The Research On The Influencing Factors Of Cash Dividend Payout Level Of Chinese Financial Listed Companies

The distribution of cash dividends of listed companies is a hot topic in the academia.The dividend payout level is the core business of financial problems,not only reflects the company's internal financing level,affect the company's financial structure and investment and financing activities and has a relation to the company's future,but also reflects the return on investment to shareholders and the investment choices and enthusiasm of the shareholders which is related to the healthy development of China's capital market.As China's financial listed companies account for one-fifth of the total market value of China's Shanghai and Shenzhen A-share listed companies,it is of great practical significance to study the cash dividend payout level and its influencing factors of financial listed companies.According to the status quo-theory-empirical research ideas,this paper takes a deep study of Chinese financial listed companies cash dividend payout level and its influencing factors.First of all,it analyzes China's financial listed companies dividend distribution status and main features.On this basis,this paper analyzes the influencing factors of dividend payment level of Chinese financial listed companies by using the dividend policy theory in economics.Thirdly,depending on the dividend payout data and corporate financial data of China's financial listed companies from 2009 to 2015,this paper uses the panel data model in econometrics to analyze the influencing factors of dividend payout level of Chinese financial listed companies,variables selected include the profitability,debt paying ability,growth ability,net asset value,company size,asset liquidity,operating ability and equity structure.Finally,according to the results of empirical analysis,this paper puts forward some suggestions on cashdividend payout policy of Chinese listed companies.The main conclusions are:? The cash dividend distribution in Chinese financial listing Corporation has the following four characteristics:a high proportion of the number of financial listed companies which distribute dividend;dividend distribution methods tend to be of diversification,but mainly in cash dividend;the dividend amount is basically rising gradually,the dividend payment rate tends to be stable;there are gaps among different financial sub sectors.?Stronger the company's profitability,the greater the amount of cash dividend;there is a positive correlation between asset-liability ratio,net asset value and the company's cash dividend amount;there's also a positive correlation between company size,asset liquidity,operating ability and the company's cash dividend payment rate;but there's a negative correlation between ownership concentration and the company's cash dividend payment rate;and stronger the company's ability to grow,the dividend payment rate and cash dividend amount are both lower.This paper makes the following two innovations:?Using the methods of theoretical research and empirical research to make a comprehensive study on the influencing factors of the cash dividend payout level of financial listed companies,and to compare the results of this study and traditional theories.?To establish both an absolute model with cash dividend as the dependent variable and a relative model with the dividend payment rate as the dependent variable,analysing the factors from two dimensions.The research results are of great value for investors,regulators,shareholders and management to understand,analyze,improve and supervise the cash dividend payout policy.