Empirical Study Of Influencing Factors Of Dividend Distribution Policies Adopted By Tourism Public Companies

Tourism listed companies play an important role in promoting the development of China's tourism industry.This paper makes influencing factors of dividend distribution policies as an entry point,selects tourism public companies as the studied object,uses dividend distribution data and financial ratio data of public companies related,researches influencing factors of dividend distribution willing,cash dividend payment and stock dividend payment,including companies'scale,profitability,solvency,growth ability,cash flow,profit quality,earnings per share fund,income level,life cycle,operating ability,ownership concentration,top manager compensation and government supervising.Then we set up three models and use Logistic method and Stepwise regression method to analyze those models,and our conclusion shows that(1)scale,profitability,solvency,profit quality,life cycle are positively related to dividend distribution willing;growth ability is negatively related to dividend distribution willing;cash flow and earnings per share fund aren't related to dividend distribution willing.(2)Profitability,solvency,cash flow,earnings per share fund,operating ability and top manager compensation are positively related to cash dividend payment level;growth ability,income level,life cycle and government supervising are negatively related to cash dividend payment level;scale and profit quality aren't related to cash dividend payment level.(3)Profitability is positively related to stock dividend payment level;scale,cash flow and EPS are negatively related to stock dividend payment level;growth ability isn't related to stock dividend payment level.Finally,we suggest that tourism listed companies should improve their own Profitability,expend their own scales,and optimize their own capital structure;that government should guide investors to make value investing and perfect information disclosure mechanism of public companies.