The Construction And Application Of The Dividend Assessment System For Chinese Pharmaceutical Listed Companies

As the core content of the financial management of listed companies,dividend distribution is an important way for investors to obtain returns,and it is closely related to the future development of the company.Therefore,it is highly concerned by the management,investors and regulatory agencies.In particular,the cash dividend,which is one of the forms of dividend distribution,not only directly conveys benefits to shareholders,but also involves the issue of agency costs between shareholders and management.The Securities and Futures Commission has also issued a number of regulations on cash dividends.In order to further explore the situation of listed companies' cash dividend ability,this paper aims to build a set of dividend assessment system.Dividend signal theory,dividend life cycle theory and preferential order financing theory provide theoretical support for the study of this article.The author reads and reviews the relevant literature on the factors affecting cash dividends,summarizes the factors affecting cash dividends,and filters out the factors that determine the ability to distribute dividends from a number of influencing factors.The final summary is 10aspects: profitability,profitability and stability Sex,operational capacity,short-term solvency,long-term solvency,available assets,company's investment plan,growth capacity,company size,and industry characteristics.In this paper,non-parametric tests and correlation coefficients are used to screen the indicators of each factor to ensure that the indicators selected in this paper are representative.Next,using the coefficient of variation method to determine the index weights,to ensure a certain degree of weight of the objectivity.Finally,a framework-based company dividend assessment system was constructed.This article describes the effectiveness of the designed evaluation system,and uses the evaluation system to analyze the dividends and dividends of listed pharmaceutical companies,and draws conclusions of this article,and points out theinadequacies of this article.