A Study On The Influence Of Semi-mandatory Dividend Policy On The Market Value Of Listing Corporation

China’s stock market has been a problem of "re-investment, light return",in order to protect the interests of investors, in 2006 and 2008,commission issued the "Measures for the Administration issued securities of listed companies" and "Decision on Amending Some Provisions of cash dividends of listed companies."In this paper, through the study of the semi compulsory dividend policy system in 2008, listing Corporation cash dividend influence on its market value in 2009, 2010 2011. In this paper, the research sample for low growth cash flow is abundant of listed companies and low growth cash flow shortage of listed companies and high growth ample cash flow of listed companies and high growth cash flow shortage of listed company into four types, by Through theoretical analysis and hypothesis, and establishing the corresponding model, by using the method of stepwise regression analysis to study on the impact of cash dividend policy on the market value of all kinds of listing Corporation, and then discuss the effect of the implementation of semi mandatory dividend policy. The final conclusion is that: the first, High growth cash flow shortage of listing Corporation will reduce its market value if they distribute cash dividends, semi mandatory dividend policy on such companies is not reasonable; the second, the same of growth, sufficient cash flow of listing Corporation should be carried out in cash dividends, semi mandatory dividend policy on this type of listing Corporation is more effective; the same degree of cash flow, higher growth listing Corporation should be carried out in cash dividends, semi mandatory dividend policy is more effective for this type of company; finally, the paper found that in the low growth stage listing Corporation should also carry out the cash dividend, which is different from the previous research results, the reason we analyze it may be, on the one hand, these companies carry out cash dividends to maintain the credibility of the company, enhance investor confidence, on the other hand, according to "a bird in the hand theory", cash dividend can improve the satisfaction degree of investors’ cash holdings, so the market value of the cash dividend can be improved by a small margin.