The Analysis To The Affecting Factors Of The Public Companies Profit Distribution And The Substitution Of Stocck Dividends Of Our Country

The scale of Chinese A share stock market which was initially established on1990has expanded a lot, whose listed company has increased from10to more than2thousand. On the background that the policy is compelling the public companies to distribute dividends, the dividends has been the focus of institution investors and extensive shareholders. There are3ways to distribute dividends in A share market that is Cash dividends, Bonus shares,fund turn share capital. Although A share market has fulfilled the obligation and make effort on distribution of dividends and cash, the public opinion and quotation blowed one-sided, and the market reflected that the room of distribution was too narrow.The assay putting the emphasis on the fields of petro chemicals and plastic cement, analyzes the dividends-distribution policy affecting listed companies, and studies the influence of different factors and the performance variance between the main board and the small and medium-sized enterprise board. Many scholars abroad identify" Cash dividends signal theory", but whether it can truly convey the finance signals remains to be proved further, which is the second point of the assay. By the analysis to samples, the purpose of the domestic public companies’using cash dividends to transfer finance information is not obvious. At last from the analysis to the proportion of cash-dividends and Bonus shares of Calender year profit distribution, the portion of bonus shares rise up year by year. In2011, there are1300public companies distribute profit by cash-dividends,626by Bonus shares. Stock distribution account for31%. The extensive investors also accept the bonus in the form of stock distribution. Seemingly and traditionally, that cash-dividends dominated the dividends-distribution is gradually being replaced by stock-distribution. Since overseas companies are accustomed to cash-distribution, the domestic scholars rarely study the relations between stock dividends and cash bonus, and mutual substitution as well. This is another point we will discuss. By the use of correlation and regression analysis, cash-bonus is identified as the primary mode of profit-distribution, the substitution of stock-dividends is dimmed, the preference of managerials of public companies’ using stock-dividends is proved not intense.