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The Analysis of Relationship between Accounting Earnings Persistence and Cash Dividend Based on the Perspective of Corporate Life-cycle

Author: LiMin
Tutor: WangChangYing
School: China University of Geosciences
Course: Accounting
Keywords: Cash Dividends Accounting earnings persistence Corporate life cycle
CLC: F224
Type: Master's thesis
Year: 2011
Downloads: 208
Quote: 0
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Abstract


Foreign listed companies tend to pay dividends to investors, and cash dividends from the 1990s has become the allocation of the developed countries, higher cash dividend payout ratio, dividend policy continued strong. Dividend policy has been a hot research by foreign scholars, after 50 years of development, the West dividend theory multi-angle, multi-level has been developed and perfected, but scholars are still unable to fully unlock the dividend puzzle. The dividend distribution in our country has the following salient features: the stock dividend distribution ratio decreased cash dividends become the main way of dividend; not allocated is still widespread; symbolic dividends is a serious problem, there are a lot of companies in each annual allocation compared with foreign countries Cash dividend per share is lower than 0.1 yuan; high cash dividend is a more serious problem, many listed companies distribute cash dividends beyond the capacity of the company's earnings and cash flow; cash dividend persistent strong. Most of the existing literature is based on the country's securities market data to test the applicability of the theory of Western dividends One important aspect is the signal to pass the theory test. Of most of the literature found no apparent signal transduction cash dividends, stock dividends significant market reaction has been welcome. More scholars in the study affect the dividend policy of listed companies from the listed company's own characteristics, summed up the findings on the factors that affect the cash dividends the following aspects: the company's financial position, equity structure, the current and the previous period dividends policy, refinancing ability, but from the long-term performance that the accounting surplus persistent angle of cash dividend policy scholars rarely. The traditional theory of dividends actually can not fully explain the famous \Persistent accounting surplus cash dividend policy and corporate life cycle theory combined research one hand, well the company's own characteristics, the external operating environment combined to make up for the deficiencies of the existing research, enrich existing research results; other hand, listed companies can update the understanding of deeper on dividend policy, and is also conducive to the securities regulatory authorities with the actual development of regulatory policies to promote a comprehensive and healthy development of China's securities market. This paper consists of six parts: the preamble from the summary of our existing dividend policy research paper proposed study entry point of this article; around the selected topic the simple classified literature and summarize the literature review section to on provide information in support; main theory of this article in the theory part, that signaling theory, agency cost theory and corporate life cycle theory simple, and the text, the main concept is defined and discussed in the Overview cash dividends related content using descriptive statistics and analysis of China's current cash dividend distribution characteristics; previous text theoretical analysis based on the three basic hypotheses in the hypothesis section, and the variables needed to design and description; empirical test section, the use of multiple linear regression model, Logist regression model and the Tobit regression model to test the hypothesis, analysis and statistical results; empirical part of the final conclusions and text summarizes and inadequate research and directions for future research. The paper concludes the following aspects: First, the signaling effect conclusions of the examination, this study found that regardless of the company in which the life cycle, assigned its surplus cash dividends its constituent part of the continuing significantly stronger than the undistributed cash dividends company maturity incremental surplus persistent even higher than the allocation of stock dividends and distribution of mixed company dividends, cash dividends proved significant signaling effect from the persistent strength of the angle of the accounting earnings, to pass the company's future operating results. . The conclusion of this study is greatly enriched the research results of the test of this stage signaling effect, provides a strong theoretical support for listed companies to make use of the cash dividend to pass future performance, investors choose to invest also provides theoretical guidance for the securities market regulatory bodies to further develop company dividend regulatory policy provides a theoretical basis. Conclusions of the examination of the high cash dividend, the study found a high cash dividend of listed companies in China is a more serious problem, packet inspection result from the assumption of high cash dividend the company does not have a significant positive surplus and its components persistence , including the start-up period and the recession companies that pay high dividends surplus and integral part of or exhibited significant for persistent negative super powers to send now only can not pass to the market's future performance, or even detrimental to the future performance of the company, resulting in the investment 's misleading, leading to the unhealthy development of China's securities market. Symbolic dividends conclusions of the examination, the symbolic dividends of listed companies in China is a serious problem, from the assumption that the empirical test results of the company to pay a nominal dividend generally have significant negative earnings and its components persistence instructions listed companies In order to meet the policy and market regulators need to be symbolic dividend does not comply with the listed company's own performance, and even contrary to and their own future performance, and therefore clearly do not meet the regulatory policy spiritual connotation, symbolic dividends did not protect small investors the role of small and medium investors to pay taxes, revenue meager relying on stock price volatility of revenue, which is not conducive to the healthy development of China's stock market. Earnings persistence affect the conclusions of the examination of the cash dividend policy, assuming 1 The empirical results show that, regardless of the company in which the life cycle, accounting earnings persistence will affect whether the company distributed cash dividends in company start-ups and growth stage will affect the company's cash dividend payout ratio, accounting earnings sustainability indicators as a measure of the company's future development capacity, the development of all aspects of financial management strategy of the company, assuming the 2 and 3 of the test to prove the ability to develop in accordance with the future development of the cash dividend policy The company has more surplus part of the continuing, so the two are complementary. Conclusions of the examination of the life cycle, from the empirical results, the company's cash dividend policy has certain life cycle characteristics, different life cycle impact of different factors of the company's cash dividend policy and the different lifecycle dividend payment types, different dividend payout ratio of the company has different earnings persistence characteristics, life cycle has an important influence the formulation of the company's dividend policy, dividend policy, the listed companies need to fully consider the characteristics of the corporate life cycle, develop appropriate cash dividend policy and avoid high cash dividend and a symbol of sexual dividends.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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