Empirical Research on the Impact of Dividend Policy on Enterprise Value of Listed Companies

Abstract

As one of the forms of the dividend payment, cash dividend has become the most common form of dividend payments in the listed companies of China. A proper dividend policy plays an important role in the unimpeded financing channels and the rational capital structure. In order to explore the influence of dividend policy on enterprise value, we used the dividend data and financial indicators of all A share listed companies in China in 2011-2016 as the samples of empirical analysis. With the regression model obtained after the analysis, we derived the influence mechanism of corporate value which can provide a reference for listed companies in making dividend policy.