| The impact of dividend policy on corporate value has always been a hot research in the field of economics,and some scholars agree with the theory of dividend related,but others agree on the theory of dividend irrelevance.In recent years,the CSRC has frequently asked listed companies to distribute dividends.The dividend policy includes whether the payment of dividends,dividend payment types and so on.The core content is the choice between the retained reinvestment and the profit distribution of the company's earnings.It is of theoretical and practical significance to analyze the influence of dividend policy on the value of the company.The first chapter is the introduction,which introduces the paper research's significance,background,framework arrangement and so on.The second chapter is the literature review of the influence of dividend policy on the value of the company,the introduction of the dividend policy theory and the company value theory.The third chapter is about the current situation analysis of dividend distribution of Listed Companies in China.The fourth chapter is an empirical analysis,building two models by multiple linear regression model relying on section data and panel data.This paper analyzes the influence of dividend policy on Listed Companies in different industries on the value of the company and analysis the differences in different industries.The fifth chapter is the countermeasures and suggestions,as well as the research prospect.From the results of the empirical analysis we have the following conclusions: Firstly,the impact of "whether to pay dividends" in each industry has different effects on the value of the company.The effect in the financial industry is not significant to the value of the company,but in manufacturing,wholesale and retail industries,where has a significant impact.Secondly,the influence of "the level of dividend payment" on the value of the company basically is negatively related. |
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