Analysis Of The Influence Of Cash Dividends On The Value Of Listing Corporation

Since the rise of Chinese securities market, cash dividends of listed companies in our country presents some bad phenomenon. There are many stingy company which is not participating paying the dividend. In the most of the companies which pay the dividend, their dividend payout ratio is relatively low with poor continuity. From the above phenomenon we can see that China's listing corporations attach great importance to "quanqian" and refuse to give in return. In order to protect the interests of investors, cultivate the idea of value investment, and improve corporate governance to increase the value of the company, China's regulatory authorities have issued a series of policies to improve the dividend of listing corporations since 2001. One of the most important policies is the semi-mandatory dividend policy of listing Corporation stock market refinancing qualifications and cash dividend linked.The most representative policy document is the Commission promulgated the "provisions on the revised listing Corporation cash dividend decision" the listing Corporation supervision departments do not give the stock financing to the company those dividends or dividend payout ratio does not comply with the provisions in 2008. Then in the background of the semi-mandatory dividend policy strengthening the payment of cash dividends is conducive to raise the value of the listing Corporation? What is the difference for different types of listing Corporation? What is unreasonable point of the semi-mandatory dividend policy? Which are the ways to improve?Therefore, this paper is mainly studying the impact of issuing dividends on the company value after the 2008 semi mandatory dividend policy. This paper is divided into five parts, each part of the main contents are as follows:the first part is the introduction. This part describes the background and significance of the research, defines the research content, and then a brief description of the research methods and possible innovations and shortcomings. The second part is the theory and literature review. First introduced the semi mandatory policy concept, foreign classic cash dividend policy theory and enterprise value measure method. Secondly introduces the listing Corporation dividend effect on firm value in literature, Finally introduced the research literature about the effect of the implementation of semi mandatory policy. The third part is the analysis of China's listing Corporation in equity refinancing, cash dividends and value under the background of the semi mandatory policy, the first analysis of the listing of the company refinancing situation is to find the binding force mandatory dividend policy promulgated on the number and ratio of the company. the second analyzes the cash dividends and market value of the company, mainly in order to find the link of the dividend and the market value. The fourth part is an empirical study of the effect of cash dividend on enterprise value according to the 2008-2014 listed companies data.From the perspective of the overall and classified empirical model to find semi mandatory dividend policy goal of changing the good corporate governance so as to improve the enterprise value has been make sense. The fifth part is the conclusion and suggestions. On the basis of statistical analysis and empirical study on the model, the conclusions of this study are summarized, and put forward some suggestions to regulatory formulation to improve the dividend policy of listed companies...