Company Of China’s Manufacturing Industry Factors In Distribution Decision

The dividend distribution of listed companies, belonging to the important decisions of the BOD and general meeting of shareholders, is also the long-term value and immediate rewards of listed companies that investors concerned about, and the important reference basis to make careful and logical judgment and choice. Dividend distribution policy is one of the three core of corporate finance activities, which not only involves the vital interests of the investors but also reflects the company’s financial position and the company’s future development direction. It affects the company’s share price, also related to capital structure and equity structure, and is always the focus of attention in academic and financial field. The dividend distribution of listed companies is the demarcation among policymakers, investors and regulators. This article tries to analyse the factors when listed company making dividend distribution decision. Thereby the listed company can make reasonable decisions for themselves and help investors rational choice investment targets and provide help on reasonable system arrangement for regulators.The influence factors of dividend distribution are mainly to research that dividend distribution policy makers to make decisions whether the distribution of dividends and dividend distribution level reference factors, research what factors lead to policy makers are willing or not willing to pay dividends, and consider what factors determine the level of dividend distribution much. In this paper, the research take the eastmoney.com database data of listed companies (using choice financial terminal software, data processing), select all the 1681 listed companies of manufacturing industry in 2013 systematic statistical analysis of data as samples.Qualitative factors affecting the dividend distribution policy makers will, Results show that if the company in the future need to reinvestment and financing, legal person share shareholders or the top 10 shareholders of controlling, the company whose scale is bigger is willing to dividend distribution, and it gradually become a universal phenomenon in Chinese stock market. But the listed company controlled by a single actual controllers is not so eager to distribution. Results show:whether the equity structure is concentrated, whether the company consider reinvestment, the possibility of financing in the future and the actual type of the controlling shareholder of dividend distribution effect is not obvious. Although the company size influence the dividend distribution policy, our country listed company assets are large,and small and medium-sized listed companies is not much.Quantitative factors in determining the level of cash dividend payment, The result shows that the earnings per share, operating live generated net cash flow per share, current ratio,total equity and dividend per share have a significant linear relationship significantly influence the size of the cash dividend rate. It also show that corporate profitability, cash position,and enterprise asset liquidity and the size of company are significant influences of dividend distribution are precondition for whether to pay dividends. It indicates that the listed company also strive to meet the demand of enterprise future fund and ensure shareholder wealth as far as possible. So decisions of dividend distribution of listed companies becomes more and more rational.