A Research about How the Dividend Policy Influences the Enterprise Value on the Condition of Consecutive Cash Payoff
this article conducts a research about the relationship between cash dividend policy and enterprise value based on the data coming from the A-share listed companies over period 2005-2009. In conclusion, the enterprise value has a negative correlation with the incremental and the degressive cash dividend per share, and has a positive correlation with the stable cash dividend per share.
Digital Object Identifier (DOI): doi.org/10.5281/zenodo.1331805Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1628
 Miller,M.H.,Modigliani,F.Dividend Policy,Growth,and the Valuation of Shares(J).Journal of Business.Vol.34,No.4,Oct,1961
 Black,F.The Dividend Puzzle(J).Journal of Portfolio Management,1976(2).
 Lintner,John.Distribution of Income of Corporations among Dividends, Retained Earnings and Taxes(J).American Economic Review,1956(5):97-113.
 Baker,H.K.Gail E.Farrelly,and Richard B.Edelman.A Survey of Management Views on Dividend Policy(J).Financial Management1985(8):70-90.
 Pruitt,S.W.and L.J.Gitman.The Interactions between the Investment,Financing,and Dividend Decisions of Major U.S firms(J).The Financial Review,1991(26):400-432.
 Dewenter,K.L.and V.A.Warther.Dividends,Asymmetric information,and Agency Conflicts:Evidence from a Comparison of the Dividend Policies of Japanese and US Firms(J).The Journal of Finance,1992(9):1830-1860.
 Leithner,S.and H.Zimmermann.Market Value and Aggregate Dividends: A Reappraisal of Recent Tests, and Evidence from European Markets(J).Swiss Journal of Economics and Statistics,1999(129):99-199.
 Glen,J.D. Y.Karmokolias,R.R.Miller and S.Shah.Dividend Policy and Behavior in Emerging Markets: to Pay of not to Pay(R).IFC Discussion Paper,1995(26).
 Changjing Lv and Keming Wang. Empirical analysis on listed companies- dividend policy (J).Journal of Economy Studies, 1999(12).
 Chunguang Zhao,Dongzhi Yu.Cash dividend, dividend stability, enterprise value. (J).Journal of China Coal Economic College, 2000(3).
 Hanming Yang. Dividend policy and enterprise value-based on studies on listed companies in China (J).Beijing: Economic Science Press, 2006:159-165.
 Hongqi Yuan. Studies on dividend policy of listed companies in China (M).Beijing: China finance and economy press, 2004:185-190.
 Geng Jing and Changgui Zhe.Analysis and study on dividend policy of listed companies in China (J).Finance Online, 2010(10).
 Sun Q. and Tong W.H.S.China Issue Privatization: The Extent of Its Success (J).Journal of Financial Economics, 2003(70):180-220.
 Xinyuan Chen and Donghua Chen and Kai Zhu.Equity structure and corporate performance: literature review and future research directions (J).China accounting and finance study, 2004(40):1-25.
 Hong Luo.Study on cash dividend policy and cooperate governance of the listed companies (M).Chengdu: Southwest University of Finance and Economics Press, 2006:150-172.
 Xinyuan Chen and Donghua Chen and Xu Shi.Corporate governance and cash dividend: based on case studies of Foshan Lighting (J).Management World, 2003(8):115-126.