A Study On The Problem Of Ultra-ability Dividends Payout Of Listed Companies In China

The abroad stock market has experienced hundreds of development history, its' policies and systems are becoming more and more perfect, so is the business system. In western country, listed companies pay very much attention on their dividend policies, they will combine their long-term development targets and short-term funds demand, and then choose a dividend policy which fits them most. When it comes to our enterprises' dividend policies, they have their own characteristics: in the first decade of our stock market history, listed companies won't pay out dividends to their investors, they were lack of the consciousness of repaying the investors. Such kind of companies will not win their investors' understanding and trust, and also can't keep their shareholders in a long time. Their relationship will make the stock market very unsteady. So CSRC make several policies, they want to protect shareholders' benefits. But our stock market is too young, besides, most listed companies are turned from state-owned companies, which are different from western companies. We find domestic listed companies became to pay more and more cash dividends to their shareholders since 2000, along with abnormal dividend payouts, such as ultra-ability dividends payout. This kind of payout seems to pay much cash to investors, but in fact, it is a method which hurt the company's long-term development very much.This paper chooses two samples from the companies which pay out cash dividend only from 2005 to 2007. One is ultra-ability dividends payout and the other is not, we make a simple mean analysis between this two samples, wish to find their differences, and then we use the factors method and build the logistic model. We adore 12 variables into the model, with the hope to find the factors that affect the ultra-ability dividends payout. Finally, we give some measures to solve the problem, according to the analysis before.