Study On Cash Dividend Of Chinese List Company

The dividend policy took company one of three importance finance decisions-making, always is the theory and the solid service attention focal point. Miller and Modigliani proposed "irrelevant the dividend theory" in 1961 to believe that, the dividend policy had nothing to do with in the complete capital market with the company value. However, in reality because the transaction cost massive existences, the MM dividend irrelevant discusses the establishment the supposition condition and the reality not match. Through relaxed the supposition, the western finance scientist has developed a series of dividends assignment theory, thought the company the cash dividend assignment will affect the enterprise value and the social resources effective disposition. Compares with the overseas mature capital market, our country goes on the market the company dividend policy formulation to have very in a big way at will, the dividend assignment characteristic unceasingly is changing, goes on the market company's cash dividend assignment existence unreasonable phenomenon. Therefore, under the Chinese specific system background, unifies western dividend fundamental research our country to go on the market the company cash dividend assignment characteristic, the motive and the influence factor has the important theory value and the practical significance.This article utilizes the information economics, the incomplete contract theory and entrusts the agent theory, first has analyzed the cash dividend theory and the influence cash dividend assignment factor, in this foundation, analyzed our country through the description statistical method to go on the market the company cash dividend assignment characteristic and the existence question, the analysis discovered, the listed company' s cash dividend payment level universally to be somewhat low, the part went on the market the company to have the ultra ability to send the present question. Next through chooses the Logistic return model, studied has affected our country to go on the market the company cash dividend assignment factor, the real diagnosis result discovered, went on the market the company to gain the ability and the sufficient cash class is the influence goes on the market the company dividend assignment important attribute. Finally, mainly from following several aspects proposed in the foundation which the above analyzed standard our country went on the market the company cash dividend assignment policy and suggested: (l)Perfecting the legal laws and regulations. (2)The strengthening to goes on the market the company sends presently for supervising and managing; (3)The optimized company governs the structure, the perfect company makes weighs the mechanism; (4)Strengthens to the center general shareholder's benefit protection; (5) The standard goes on the market the company cash dividend assignment information to approve; (6) To develop the bond market of listed company and standard capital market.