Study On Stock Dividend Payments Factors Of Listed Companies

The dividend policy is one of the three major policies of the modern company's financial activities.The reasonable dividend policy can set up a good image for the company,transmit the signal of the growth of the company's performance,and improve the confidence of the investor's continuous investment.Therefore,the dividend policy has been a hot topic for a long time.The research and empirical research on dividend policy in China is mainly concentrated in the field of cash dividends,and the discussion of stock dividends is relatively less,and then the comparative analysis based on the characteristics of the plate is not basic.Therefore,this paper will analyze the stock dividend distribution of the main board and the small and medium board,and use the empirical study to find out the main factors that affect the stock dividend payment level of the listed companies in the current market environment,and further analyze the reasons for the difference of the factors affecting the level of the stock dividend payment level of the two plates.Taking 2011-2016 corporation data from the main board market in Shenzhen and SME board as a comparative example,the result shows that both sides are ill-performed in continuity,scale and payments of stock dividend,although the SME board is relatively better.On the other hand,based on the specific feature and equality structure of these corporations and the status quo of macro economy and cash dividend distribution of the financial year,the empirical result finds via the Multiple Linear Regression(MLR)that factors influencing stock dividend payments of the main board market in Shenzhen go to share transfer and long-term solvency capacities,and cash flow;while for SME board,they are share transfer,long-term solvency and growth capacities,as well as corporation scale and ratio of shareholders.