Research On The Appropriateness And Influencing Factors Of Listed Companies' Cash Dividends

The history and research of cash dividend is long-standing.For shareholders,they exercise to the enterprise residual claim is as unalterable principles.For enterprises,the payment of the appropriate cash dividend to shareholders will not only damage the cash flow,but also contribute to its corporate governance and long-term development.It is obvious that an appropriate cash dividend is a win-win behavior for both shareholders and enterprises.However,the positive significance of cash dividend has not been widely understood by Chinese enterprises,and there are still many abnormal phenomena in China' s stock market.For example,every year there are nearly half of the companies do not distribute cash dividend to shareholders.In cash dividends enterprise,there are also such as abnormal high cash dividends and abnormal low dividend unreasonable behavior.Although the CSRC begin to introduction relevant regulatory policies from 2001 years,but the role of these policies is limited,shareholders' rights have not been well protected.In this paper,we first define the meaning of cash dividend.By using the principal-agent theory,signaling theory and the theory of benefit transfer,we analyzes the game of the cash dividend,and points out the characteristics of the cash dividend.Then we consider the comprehensive effect of cash dividend for enterprise and its various benefits generated,select the shareholders and the enterprise of the two main points of empirical test,and finally concluded that the appropriate range of cash dividends should be located in the 59.34%-63.25%range of net profit.On this basis,we further studied the effects of various factors on the cash dividend appropriate interval,the results show that the main factors affecting the cash dividend the appropriate interval for the profitability of the enterprise and industry.Finally,we argues that the listed companies should improve their profitability from a variety of channels,and the Commission should strengthen the supervision of non-dividend and abnormal dividend.The innovation of this paper is:(1)this paper discusses the appropriateness of cash dividends;(2)empirically examines the adequacy of cash dividends of listed companies,the empirical evidence,enriches the literature of corporate finance in the cash dividend,also provide empirical evidence support for supervision the scientific supervision mechanism?...