Empirical Study On Income, Growth, Asset-Liability Ratio And Dividend Policy

Cash dividend is not only the main way for shareholders to get investment returns,but also an important financial activity of the company.In order to protect the interests of investors and ensure the stable development of capital market,the SFC has issued a series of semi-mandatory dividend policy,which regards the cash dividend ratio of listed companies as the condition of refinancing qualification.For companies that are not suitable for dividend distribution,excessive cash dividend distribution may not only bring financial crisis,but also be detrimental to the value return of investors as shareholders.The ultimate goal of the operation and development of listed companies is to ensure the maximization of shareholders' interests.Whether or not cash dividends and how much dividends should also serve this goal.Income,growth and asset-liability ratio are the key factors affecting the company's value,and the company should make a dividend decision accordingly.Firstly,this paper makes a statistical analysis of the dividend distribution of A-share listed companies in Shanghai and Shenzhen from 2000 to 2017,and observes the investment efficiency of China's listed companies based on the comparative ranking of return indicators.Then,it constructs a statistical group of three indicators at different levels of total asset return,growth rate of operating income and asset-liability ratio,and observes the dividend distribution of Listed Companies in corresponding intervals.Finally,it takes A-share from 2013 to 2017.Based on the data of Listed Companies in the year of 2000,combined with the implementation of semi-mandatory dividend policy during the period,this paper empirically studies the relationship between the above factors and dividend distribution.Statistical analysis shows that China's cash dividend level is low,the stability is poor,there are problems of excess cash dividend and zero cash dividend for many years;about one fifth of the companies have higher investment efficiency than the average return on risk market,stock return and risk-free return,and are not suitable for cash dividend distribution;a few companies' cash dividend behavior is not conducive to the optimal allocation of resources.The empirical results show that the total return on assets and the ratio of assets to liabilities are negatively correlated with the dividend level,while the growth rate of operating income is not negatively correlated with the dividend level;the total return on assets is positively correlated with the willingness to dividend,while the growth rate of operating income and the ratio of assets to liabilities arenegatively correlated with the willingness to dividend;this shows that there is a relationship between dividend policy and shareholder value of A-The main reason for the conflict is that it is influenced by the policy of linking refinancing qualification with dividend.Finally,on the basis of relevant data,this paper puts forward some policy recommendations for optimizing the dividend policy of Listed Companies in China.