Vanke Company Dividend Policy Change And Realestate Price Index Relevance Research

Financing, investment and dividend are three key contents of financial management of modern companies. Dividend policy is regarded as a logical extension of financing and investment in the field of distributing profits. It plays a crucial place in the operation of a firm. An appropriate dividend policy could help a company to achieve its financial goal maximizing the wealth of shareholders through optimizing the capital structure and then reducing the cost of capital. Moreover, transmitting the accurate information or signal about the future prospect of the firm to the market, such a dividend policy not only sets up a good image, but also inspires the investors to continuously invest in the company, which enables the company to obtain long-term, steady developing conditions and opportunities. Therefore, dividend policy is an important part of corporate financing.Dividend policy produces in joint-stock company's formation time, along with the capital market maturity, for take maintains and the promotion company's market value from the primitive appropriation of profit rise as the goal, it is coordinates the shareholder benefit and the corporate growth important method fully. The company will transmit the related company through the dividend assignment to the investor future to gain ability information. Generally speaking, the good company is often willing to distinguish through the relative high dividend payment rate oneself with the low quality company, attracts more investors. At the same time, if the company maintains the stable dividend payment rate continuously, the investor will possibly hold to company's future optimistically anticipated, such to be listed company stock price will also be able to tend to stably in the market. Obviously, the company carries on the dividend assignment reasonably, can improve the company the capital structure, the promotion company value rise.Real estate industry has the significance pulling move economy and stable economy, the real estate profession booming or not is extremely important to the entire national economy, Vanke took the real estate profession the main item, is opposite in other companies has the very strong representation, its itself has demonstration effect, also will affect other real estate company the management and operation. Chooses Vanke for this the dividend policy both not to lose the generality as the object of study, and has certain special significance. The real estate price is reflected the real estate price changes tendency and the change degree relative number, is affects the real estate company to do business the ability important attribute, then the real estate price index can to as the head real estate company's dividend policy change has take Vanke has any type influence, this article has analyzed Vanke through one-dimensional linear regression Model analysis method from 1998 to 2007 dividend policy change and the real estate price index relevance, hoped found the relatedness which the real estate company dividend policy and real estate price index this exists, and To facilitate the development of other real estate companies in the dividend policy can play a role in drawing.This article begins for the introduction, mainly explained this article the research background and the significance, and draw out the paper subject Vanke company dividend policy change and realestate price index relevance research.The main text altogether divides into five parts:The first part for the dividend policy related content outline, carries on the limits to the dividend policy concept, introduces four kind of dividend policy type: The surplus dividend policy, the fixed dividend policy, the fixed dividend payment rate policy, the low normal dividend add the extra dividend policy, and introduced four kind of dividend policy merit, the shortcoming and the applicable scope. Carries on the evaluation to the Western main dividend theory, carried on the detailed introduction to main school and the viewpoint, the traditional dividend policy theory has included: The MM theory,"a bird in the hand"the theory, the tax difference theory, the modern dividend policy theory includes: Dividend signal theory, agent cost theory, stockholder's rights structural theory, follower effect theory. Introduced to be listed company dividend payment form, including: Cash dividend and stock dividend.Second part of main introduction to be listed dividend policy influence factor, including: Legal factor, company factor, shareholder factor. Elaborated to be listed dividend policy decision-making should follow principle, including: To maximize shareholder wealth, in favor of the share price reasonable position in favor of capital structures, the current interests and long-term development, dividend policy to maintain the continuity and stability, and adhere to the same shares with Lee.The third part is Vanke dividend policy analyses, through to all previous years'dividend assignment data statistical analysis, described from 1998 to 2007 Vanke dividend assignment change path and the overall characteristic, and analyzes forms this kind of present situation the primary cause.The fourth part is Vanke dividend policies and the real estate price index relevance analysis, carries on the limits to the dividend policy concept, elaborated this article writes mentality origin, and through one-dimensional linear regression Model analysis Vanke dividend policy and real estate price index existence relations.The fifth part is a conclusion, obtains Vanke dividend policy and the real estate price index is the moderate correlation, Vanke dividend total amount and the net profit are related for the intensity.The main contribution of this article is carries on the analysis to Vanke dividend policy change and the real estate price index relevance, causes the investor clear relation among dividend policy, the house price index and the real estate company achievement of management; and To facilitate the development of other real estate companies in the dividend policy can play a role in drawing.