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1、AbstractAbstractDividendpolicyisoneofthethreeenterprisefinancialmanagementactivities,appropriatedividendpolicycontributetothesustainabledevelopmentofenterprises,conveyapositivemessagetothepublic,establishagoodcorporateimage,thereforethedividendpolicycanbesaidtobethefocusoftheenterprisesandinv
2、estors,andthefocusofscholarsresearch.China'scapitalmarketbeganinthe1990s,hasexperienced20yearsofdevelopment,isstillintheimmaturestage,therearealsomanyproblems,suchasmaliciousdividend,lowcashdividendpaymentrate,poorcontinuityofdividendpaymentsandsoon.Basedonthepresentstatusofthecashdividenddis
3、tributionoflistedcompaniesinourcountry,thisarticlefromanewperspective--theenterpriselifecycletheorytoexplainthebehaviorofthecashdividenddistributionoflistingCorporation,andtheintroductionofotherfactorsthathaveeffectoncashdividendpolicyoflistingCorporation,suchasdividendpolicycontinuity,enterp
4、rise'sprofitability,operationability,thelevelofdebt,etc.inordertofindanimportantfactorinfluencingChina'slistingCorporationcashdividendpolicy,soastoprovideguidanceforChina'slistingCorporationtoformulateappropriatedividendpolicy,atthesametimeastheregulatoryauthoritieslistingCorporationdividendd
5、istributionbehaviorforreference,inordertoprotecttheinterestsofinvestors,andpromotethehealthyandorderlydevelopmentofoursecuritiesmarket.Firstly,thetheoryofdividendpolicyandresearchscholarsonthelistedcompany'scashdividendpolicywasreviewedandsummarized,andfocusesonthelifecycletheoryandrelatedres
6、earch.Secondly,selecttherelevantdividenddistributiondatafrom2009to2013yearinShanghaiandShenzhenA-sharelistedcompanies,thecurrentsituationofthecashdividenddistributionoflistedcompaniesofourcountryhascarriedonthedescriptivestatisticalanalysis,andthen,intheempiricalanalysispart,fromthelistedcomp
7、any'scashdividendpolicyThetwoaspects,namely,thewillingnesstopayacashdividendandcashdividendpaymentlevelofChina'slistedcompaniestoverifywhetherthelistingCorporationinChinacashdividenddistributionpolicyhaslifecyclecharacteristics,wereusedmultiv
