The Effect Of Semi-Mandatory Dividend Policy On China's A-Share Listed Companies

Dividend policy,as one of the most important sections of the businiess finance,means the company makes the decision to deal with the profit through the operation.It mainly covers the choice of the different types of the dividend policy,ensure the dividend payout ratio and select the way of dividend policy.the dividend policy is not only one of the distributions of the surplus funds,but also one kind of the financing activities within the company.So there is always a research in the finance at home and abroad.Financing,investment and dividend policy are the three major finance decisions.But within the domestic listed companies,the phenomenon of more financing and less distribution exists many years.But in the 21st century,the supervision department of our country has published several policies on the dividend policies of the listed companies.They fully considering the situation of our country and suit the remedy to the case of innovation system.These policies combine the qualifications of refinancing with sharing the bonus,even though the policies have their-own bugs.This will let the new round of supervision begin.This article is going to analysis the influence of the 2001 The Measures For The Listed Company Issuing New Shares and 2008 The decisions On modifying some regular cash dividends of the listed companies,both are published by CSRC(China Securities Regulatory Commission).By analysis the financial data of the A-shared listed companies from 1998 to 2013,discuss the effect of publishment of the semi-mandatory dividend policy and the influence of the rising standard of the refinancing.This article select the financial data of the A-shared listed companies from 1998 to 2013 from the WIND database.When making the discription of the statistical analysis,compare the perspective of A-shared listed companies with different porperties and different industries.From the analysis,it can be clear that the publishment of the The Measures For The Listed Company Issuing New Shares has a positive impact on the shares of the listed companies.The number of sharing business is rising,and the dividend situation is better than before.2008 The Dicisions On modifying some regular cash dividends of the listed companies also let the average dividend payout ratio increase the same year.The number of the sharing companies which the dividend payout ratio is over 30 percent is on the increase remarkably.The publishment of the semi-mandatory dividend policy has the most significant impact on the state-owned listed companies and private listed companies.It also has a positive effect on each industry.But on the whole,the average dividend payout ratio of the A-shared listed companies is decreasing.Finally,from the analysis and conclusion above,this article offers some policy suggestions and the solutions with pertinence.