The Impact Of Cash Dividend Policy On The Corporation Value Of Listed Companies

The research on the relationship between dividend policy and corporate value is based on the listed companies in China's textile and apparel industry.According to the life cycle theory,most enterprises in the industry belong to mature listed companies,some enterprises are in the growth stage,and some enterprises are in a recession period.Based on the existing theoretical research of domestic and foreign literatures,this paper first defines the concept of enterprise value and cash dividend policy,and explains the life cycle theory,and explains the way of dividing the life cycle selected in this paper and explains it.the reason.After analyzing the relevant theories of the impact of dividend policy on corporate value,the overall situation of the listed companies in the textile and apparel industry and the status of dividend distribution were counted.The statistical results show that the number of textile and garment enterprises that issue cash dividends has been rising,but the overall level of cash dividend payment is still not high,and it is unable to maintain certain continuity and stability.In view of this,this paper selects the financial data of the listed companies in the textile and apparel industry issued by the A-shares of the Shanghai and Shenzhen Stock Exchanges as a sample,using a multiple linear regression model,through descriptive statistical analysis,correlation analysis and multiple regression analysis from cash.Empirical research on the correlation between dividend payment,cash dividend payment level and cash dividend stability.At the same time,based on the above three models,this paper selects the owner's equity for the method of dividing the life cycle of listed companies.The composition method,with the RE/TE value of 10% as the distinguishing point between the growth period and thematurity period of the listed companies in the industry,the RE/TE value is 50% as the distinguishing point between the mature period and the recession period of the listed companies in the industry,for the textile and garment industry.Listed companies are grouped.According to the group,the relationship between the cash dividends of listed companies in the growth period,maturity and recession period and the value of the enterprise is empirically analyzed.Verification hypothesis 1: The listed company in the apparel and textile industry adopts a dividend policy that distributes cash dividends to help increase corporate value.Hypothesis 2: The higher the cash dividend payment level of listed companies in the textile and apparel industry,the higher the corporate value.Hypothesis 3: The stable and continuous payment of cash dividends by listed companies in the textile and apparel industry is conducive to enhancing corporate value.Hypothesis4-1: The dividend policy of issuing cash dividends for listed companies in the apparel and textile industry in the growth period is not conducive to the improvement of corporate value.Assume that the listed companies in the apparel and textile industry at maturity are adopting a dividend policy that distributes cash dividends.Value Hypothesis 4-3 In the recession,the listed textile and apparel industry companies adopt a dividend policy that distributes cash dividends to help increase corporate value.Finally,multiple regression analysis was used to verify that some of the hypotheses were established,and some of the empirical results were not significant.Finally,on the basis of summarizing the empirical results,some specific suggestions were put forward from guiding the listed companies in the textile and garment industry to reasonable cash dividend distribution and the government to adopt more reasonable regulatory measures.