Research On The Factors Affecting The Cash Dividend Payment Level Of A-share Listed Securities Companies

As an important source of shareholder income,cash dividends are an important channel for maintaining the relationship between the company and investors,and an important means to balance short-term gains and long-term interests.From the early 1960s,Miller and Modigliani proposed the MM theory,and the research on dividend policy entered a stage of rapid development.Since the official opening of the Shanghai Stock Exchange and the 1991 Shenzhen Stock Exchange in 1990,China s securities market has been a fast-growing capital market for nearly three decades,in order to promote China s economic take-off and structural changes.Played an important role.With the development of the stock market,securities companies,as the industry that undertakes securities issuance and economic business,have achieved rapid development in both quantity and market value.Therefore,the cash dividends of listed securities companies are not only related to the interests of investors,but also affect the development of the entire securities market.Therefore,it is helpful to explore the factors affecting the cash dividend payment level of A-share listed securities companies to promote the development of the securities industry.Based on this background,this paper studies the factors affecting the cash dividend payment level of A-share listed securities companies from both theoretical and practical aspects.After theoretically expounding the incentive policies and payment methods,this paper analyzes the current status and existing problems of cash dividend payment levels of A-share listed securities companies,such as the low level of cash dividend payment and the existence of abnormally high-powered factions.These unreasonable factors will cause small and medium-sized investors with absolute superiority to truly share the operating profits of listed companies,forcing them to turn their profit sources into short-term stock price spreads,thus exacerbating the speculative atmosphere in the A-share market.After summarizing and analyzing the related literatures,this paper proposes six reasonable hypotheses,selects nine representative indicators as independent variables,and uses multiple linear regression based on principal component analysis to empirically conclude the model conclusion:A shares cash dividend payment level of listed securities companies is affected by the combination of profitability,solvency,growth ability,asset size,equity concentration and equity concentration.Then select a representative Everbright Securities as a case to analyze to verify the correctness of the empirical results.Finally,based on the conclusions reached,it puts forward suggestions for improving the cash dividend payment level of A-share listed securities companies and summarizes the research.The innovation of this paper is to explore the securities industry as a research object based on the differences between industries,which will help to make more targeted suggestions on the cash dividend payment level of the securities industry A-share listed companies,thus helping them to get better development.