Analysis Of Influential Factors On Dividend Distribution Policy Of Private Listed Companies

Dividend distribution policy is one of the core contents of financial management of listed companies,which affects the company's value,stock price and the sustainable development of companies in the future.Compared with the western developed countries,China's stock market has a certain lag due to the lack of attention to the construction of the institutional system at the early stage,which led to the listed companies' neglect of dividend distribution to some extent.By 2018,A-share private listed companies in Shanghai and Shenzhen accounted for 62.97% of the total number of listed companies.It can be seen that private listed companies occupy a large share of China's capital market and play an important role in the development of China's national economy.Most of the private enterprises come from family,with a high degree of ownership concentration and external financing constraints.In addition,the governance structure of private listed companies is incomplete,leading to the phenomenon of "focusing on financing rather than dividend distribution" in private listed companies.The main reason is to maximize the interests of major shareholders to formulate the company's dividend distribution policy.There is a strong individualism and short-term dividend distribution Behavior.Regulating the dividend distribution of private listed companies has a certain significance for the healthy development of China's capital market.On the basis of summarizing the domestic and foreign research trends,this paper discusses the influencing factors of the dividend distribution policy of private listed companies,and summarizes the development status and the characteristics of dividend distribution policy of the private listed companies in China,and summarizes the relevant dividend distribution policy theories.Taking Weixing shares of a private listed company as the research object,this paper analyzes the shareholding structure of the company and the dividend distribution in recent years,and compares itself with the overall level of the industry in which it is located,as well as Xunxing shares in the same industry.It finds that the dividend distribution of Weixing shares has been stable and kept at a high level in the past six years.From the perspective of five financial factors,including profitability,cash flow,solvency,growth ability and financing ability,vertical and horizontal comparison is made to analyze the profitability and solvency of Weixing shares.This paper analyzes the non-financial factors of a company from the aspects of relevant laws and regulations,company size factors and controlling force of major shareholders.Through the research of this paper,it is found that the high dividend distribution behavior of Weixing shares is a kind of wealth transfer behavior caused by insufficient growth.In fact,it caters to the interests of executive shareholders and damages the interests of minority shareholders to a certain extent.The relevant suggestions are put forward from the perspective of the company and the investors : to improve the laws and regulations of dividend distribution of listed companies,and to strengthen the supervision and punishment of dividend distribution.To improve the equity structure of listed companies,at the same time,listed companies can adopt the voting mechanism of circulating shareholders.To expand the financing channels of enterprises and provide financing preferences for some companies.Improve the quality of listed companies and strengthen the education of small and medium-sized investors;The financial supervision by public opinion is introduced into corporate governance to protect the interests of minority shareholders.In addition,listed companies also need to improve their own level of management and profitability.