Study On The Factors Influencing Dividend Policy Of Listed-Commercial Banks In China

In the 1990s,China carried out the joint-stock reform of enterprises,and the formulation of dividend policy became an important investment and financial management method to determine the future development direction of enterprises.Theoretically speaking,investors can judge the operating status and development space of the company through dividend policy.Dividend policy with high dividend can stimulate the enthusiasm of investors for investment and establish the brand image of the company as "willing to repay shareholders".As the economy continued to deepen the reform and the rapid development of financial technology,the traditional financial institutions face new opportunities and new challenges,the paper choose study of listed commercial Banks,because along with the deepening of financial system reform,the banking industry as a pillar of the national economy in our country and the development of the real economy,the development of the industry will be profound influence on the financial and economic development of our country.Therefore,by studying the main influencing factors of dividend distribution tendency and dividend payment level of commercial Banks,this paper provides a reference for enterprise managers to formulate dividend policies in line with their own long-term development,and provides a practical basis for government managers to formulate policies and regulations regulating the dividend distribution behavior of enterprises.Paper on the basis of relevant research results and related theory,the current situation of dividend distribution of listed commercial Banks statistical analysis,results show that the distribution of dividends listed commercial bank more than more than 90%,has a high tendency of distribution,mainly allocated cash dividend,stock dividend distribution as the auxiliary pole,and dividend distribution of listed commercial Banks in China has strong stability and continuity,but the low level of dividend payments.The formulation of dividend policy of commercial Banks is affected by the development trend of domestic and foreign economy,or by their own operating conditions.To solve this problem,relevant indicators were selected based on theoretical research.Data were selected from the annual reports of 16 listed commercial Banks from 2008 to 2017 to construct the logistics binary choice model and multiple linear regression model.The research results showed that:Trend of monetary policy,bank assets,the ratio of the first largest shareholder,profitability,solvency and capital adequacy ratio has significant effect on whether to pay dividends,in which assets,earnings per share,profitability,earnings per share,capital adequacy ratio and the level of dividend payment is,and the percentage of the first largest shareholder and solvency present negative correlation with the strength of dividend distribution.According to the results of empirical analysis and the current situation of dividend distribution in listed Banks,this paper provides a reference for commercial Banks to formulate dividend policies in line with their own long-term development.