The Research On The Influence Factors Of China’s Listed Corporation Cash Dividend Distribution Behavior

As one of the three core content of financial management in listed companies, dividend policy is closely linked with the steady development of the company and the vital interests of the investors. At present, cash dividends as the most common form of dividend distribution, has been more and more attention to. The rationality of the cash dividend policy is directly related to the smooth or obstacle of the financing channel and of high or low of the financing cost, and advantaged or disadvantaged of the capital structure. At the same time, the steady cash dividend distribution is advantage to reduce principal-agent cost between managers and shareholders, deliver some positive earnings information to the society, and improve the company’s brand image.But it’s relatively late for our country to start the securities market. So the market is still not mature in the relevant laws and regulations compared with abroad. This constitution brings many problems to the dividend distribution policy of listed companies in our country. For example, the will and the rate of dividend payment both are low, the stability and continuity of dividend distribution both are poor, the abnormal constitution of dividend distribution is common and so on. All of these affected the healthy development of securities market in our country to a large extent.In this paper, based on the predecessors’ research results and theoretical basis, we fully analyze the present situations and existing problems of the cash distribution of listed companies in our country, which mainly manifested as cash dividend shows phase change, the phenomenon of no dividend distribution is universal, cash dividend has gradually become the main form of distribution and the cash dividend is lack of continuity and stability. Through collecting the relevant data of the listed companies in A-share stock market of Shenzhen and shanghai in 2008-2012(excluding those listed companies which are in B-share stock market and H-share stock market at the same time), we make the empirical research. Then we obtain the most important factors that influence the cash dividend policies and introduce the marketization index as an innovative variable in our research. Finally we give four suggestions in view of the research conclusion to promote the steady development on the dividend policy of listed companies.