The Research On Ultra-ability Dividends Payout Behavior Of Listed Company At The Performance Point Of View

In the long term, the cash dividend policy of listed companies in China is instable and changes randomly, considering to protect the benefits of minority shareholders, our government has carried out a series of rules and regulations to instruct the listed company's cash dividend policy. While with more and more listed corporations began to distribute cash dividend under the pressure of government, some choose to distribute cash dividend over their accounting or cash capacity. Some problems, such as why companies willing to select such a dividend policy? what is the influence on corporations' performance of such a selection? could corporations realize their initial purpose? etc, have attracted more and more people's attention.From the performance point of view, this thesis tries to conduct an research on 122 Chinese A share corporations, which choosing ultra-ability dividends payout policy in 2002: By using two benchmarks and two classic methods, this thesis examines sample companies' long-run return performance and long-term accounting performance, and then, make a further analysis of the nature of sample corporations' ultra-ability dividends payout policy. This study has found that corporations choose ultra-ability dividends payout policy do not focus on pass the signal of future profitability to the market, the large shareholders' requirement is the main factor which influence the corporations to choice such a cash dividend policy, the changing of management rules and regulations have great effect on the corporations' cash dividend policy. After analyzing the conclusions getting from the research, this thesis put forward some suggestions on how to better regulate listed corporations' cash dividend policy.