The Empirical Study On Cash Dividend Policy Of Chinese Listed Companies—Real Estate Industry

Professor Lintner first proposed the theory of dividend distribution.Since then,many domestic and overseas experts and scholars had carried out a lot of research about it,and achieved some results.However,there are many factors to affect the distribution policy,especially cash dividend policy,ranging from macro-environment,regulations and policies,to companies' shareholding structure,financial status and so on.There are many troubles for the research of cash dividend policy during to the ever-changing market environment,the diversity of listed companies and above related factors.Then it's difficult to finish the research thoroughly.This paper is based on fully studying the related theories of the cash dividend.The author sorted the domestic and abroad related literatures about the research of cash dividend policy,analyzed the status of cash dividends distribution of Chinese listed companies from 2008 to 2017 using standard analysis method,summarized the existing problems,and picked out personal problems of real estate industry listed companies.Specific to the real estate industry listed companies,the author finally combed the data about the cash dividend distribution from 2012 to 2017,carried out successively decision analysis and distribution level analysis of the cash dividend policy.Then the research shows that the distribution decision of cash dividend policy is related signally to seven financial index,which include earnings per share,growth rate of total profit,quick ratio,shareholding ratio of top ten shareholders,asset-liability ratio,growth rate of operating income and total asset,after the correlation analysis and logistic regression analysis of the data and financial index.Factor analysis is used to pick out the influencing factors of distribution level.And multiple linear regression analysis comes to the conclusion.It is that the stronger the earning ability,debt paying ability and cash capacity of real estate industry listed companies,the higher distribution level.Meanwhile,there is negative correlation between the growth ability and distribution level.Finally,the author summary the conclusion,and put forward the lack of the research and the expectation for the future.