A Study On Dividend Policy Of Our Country's Listed Companies Base On Reform Of Non-Tradable Shares

Dividend distribution is one of core contents of financial management in modern companies. Appropriate dividend distribution policy can not only set up good company reputation, but also arouse enthusiasm of many investors thus making companies acquire long and stable development opportunities and conditions. With the development of the security market, more and more investors begin to invest in the stocks of our local companies. Investors take more care of dividend policy than ever.In April, 2005,our country started to implement the Reform of Non-tradable Shares. The condition of"Each stock have the different power"which has disturbed stock market for many years was changed. In 2006, the Reform of Non-tradable Shares had already been completed basically. The time when the stocks are completely current has arrived. What's the difference of the dividend policy around the Reform of Non-tradable Shares? Does the dividend policy have the general character in these two stages? What's the development of the dividend policy after the stock are completely current in future? This paper attempts to find more satisfactory answer to these questions on the basis of drawing lessons from forefathers' research results.1,The stream of thoughts and structureAt first, the paper studies the Western dividend policy theory and the contents of our country's dividend policy; then analyzes the dividend policy of our country's listed companies before and after the Reform of Non-tradable Shares; finally provides some practical and feasible proposals under the entire circulation.The paper adopts the structure of"Analyze data-Summarize rule-Explain reason". The paper separately introduces the characteristic of dividend policy before and after the Reform of Non-tradable Shares. 2,Main idea and viewpoints of the paperThis paper is divided into four chapters; the structure and main content of each chapter are as follows:Chapter one: The survey of the dividend policy of our country's listed companies. It introduces various forms of dividend distribution in the listed company of our country, and presents the western dividend theory and dividend policy. This part is the foundation of the whole paper's theories.Chapter two: Studies the dividend policy of our country's listed companies before the Reform of Non-tradable Shares. The paper studies the characteristics of the dividend policy before the Reform of Non-tradable Shares and the reasons of the situation.Chapter three: Studies the dividend policy of our country's listed companies after the Reform of Non-tradable Shares. The paper studies the characteristics of the dividend policy after the Reform of Non-tradable Shares and the reasons of the situation.Chapter four: The recommendations and prospect of standardizing the dividend distribution of our country's listed companies. It attempts to put forward the recommendations, which may solve the problems of the not standard behavior in the process of dividend distribution.3,The paper's main featuresThe paper is novel and practical, and it is high relative to the present situation of Chinese stock market. Base on reading a lot of relevant works and time-consuming observations, the writer finally finishes the paper. Compared with other domestic researcher's study in this field, the main features of the paper lies in as follows:Firstly, the paper divides study of the dividend policy into two stages: before and after the Reform of Non-tradable Shares. And the paper summarizes the different characteristics of the two stages.Secondly, the paper offers the latest information of the current situation of the dividend distribution in our country's listed companies, according to the relevant data of 2005-2006.Finally, Studies the differences of the dividend policy before and after the Reform of Non-tradable Shares through relativity analysis, and forecasts the trend of the dividend policy under the entire circulation.Besides, the proposals mentioned in the paper are usable and feasible. We believe they will play a positive role in standardizing the dividend policy.