The Research Of Correlation Between Sustainable Growth And Cash Dividend Policy Of Forestry Listed Companies

Forestry is an important basic industry of china, also is an important component of national economy. The issue of forestry construction is very important to economic and social sustainable development, proposed by president Xi. As an important content of the forestry construction, the development of forestry industry conform to the requirements of the low carbon economy, helps to increase carbon sink and decrease emission, also helps to promote the improvement of ecological environment and the development of social economy. Forestry listed companies is the best in forestry industry, also is the leader in the development of forestry economy. Financial management theory agreed that dividend policy is one of three core contents of corporate financial activities, also is the logical continuation of financing activities, investment activities, so dividend policy is of great significance to the sustainable development. Furthermore, the cash dividend policy is the most important part of dividend policy. Therefore, it seems particularly important to research on the effect of cash dividend policy distribution on sustainable growth in forestry industry.This paper choose Higgins.C.Robert's static sustainable growth model, based on researching the theory of sustainable growth and cash dividend policy. Then classify forestry listed companies according to differential growth rate. This paper make assumptions and analysis on how rational cash dividend distribution should be taken from the perspective of normative research, according to different investment opportunities in the future. The conclusion of empirical study is that the management only could take the rational policies on the situation of fast growth and good investment opportunities, it means that reducing cash dividend payment could promote sustainable growth. In addition, sustainable growth ability could be better with the larger company size and higher Roe. This paper put forward relevant countermeasures and suggestions according to the irrational behavior of forestry listed companies, in order to have a positive influence on sustainable growth.