The Study Of Dividend Policy Of Listed Company Impact On Behavior Of Investment

Investment is one of the most important activities of three major decision in financial management, directly affects the enterprise’s capital flows, the level of profitability and growth objectives, development direction and so on. The purpose of enterprise financing is the investment, but the investment objective is profit and the distribution of profits to shareholders. Therefore, investment is an important link of various enterprise activities, investment decision affects the allocation efficiency of capital of the enterprise and the pace of development of enterprise. At the same time, investment decision also affects the other the financial activities of enterprises. Therefore, improving the efficiency of investment is an important task to promote the development of enterprises and realize the value of enterprise.With the development of China capital market, dividend allocation of china public companies presents less distribution and low cash dividend. At the same time, they blind to expand investment and make idle funds. Above problems appearing in public companies of china has a serious impact on efficient investment of enterprises. Therefore, it is beneficial to improve the efficiency of investment for public companies to learn the influence of dividend allocation on investment.Based on presenting the related theories, the paper analyzes the recent condition of domestic dividend allocation and investment feature, and reveals their each factors and relationship between them. Date which comes from2000to2013of A stock of Shanghai and Shenzhen public companies are chosen as empirical research, then the paper organizes the date by Excel2010and analyzes it by using SPSS19.0to get the result of that cash division can restrain over-investment with the high free cash flow, and continuous cash division can intensify under-investment with low free cash flow. What’s more, the equity incentive of stated-owned enterprises have non-obvious effect on non-efficiency investment. Through making research of impact of decision of dividend and behavior of investment, enterprises make reasonable dividend policies to improve efficiency of investment, so as to improve the value of enterprises. Based on the result of research, the paper also presents related policies or suggestions, which are regarded as reference points of making dividend policy, to strengthen mechanism of governance of companies and improve investment efficiency.