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1、ANALYSISOfINFLUENCEFACTORSOFTHEDIVIDENDPOLICYOFCHINA’SLISTINGCORPORATIONABSTRACTAsoneofthecompany'sfinancialactivitiesofthethreeimportantcomponents,dividendpolicyhassomefunctionsasfollows:reflectscompany'soperatingresultsandperformance,affectsthecompany'sstrategicdirectionandcouldshapetheimageof
2、thecompany,it’soneofthemostimportantactivitiesincompanymanagementwhichcandeeplyaffectthecompany'slong-termsustainabledevelopment.Thesetheoriesaboutdividendpolicythatwerestudiedbythedevelopedcountriesarequiteprosperous,thesestudiesconclusionsarealsokeepingimprovedandenriched.However,thepresentdiv
3、idendpolicyinfluencefactorstheorywhichareresearchedbyChinesedomesticscholarshaven’tbeenpersuasive,thisstateofaffairsisresultedbythemainreasonsasfollows:ourstockmarket’slatestartanditsslowdevelopment,therelevantsystemsandconstructionoflegalsystemshaven’tbeperfect.Therefore,thesescholarsalsocouldn
4、otbeencompletelyusedtoperfectthedividendpolicyinthefieldofourlistingCorporation.Thispaperfocusesontheempiricalresearch,butstillbasedmainlyonIIforeigndividendrelevanttheoryasthetheoreticalanalysisbasic,andthroughthemethodofdescriptivestatistic,thispapergraspsthecurrentsituationofChineselistingCor
5、porationofdividenddistribution,it’sasfollows:cashdividenddistributionisthemainform,unallocatedphenomenonisuniversal,thepaidlevelislow,thedistributionisnotcontinuousandsoon.Thispaperalsosetsuptwodependentvariablequantitieswhatarewhetherdistributingofdividendsandthedetaildividendpayoutratio,
6、toconstructtwodifferentregressionmodelsforempiricalanalysis,thestudyfoundthattheattentioninterestsofsmallshareholdersaredifficulttoprotect,theinformationdisclosureofdividendpolicyisnotenough,theprobablequantizationindexofdividendpolicyarenotclear,andlackoftheexternalsupervisionworkaboutthedivi
7、dendpolicy,theseproblemscouldbedisposedaccordinglybythecountermeasures:asfaraspossiblestrengthentheprotectionofminorityshareholders’personalinterestsandvitalrights,enhanceandperfecttheinformationdisclosureworkofdividenddist