Research On The Influence Factors Of Cash Dividends Ratio Of Manufacturing Listed Corporation

The choice of dividend payment method is an important decision in the financial field of listed Corporation.In our country,there are three main methods for dividend payment: Cash dividend,stock dividend and mixed dividend,"Cash dividends ratio" refers to the cash dividend accounts for the proportion of the total dividend distribution.The proportion of total profit distribution of cash dividends has a great influence on the operation and management of listed Corporation.A appropriate dividend payout ratio can not only improve the efficiency of the use of funds,but also promote a stable and sustainable development of the company.Due to the payment of dividends usually involves all kinds of stakeholders,the influencing factors of cash dividends ratio of listed Corporation are also complicated,but generally it can be divided into external factors and internal factors.This paper takes the manufacturing industry listed Corporation as the sample,analysis the influencing factors of the cash dividends ratio of manufacturing enterprises,intending to provide a reference for the company's decision makers.This paper collects the relevant dividend payment data of manufacturing listed Corporation from 2008 to 2014,Firstly,analysis the status and characteristics of the dividend payment selection of manufacturing listed Corporation,and discusses external factors and internal factors which influence the choices of the dividend payment methods from decision-makers.On this basis,this paper selects 302 listed Corporations that use a mixed dividend payment as a sample,selects 17 indicators and uses SPSS statistical software for factor analysis,and extract 7 common factors by using principal component analysis.Finally,by using multivariate linear regression analysis,this paper proves the impact of these factors to the cash dividends ratio of the listed Corporation,and draws the conclusion.Among them,for the policy and regulatory factor in the external factors,this paper focuses on the changes of cash dividend payout ratio before and after the implementation of the new policy by introducing dummy variables.The results show that: 1)the higher the total domestic economy,the lower the inflation rate,the higher the proportion of cash dividends of the company will be;2)The newly implemented policies and regulations can significantly affect the proportion of cash dividends of manufacturing listing Corporation;3)the higher the company's profit level,the stronger the ability to operate,the higher the stock price,the decision-makers will tend to choose cash dividend,the proportion of the company's cash dividend will be higher;4)the higher net cash flow per share of the company is,the higher the proportion of cash dividends of the company will be;besides,for the company that capitalize the capital reserve,the proportion of cash dividends of the company will be higher.In addition,the company scale,short-term and long-term solvency,the operating income and net profit growth rate and equity concentration have a certain effect on the proportion of cash dividends making by the decision-makers,but the correlation is not significant.