A Research On The Dividend Earning Ratio Of Listed Firms In China

There are lots of quite different phenomenon between Chinese listed companies and those of western countries .This paper first analyzed the reason and draw a conclusion that the special share holder ,the 70% stock cannot circulate and the rest can , is the systemic and basic reason.This article then analyses the dividend earning ratio of weighted average of shareholders of circulating stocks in China taking all listed companies issuing A-share from 1998 to 2002 as sample, draws the conclusion that the dividend earning ratio of weighted average of shareholders of circulating stocks in China is low comparing with western industrialized countries and the new developing market countries, and then analyses the reasons from the four aspects of stock right isolating, cash sending consciousness, high cost investment of shareholders of circulating stocks and profit ability. And circulate dividend of shareholder have a partiality for , the stock financing of the listed company , dividend distribution current situation , instability of dividend distribution, the circulating stock shareholder's profit mode, the connection of the systematic risk of the stock market and stock-market bubble. Finally we draw a conclusion that it is necessary to make the stocks circulate.