The Cash Dividend Policy Of Listed Companies In China And Investors Behavior

Cash dividend policy of listed company is one of the most important parts that affect the stock's price and speculation. For many reasons, listed companies in our stock market have always carried on cash dividend policy at low level. The speculation in china's stock market was considered very serious in the past. On the basis of the classical theory, the thesis attempts to analyze the connection between the speculation and cash dividend policy in our stock market with plenty of facts and data.Apart from the preface, the thesis can be divided into five parts.Chapter one reviews the classical theories of dividend policy in the history. Dividend theories began with Miller and Modigliani and have been developed into signaling theory, agency theory and client theory. Recent years, many scholars did a lot of work especially in the signaling theory.Chapter two mainly discusses the situation of the cash dividend policy and speculation in china' s stock market. Then analyzes the reason why china's listed companies are so stingy when they distribute cash dividend to stockholders. Author also explains why the speculation in our stock market is more serious than other parts of the world.Chapter three: According to the data of Shanghai and Shenzhen security market, author chooses 1219 listed companies as specimen, analyzing the connection between turnover ratio and cash dividend distribution in year 2003——2007 with the calculating software SPSS. Furthermore, calculates the connection between turnover ratio and company' s performance, ownership structure and stockholder's characters.Chapter four: The consequence of the calculation points out that the turnover ratio has an obvious connection with the number of cash dividend and the stability of the dividend policy.Chapter five is the conclusion of this thesis. To make our stock market more effective and healthy, our government should take measures such as strengthening supervise to company's dividend policy, optimizing the structure of stock right, standardizing company control and so on..