The Research On The High Pay-out Ratio Of The Listed Companies In China

Stock dividend as one of the most important problems in the listed companies, is always the focal point in the academic circles and practice circles. It is the important way that the stockholders can get their invested rewards. So it not only affects the financial structure and the investment in the listed company, but also relates to the all stockholders interest, and it is connected with the healthy development of the listed company and stock market as well. But as the result of the slow development of our capital market, the behavior of the dividend distribution is not very standard in the listed company. This article first analyzed the current situation and the trend of the dividend distribution in our listed companies, and found the problem of high pay-out ratio which make the first appearance. Then the author analyzed the cause and the nature of this problem in the aspect of the western dividend theories and the practice of our stock market, and used examples to demonstrate this article's point. At the end of the article, the author summarized the problems that exist in the high pay-out ratio and its influence. The article divided into seven chapters: The first chapter introduced the meaning of this article and the problems to be researched. The second chapter analyzed the current situation and the developing tendency of the dividend distribution in our listed companies, and put forward the high pay-out ratio problem. The third chapter used the western dividend theories to explain this problem, such as signaling hypothesis, Agency Cost Hypothesis, Bird-in-the-hand Theory, Clientele Effect. The forth chapter explained this problem in the aspect of our stock market's practice, such as the structure of stockholders, the tendency of the finance and the capital market. The fifth chapter analyzed the problems existed in the high pay-out ratio and its influence. The sixth chapter used the examples to demonstrate the article's point. The seventh chapter put forward some suggestions to solve this problem in the aspect of market, laws, management and the listed company itself.