Research On Factors Influencing Dividend Policy Of Air Transport Listed Companies In China

With accomplishment of shareholding system transformation of enterprises of our country in 90s last century, dividend allocation began to come into the sight of corporate management as a way of using fund. Over 20 years development, though dividend policy of our country's listed companies is imperfect, it plays the role of balancing interest of every party in corporate profit allocation as an important financial decision. Theoretically, reasonable dividend policy not only reflects real corporate operation to investors, providing reference for their future investment, but also repays shareholders in the form of dividend, increasing confidence of shareholders in holding shares and investment enthusiasm, corporate reputation in capital market, so dividend policy plays apparently important role in long term development of companies.Early research on dividend policy of western academic circle formed traditional dividend theory, later further forming modern dividend theory by loosening relevant hypothesis conditions. The paper chooses research on listed companies in air transport industry because with improvement of national economy, air transport industry has related increasingly closely to national life even development of other industries, with butterfly effect, development of air transport industry will have far reaching influence on economy of our country. So, through research on which major factors will influence dividend allocation in the industry, we can provide reference for the government to make relevant policies and for companies in the industry to make profit allocation scheme meeting long-term development strategy.Based on induction ad organization of relevant research summary and dividend theory, this paper first makes rational analysis of current situation of dividend allocation of listed companies in air transport industry, results showing that listed companies in the industry favor cash dividend, data also showing companies participating in cash dividend have higher proportion in the industry every year.Based on relevant theory, the paper chooses variable index system to construct a model to make empirical research on 12 listed companies in air transport industry from 2000 to 2015, researching dividend policy of listed companies in the industry from the angles of "whether to allocate dividend" and "how much cash dividend to be paid", regression results showing that "whether to allocate dividend" will be influenced by earnings per share, net profit margin, property right ratio and holding ratio of top five largest shareholders, besides earnings per share, net profit margin,property right ratio, "how much cash dividend to be paid" is also influenced by operating cash flow per share. Aiming at analysis results,the paper proposes relevant suggestions on dividend policy of listed companies in air transport industry from angles of governmental supervisor and corporate management.