An Empirical Study On The Formulation Of Listing Corporation Dividend Policy Influence On Enterprise Value

The dividend policy of listed companies is a key link of the enterprise valuemaximization, the dividend policy of science, on the one hand, can set up good companyimage, on the other hand, can cause the attention of investors on the company’s continuous,enables companies to obtain long-term and stable development. How the dividend policy oflisted companies, to maximize the enterprise value, has been a hotly debated financialmanagement field.Since the two U.S. financial experts Miller and Modigliani Dividend irrelevance isproposed, triggered a comprehensive discussion of the theory of financial circles of dividend.Study of dividend distribution policy, Chinese and western scholars on the basis of Dividendirrelevance and constantly challenged, have put forward different theories and empiricalanalyses, but always failed to reach a consensus. It is seeking the answer to the question, inthis paper, the recent three years the data of listed companies as samples, from the fourdimensions of analysis to study the effect of dividend policy influence on the enterprise value,to providing a new method for solving this problem.According to the research significance and the research content, this paper first discussesthe dividend policy, the concept of enterprise value, and analyzed the characteristics of thedividend policy, the enterprise value; Second at a reasonable dividend policy is discussedbetween enterprise value and theoretical foundation; Again proposed dividend policyinfluence on corporate value, from whether to pay dividends, dividend payment, dividendpayment rate, pay dividends continuously four aspects has carried on the theoretical analysisand empirical analysis,Then this article conclusion. In general, this paper research conclusion,both for companies and regulators in the formulation of dividend distribution policyregulation provides a theoretical reference.