The Dividends Policies Analysis Of The Chinese Public Company

As one of the key financial policies for the corporations, the dividends policies are always paid much attention. The distributions of the dividends are related not only with the shareholders and the creditors, but also with the future development of the corporations. For the research on the dividends policies, Lintner started the theory research of the dividends policies in 1956. In 1961 Miller and Modigliani brought forward the famous "uncorrelation theory". From that time, the dividends policies researches have developed in several aspects. Because the historical reasons, Chinese scholars paid little attention to the dividends policies. But as the rapid development of the Chinese share markets, the capital market provides the researcher enough research data. But from the birth of the share market, the distributions of the dividends in public corporations have its special features. These features determine that the research of the dividends policies in China cannot follow the western theory of the dividends policies. This article evaluates the western research on the dividends policies and analyzes the factors on the dividends policies of the Chinese company. It also analyses the assign modes of the dividends policies empirically, and brings forward the related suggestions for the dividends policies.The article is divided into four chapters. In Chapter 1, the article reviews a great deal of relevant western theories; makes an overall comprehensive analysis of and comments on the dividends policies. In Chapters 2, the article introduces the assign modes of the dividends and analyzes the factors on the dividends policies inChina based on the real situations. From the analysis we can find that there are many factors on the dividends policies. The company can control some of them and cannot control others. So in the actual situation the steady dividends policies become the main mode. In Chapter 3, the article brings forward and analyzes the economic model, analyzing the real situation of assign modes. In Chapter 4, the article brings forward the relevant the policies on how to protect the investors in the capital markets. From the whole article, it explores comprehensively and comments on the development of the dividend policy in the West and provides a theoretical reference basis for Chinese research. And the empirical study on the assign mode in the light of the actual situations in China provides an empirical basis for the government to protect the interests of stockholders and standardize the distribution of dividends, and for the public companies to make their dividend policy.