Empirical Research on the Impact of Dividend Policy to Enterprise Value in Chinese Real Estate Listed Companies

Based on the purpose of researching the influence of the dividend policy on the value of the real estate company, this paper analyses the dividend policy and its features, taking our country as an example. It selected 132 real estate companies in China as a sample using the statistical analysis and the least square method positive analysis with the dividend distribution and enterprise value data of financial statement of the companies from 2007 to 2010 to get the conclusion below. Firstly, the enterprise value of the listed companies has positive correlation with whether they pay dividends or not. Secondly, a cash dividend has more significant effect on the enterprise value compared to a stock dividend. Thirdly, the mixed dividend policy impacts the enterprise value more remarkably than a single one. Meanwhile, the paper puts forward some policy suggestions about the distribution of dividend to increase the enterprise value.