Analysis Of Factors Affecting Listed Companies' Cash Dividends

Improving the system of listed company's cash dividend and increasing return on investment for stock investors is a strong guarantee for the stability and healthy development of China's stock market.Firstly,using the listed company's cash dividend data from 1991 to 2014 in China A-share market as the sample data,through comparing and analyzing the overall situation and persistency and diffidence between industries of cash dividends of listed companies,this thesis summarized the current situation of China's listed company's cash dividend.Next,come to the empirical study of this paper,which can be summarized into two parts.In the first part,this thesis discussed the main factors affecting the cash dividends of listed companies from the macro level,the level of government regulation and corporate finance micro level.At the macro-level research,by using chronological data from 1998 to 2014 of cash dividend,GDP,CPI and money supply,adopting Granger test and regression analysis,this thesis found a positive correlation between the listed company's cash dividends with money supply and negative correlation between the listed company's cash dividends with GDP and CPI.At the corporate finance micro-level research,using principal component analysis and building multivariate regression model of three industries including Manufacturing,Financial and Construction industries,found differences in the impact of internal financial factors on cash dividends between different industries.In the second part,taking the listed companies in China A-share market from 2004 to 2014 as samples,this thesis summarized and analyzed the combined effects of these factors from three levels above on the cash dividends of listed companies.Finally,the thesis provided some suggestions about cash dividend aspects for government regulators,listed companies and investors.