Influencing Factors Of Cash Dividend Policy In Energy Industry Based On The Life Cycle Theory

Dividend policy has always been one of the central points in academic researches.Since the 1950s,western scholars have done various studies on dividend policy,and received great achievements.However,they don't have consistent results.Chinese stock market originates from 1990s.With its late start,Chinese scholars are still in exploration stage in dividend policy studies.We don't have sound dividend system,and dividend payout of listed companies is not standardized.This paper focuses on listed companies in energy industry,explores influencing factors of cash dividend policy in listed companies in this industry,and makes analysis from perspectives of cash dividend policy payout tendency and ability.In addition,this paper introduces life cycle theory,and studies if there are differences in cash dividend policy among companies with different life cycles.By making use of positivism model,this paper finds that in earning per share,there is a positive correlation among the first majority shareholder's proportion of shareholding,cash dividend payout tendency,cash dividend payout ability.And there is a negative correlation among sustainable growth rate,debt-to-assets ratio,cash dividend payout tendency,and cash dividend payout ability.From the perspective of life cycle,growth stage has smaller tendency to cash dividend payout and high rate of cash dividend payout.Mature stage and decline stage tends to cash dividend payout.It is suggested that CSRC should require companies to make medium and long term cash dividend payout policy according to their industries and different life cycles,and strengthen its stable bonus share return.Dividend policy information system should be sounded gradually.And markets' supervisory functions to companies should be played.Dividend policy of listed companies should be standardized.Moreover,listed companies in energy industry should develop its earning ability,maintain suitable ownership concentration and debt-to-assets ratio.These companies should also select proper cash dividend policies that accord with their industry conditions and different life cycles.