A Research On The Impact Of The Cashdividend Policy On The Enterprise Value Of Listed Companies In China

The dividend policy is a very important financial policies of listed companies,it has been not only the focus attention of investors,but also a hot topic in academic research.The core issue of dividend policy is how to achieve the balance between revenue distribution and long-term growth,in order to achieve financial management objectives of the maximization of enterprises value.Since Miller and Modigliani put forward dividend irrelevance theory,theorists have proposed many theories such as a bird in hand theory,agency cost theory,to explain the relation between dividend policy and corporate value.In 2006,the dividend life cycle theory was proposed by DeAngelo,which combined with the enterprise's own cycle characteristics and operating environment,provided a new way to study dividend policy.If China's listed companies' cash dividend policy in different stages of life cycle have an impact on the value of enterprises? Is this effect significant? In order to sort out these problems,this paper studies the relationship between cash dividend and enterprise value,based on life cycle theory.Firstly,this paper defines the related concepts of dividend policy,enterprise value and enterprise life cycle,and from two aspects of the formation stage of dividend theory and the effect of cash dividend policy on enterprise value to review.Secondly,this paper analyzes cash dividend policy has the impact on enterprise value in different life cycle stages,based on the theory of life cycle,and puts forward relevant assumptions.Finally,this paper chooses the Shanghai and Shenzhen A-share as research samples,and collects data of listed companies from 2012 to 2015,and use SPSS22.0 to empirical analysis.The enterprise life cycle divide into three stages: growth period,maturity stage and recession stage by using fuzzy clustering analysis method.And introduces the virtual variables of the life cycle and the interactive items of the life cycle and the cash dividend policy,constructs the multiple linear regression model,and verifies the hypothesis from the aspects of paying dividends and dividend payment rate.The results of this paper show that: the cash dividend policy of listed companies in the different life cycle stages have different influences on enterprise value,to be more specific:(1)In the growth period,whether to pay dividends is negatively related to the value of the enterprise,and the dividend payout ratio is negatively related to the value of the enterprise.(2)In the mature period,whether to pay dividends is positively related to the value of the enterprise,and the dividend payout rate is positively related to the enterprise value.(3)In the recession period,whether to pay dividends is negatively related to the value of the enterprise,and the dividend payout ratio is negatively related to the value of the enterprise.(4)There is a significant negative correlation between asset-liability ratio and corporate value.There is a significant negative correlation between firm size and firm value.The expansion of firm's scale will adversely affect the improvement of enterprise value.The total net asset value and enterprise value exist significantly positive correlation,total asset growth increasing can significantly increase the value of the enterprise.