The Research On Dividend Policy Of The Listed Companies By The Game Theory

Dividend policy of the listed company is one of the three core problems in modern company's financial activities with investment policy and financing policy. It has perplexing relation with company's stock price and other policies. Dividend policy setting related to stakeholders' financing footing and it's their interest tradeoff. How did company make their dividend policy is not only hardly to solve for scholars, but also difficult to set for listed company. The dissertation makes a scientific study on dividend policy of the listed company and aims to answer the following question: Whether and how should company distribute their profits? How did dividend policy balance stakeholders' interest footing and other financial policies? What method and strategies can be use?The dissertation chose microcosmic point of view from listed company, using corporation financial management, economics, investment and game theory, makes a systemic study on dividend policy and stakeholders' interest. We hope this paper could be affluent in the research of dividend policy and give some significative idea to both listed company and stakeholders.What the dissertation makes including: First, we analyses and evaluates the existing theories on dividend policy. Second, the paper describes the game relation of stakeholders in dividend policy. Third, the paper tries to analyses the different goal of majority shareholder and minority stockholders and management in dividend policy and explores the company's internal and external affecting factors. Then the paper analyses how does the management and shareholder assort with their profits using the dividend signal model. Fifth, the paper explains how does dividend policy helping the debtors to use the signal model to know different quality company and treat them different interest. At last we know that the different demands of company's stakeholder work together to get the game equilibrium.