|
As the company’s profit distribution part of dividend policy, it is also one of theimportant parts of modern corporate finance. It can not only reflect the company’soperating results and business practices, but also affect the company’s external image.Listed companies hope through distributing dividends to establish a good corporate imagein the financial markets, thus enhance corporate value; outside investors try through thedividend policy to understand operations and development capacity within the enterprise,in order to determine whether it has long-term investment value. Thus, it is important forlisted companies to formulate reasonable dividend policy.Of course, for high-risk, highdebt financial listed companies, in the face of the problems such as increasinglystandardize the securities market, rational investor demand, and the problem of company’sown value assessment more urgent need of suitable, scientific system of theory andempirical research to standardize and guide the dividend distribution policy.Therefore,based on the predecessors’ research to listed companies’ cash dividend policy andenterprise value, basis for financial listed companies in this particular industry, there iscertain theoretical significance and strong application value to in-depth study of its cashdividend policy and corporate value relationship.In this paper, based on defining the relevant concepts of dividend policy, analyzingthe theory between dividend policy and enterprise value, firstly using the statistical dataanalyses the characteristics of dividend policy of listing corporation，we find that，thecharacteristics of dividend policy of listed companies are mainly for the points: thephenomenon of dividend do not allocate is widespread、lack of continuity of dividendpayments、and there is phenomenon of excess cash, etc. Secondly，considering thefinancial listed company’s dividend distribution policy has its unique characteristics, thecurrent situation of dividend distribution policy of listed financial companies is separatelydescripted statistically, statistical results show that relative to all listed companies, thedividend of financial listed corporation is more continuity relatively, and has a higherproportion of dividend distribution, but the dividend payment level is lack of stability. Then, the article from listed companies’ the financial dividend, the present situation ofenterprise value and dividend policy relevant financial data starting, use empirical analysismethod, researched on the relation between dividend policy and corporate value. Theresults showed that the enterprise to adopt the residual dividend policy, there is notcorrelation between enterprise value and dividend policy; the enterprise to adopt fixed orstable growth of dividend policy, dividend policy can influence the enterprise value andsignificant positive correlation; the enterprise to adopt the fixed rate of dividend paymentpolicy, dividend policy negative influence enterprise value, the enterprises to adopt lownormal dividend extra dividend policy, the enterprise value and dividend policy havenegative influence on each other, and through the endogenous test, explain the endogenousrelationship between them.Finally, on the basis of summarizing the empirical results, from the view that leadinglisted companies to develop reasonable dividend policy and appropriate to protect theinterests of outside investors to put forward some specific suggestions.
|