The Study On The Semi Mandatory Cash Dividend Based On Life Cycle

Cash dividends, as one of the dividend distribution of listed companies and investors realize the reasonable investment return of the main channel, and did not get enough attention in the dividend policy of listed companies. In our country since the beginning of 2008, pay attention to the soft constraint management of cash dividends of listed companies: 2008 the China Securities Regulatory Commission issued Decree No. 57, emphasizing cash dividends,and improves on the listed company's cash dividend ratio requirement; 2013 once again issued a public notice, i.e., listed company regulatory guidelines No. 3-- cash dividends of listed companies, listed companies in accordance with the life cycle and other factors of different proportion of Dividend payments; 2014 and 2015 still continues to emphasize on the cash dividends of listed companies of such soft constraints. According to Li Changqing(2010)of the definition, the definition for the semi mandatory cash dividend. The semi mandatory cash dividend regulation policy lack of theoretical basis, not explicitly partition method of life cycle, can perform low. Thus, this paper attempts to based on the perspective of life cycle,cash dividends of the dividend distribution of listed companies is one of the ways of empirical research. Starting from the clear of the listed company's stage of development that is life cycle specific division methods, and other related factors are considered, the proof of semi mandatory cash dividend Rational, that is, life cycle and cash dividend of correlation and study the relationship between other factors and cash dividends, strengthen policy to execution, in order to facilitate matching for listed companies to implement its own reasonable cash dividend policy provides the theory reference, in order to promote the healthy development of the listed companies at the same time, really realize the perfection of investor returns mechanism, the protection of investors, especially the practical interests of the medium and small investors, and promote the sustained and healthy development of capitalmarket in our country.Was first carried out in this paper literature review, sort out and summarize the relevant literature; through the existing partition method of life cycle analysis compared to determine cash flow method as the division method of the life cycle, also analysis the influence factors of semi mandatory cash dividend; finally, selects the 2012-2014 years of Shanghai and Shenzhen A-share listed companies as a sample, based on the life cycle perspective of its cash dividend for empirical research, the concrete situation of cash dividends respectively through cash dividends of willingness to pay and pay level two aspects to be analysed. Empirical analysis is a descriptive analysis and multiple regression analysis, overall analysis and Stages of discussion, in the overall analysis of life cycle and a cash bonus relationship at the same time also distinguishes between different stages of the life cycle to consider the size of the company, solvency, profitability, impact of such factors as the degree of ownership concentration of cash dividends of listed companies. The empirical studies show that in China,dividend distribution of cash dividends in the different phases of the life cycle is different,from growing to the recession of the four different stages of the life cycle of listed company's cash dividend willingness to pay and pay levels are inverted U-shaped distribution, but the size of the company in different stages of the life cycle, solvency, profitability and equity concentrated degree on the cash dividend payment willingness and Affect the level of payment are different. These are certainly the differences based on the life cycle of the semi mandatory cash dividend of rationality, namely, the listed company should according to the different arrangements of the life cycle of the corresponding cash dividend policy, but also need to notice how different life cycle stage influence the cash dividend payment level of the main factors. Through the analysis of the above empirical study and conclusion, to promote the healthy and stable development of the company listed in China, promote the continuous improvement of the capital market, protect the legitimate rights and interests of investors in this paper, the realization of also of listed companies and state regulators and investors putforward relevant suggestions and at last, this paper summarized the insufficiency, and forecasts the future research direction.