Research On The Dividend Policy Of Our Country's Listed Companies After The 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 that making companies acquire long and stable development opportunities and conditions. So the dividend distribution policy may be the concern of the parties.In April2005, 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.This article is based on the Western theory of dividend policy and the content of dividend policy in listed companies in China, combined with the dividend policy of listed companies the relevant provisions of, this paper takes the chance of reform of non-tradable shares and focus on cash dividend policy. It analysis the characteristics of dividend policy of listed companies in China share After the pre-reform and reform, then the comparative analysis and rational evaluation of influence on split share structure reform of listed companies on China's dividend policy; Finally, based on share reform of listed companies after the characteristics of dividend policy, the adoption of specific results, pointing out that after the share reform of listed companies dividend policy issues still exist that the share-trading reform can not solve China's securities market on all the problems. Under the full circulation of the norms of our dividend policy of listed companies raised a number of policy recommendations. This paper provides suggestions on policy that normalize supervision policy, perfect market structure, optimize corporate governance, and promote the ability of payoff, etc.