Empirical Evidence Of How Cash Dividend Regulatory Policy Impacting On Cash Dividend Behaviors Of Listed Firms

China Securities Regulatory Commission launched a series of the qualification of refinancing of listed companies linked to the level of dividend distribution of dividends regulatory policy, known as semi-mandatory dividend policy. Background of economic system in our country is relatively special, widespread distribution less cash dividend of listed companies don’t even distribution situation, so the supervision department attaches great importance to the listed company cash dividend distribution problems. From2004to2004, CSRC have introduced a number of regulatory policy of share out bonus to improve and promote to dividend distribution of listed companies, from the beginning only for cash profit distribution plan etc., to make provisions, to clear the specific requirements of the proportion of dividend distribution of listed companies, and then to share out’differentiation’cash policy, regulatory policy gradually from no substantial binding evolution to regulators focus on the specific situation of the listed companies, rather than a "one size fits all" for a company to send now. Differentiation in2013before the implementation of dividend policy, dividend distribution of listed companies in China has been improved, but some good profit and development mature companies still do’making’, in the face of regulatory pressure also take not the company’s dividend distribution policy of share out bonus, suggesting that the regulatory policy implementation effect is not optimistic about the type of company. But after differential dividend policy implementation, from the macro perspective cash dividend will and the level of dividend payments will be due to the company’s own growth and future investment demand have obvious difference.Full text summarizes and analyzes the half a mandatory dividend policy influence on China’s capital market, since it was issued has certain theoretical and practical significance. Half since2004began to implement mandatory dividend policy, the dividend distribution of listed companies in China have improved significantly, in the company of all listed companies of share out bonus ratio and cash dividend payment rate have even close to the level of the western mature market. In spite of this, half a mandatory effect of dividend policy also attracted many controversial and doubts-that is, whether the policy will force those who really do have refinancing needs but not suitable for dividends of listed companies in order to obtain refinancing qualifications to share out bonus, but cannot really constraints should share out bonus but has no intention to refinance the company to pay a dividend, which is the industry has always been controversial forced dividends policy has regulation paradox limitation.Against the above background and problems, this paper puts forward the three propositions:first, half a mandatory dividend policy significantly improved the cash dividends of listed companies will and group level. Second, half a mandatory dividend policy may affect the growth of listed companies, market competition and the relationship between cash dividend distribution. Third, the differential dividend policy influence on cash dividend distribution of listed companies.The research methods of this article is as follows:to study the policy in the period of different policies issued, different industry competition environment of the listed company, the influence of using descriptive statistics, Logistic and Tobit regression model to study the three methods.From the point of empirical results, in this paper, the study found that:(1) half a mandatory dividend policy promulgated the current effect significantly improve China’s capital markets’ willingness to send now, and in the policy was issued to significantly affect the cash dividends of listed companies.(2) half a mandatory dividend policy has two sides:on the one hand is high growth, high competitive characteristics of listed companies have a higher current level, because of its high growth and high competitive leads to a large number of cash flow demand, and thus have to choose to share out bonus, refinancing, increased the cost of financing, the ’paradox’. For profit level is high, the stage of development, on the other hand, is a mature, the need for external financing of listed companies, regulatory measures have only to its "soft binding".(3) differentiation of cash dividend policy can improve "one size fits all" negative effects: regulators allowed listed company itself, according to industry characteristics, development stage, its business model, profitability, and whether there is a major capital expenditures arranged, and so on and so forth to differentiate the cash dividend policy, the empirical results show that the growth of listed companies, capital expenditure is negative correlation with the cash dividend distribution, makes the stage of development is a major capital expenditures arranged the less mature period, the future companies will face a stronger regulatory pressure, cash dividend distribution of willingness and pay levels increase, half a mandatory dividend policy of "one size fits all" effect was improved.The contribution of this paper lies in:first, both at the level of half a mandatory dividend policy in capital market, and industry listed companies for the medium level is affected by the cash dividend policy, this for the purpose of this article is more comprehensive and in-depth understanding half a mandatory dividend policy the role and effect of help. Second, provides half a mandatory dividend policy is the paradox of regulatory limitations phenomenon, the empirical results can help in this paper, a more accurate and reasonable to evaluate the effectiveness of half a mandatory dividend policy. Third, this paper provides empirical evidence and Suggestions for relevant regulatory policies and regulations and dividend payments also has certain reference significance.The lack of this article is not available for sustainable impact brought by the regulatory policy analysis effectively, thus failed to more fully revealing semi-mandatory dividend policy for the effectiveness of capital market in China.