The Theoretical And Empirical Study On The Dividend Policy Of Listed Companies In China

The dividend is the income that the listed company distributes after taxes for shareholders, and reflects the operations and business performances of the listed company. Dividend policy is one of the three major concerns in a corporation financial management. On the one hand, it is the extension of financial and investment activities, on the other hand, Proper dividend policy could be helpful to establish a favorable company image, encourage investor's enthusiasm for the constant investment and build solid base for the extended and stable development of company.The dissertation is divided into five parts: the framework of analysis, the description of actuality affaires, the origin forming cause of actuality, the analysis of empirical affair and the proposal of the policy, which fit the logic of scientific study.The first chapter first briefly introduces the background, main contents and purpose of the research, then reviews domestic and international scholar literature and empirical studies about dividend policy, and tries to apply similar theory and research methods to solve dividend policy issues in China. Meanwhile, introduces the concept and contents of the dividend and dividend policy.The second chapter is the actuality of listed companies' dividend policy in China. First compare the basic mode of the dividend policy, then the dissertation concludes the characteristics of listed companies' dividend policy in China from 1992 to 2005: cash dividend becoming the main dividend payout in china from 2000, dividend policy being discontinuous and unstable, a general phenomenon to distribute little and non-distribution, etc.The third chapter analyzes the origin forming cause of the current situation: two causes of external environment and corporation inner, Such as government policy interference, centralized ownership structure, the scale of capital stock and so on.The forth chapter, based on the qualitative analysis and former investigations, according to the data of Shanghai security market, the article adopts event study method, the cumulative abnormal return (CAR) as the index, analyzing the market effect of dividend distribution of the securities business of Shanghai market in year 2005 as specimen. The consequence points out that: different dividend distribution mode and different vocation's dividend policy would cause different market effect, the respond of high cash dividend and low cash dividend are completely different etc. Finally, the dissertation probes into the way to standardize behavior of dividend distribution of listed companies. It is undoubted that this dissertation has important theoretic and realistic meaning for standardization of dividend policy of listed companies and the healthy development of capital market. The dissertation puts forward ways from aspects such as making items of law, strengthening supervise and administer to company's dividend policy, optimizing the structure of stock right, standardizing company control, strengthening the construction of capital market and so on. Listed company also should build moderate dividend policy basing on company's actual situations.