The Positive Analysis On Iron And Steel Listed Company--Case Analysis On Chongqing Iron And Steel Co.ltd

Dividend Policy is on the decision how to assign their incomes (or profits) of listed company, and is on making decision whether offer the dividend or not, how much dividends and when payment.Dividend Policy reflect interests relationship among the company, shareholders, creditors, senior managers, employee, etc.The company, regarding as the ties of interest relation in the interest subject, need to keep reserves high to meet the demands of reproduction enlarged .To the creditor, the company must keep reserves to increase the enterprise profit ability to promise the repayment. As to the company administrators who want to control the dividend policy, the least dividend the more cash flow to save which can be controlled by managers ,the more chance may be existed which to realize the managers individual interest, the little dividend can be satisfied the managers demand of operating performance and individual interests maximum .Dividend policy may affect the company financial ability and operating results indirectly in the future. However, the certain reserves may be the important financial resources that guarantee the development of company. Dividend policy may affect company's financial budget, capital cost and capital structure, thus, influence company's operating risk and profit ability .Also, it can affect the company value ,stock price and shareholders wealth distribution in stock market .So,it is very important to make rational dividend policy .The paper on dividend policy consults the achievement and method of domestic and international dividend research, especially consults the opinion in the book --which written by professor Liu Xing of Chongqing university .The paper can be found from the theoretical and positive analysis of iron and steel listed company, furthermore, it makes a case analysis of Chongqing iron and steel co.ltd.Consideration listed company's goal, governance, management behavior, distribution motivation; it sets up a dividend model of making decision under the goal function and restriction condition. It is the goal of listed company that stability and sustainable development, through analyzing the interest relationships. Making use of factor analysis and regression, it can be found the model of metallurgical listed company's dividendinformation and distribution motivation .It takes a case analysis of dividend policy .In the end, it put forward some general suggestion.Because of my own reason, there is much more mistakes in the text .1 hope the paper can be benefit of practice operating to make dividend decision by iron and steel industrial listed company.