend policy research, compared to all aspects of research are not mature, and thus all aspects of a problem. As China’s Shandong Province, economic province, the level of development of various industries are in a leading position, while the financial industry is far behind neighboring provinces. As an important sector of the financial industry, to improve the development of the capital market has real relationship to the real economy. For listed companies, how to make dividend distribution policy, whether and how much dividend distribution are related to the company’s own future development. Appropriate dividend policy can improve the company’s image, reduce financing costs. Ill dividend policy will not only improve the company’s financing costs, will lead to investor discontent, and the impact of internal harmony. In addition, and there are differences between our board, small board and GEM. Therefore, in this context, this paper listed companies in Shandong Province, from the board, small board and GEM perspective of whether dividends and dividend payout level empirical research.First, in the first chapter of the study abroad elaborate on dividend policy, dividend policy at home and abroad and thus understand the perspective of research and results pave the way for a detailed analysis behind.The second chapter is to understand the concepts of dividend policy, including the dividend payment, the macro factors influencing the type of dividend policy and dividend policy and microeconomic factors. Dividend policy which type specific study type remaining dividend policy, stable dividend policy, a fixed dividend payout ratio policy and low Policy Unit american additional dividend policy. From the analysis of the main aspects of the historical background, the external supervision, the level of economic development and trade in the external macro factors affecting factors. Microeconomic factors are mainly from the profitability, growth capacity, ownership structure, operations, cash flow and other aspects of company size. The third chapter is mainly about a listed company in Shandong Province, dividend policy status quo. Different in Shandong Province board, small board and GEM were analyzed. Empirical Analysis Chapter factors. Under the premise of complete data collected by logit model to make an empirical analysis of the factors affecting the board, small board and GEM listed companies in Shandong Province is the distribution of dividends, the results indicate that a listed company in Shandong Province board, small board and GEM have different factors. Factors board, small board and GEM listed companies, Shandong Province, on the level of dividends paid by multiple linear regression analysis. The results showed that the level of dividend payment, the different sections also have different factors. The fifth chapter empirical results were analyzed and concluded. And for the government, regulators, corporate managers and investors to comment on the conclusions.Now,Shandong Provinceis ina critical period ofreform and development,atthe same time,the rapiddevelopmentofthe real economy, furtherstudy and improvelisted companies, Shandong Province, dividend policy,on the one handwill help enhancethe overall strengthof listed companies, thus boosting economicgrowth in Shandong Province, to increase employmentlevel.On the other handhelp to promoteimprovement inthe overallfinancial environmentof Shandong Province, and thus attract more foreigninvestors tojointhe wave ofeconomic developmentin Shandong Provincein the past.