From The Perspective Of The Investment Value Of The Dividend Policy Of Listed Companies In China

As one of the three greatest cores questions of listed company's financing, the research of the dividend policy has been the focus that the financial theory researcher and listed company administration and supervision authorities have paid close attention to all the time .But see with the market effect and the economy influences of the dividend policy , dividend policy as the reflected and refracted of the management behaviors and business performances of the listed company ,will have a enormous impact on the market value of the stock and market image of the company .The dividend policy of the listed company has always been the prolonged propagation subject matter of security market of our country. Therefore, proceed from angle of investment analysis of the securities, carry on comprehensive research to the Relation between the dividend policy of listed company and investment value, there is its realistic meaning for consult for the decision of value investing.This paper have draw lessons from the western modern dividend policy theory and make the investment to study the theory, adopt the systematic theory analytical method count and compare with the analytical method to combine with case analysis, carries on comprehensive research the relation of the dividend policy of listed company of our country and equity investment value in terms of value of investment. This is groundwork done :1.Has analysed why the dividend policy influences company's investment value, and putting forward the principle of dividend policy influence the value of the company; 2.Compare with the difference of dividend policies of the domestic and international listed company, have summed up the characteristic of present dividend distribution of our country, discover that receives company's business performance to the dividend policy of listed company of our country mainly, influence of the factor that structure of the capital stock , financing policy , enterprise's goal and market perfect the degree ,etc. 3.Have discussed different impact on company's investment value and shareholder's interests of forms of distribution of dividend of listed company of our country concretely.At last, regard dividend distribution behavior of the trader that runs China Telecom as the case, use the information that the dividend policy of listed company transmits to make a concrete analysis of the investment value of China Telecom.I hope that it can help the investor to know and understand the present dividend distribution policy of listed company of our country correctly through the Study on dividend policy of listed company in our country in terms of value of investment in the paper. And draw valuable information from the policy of the dividend , is used to appraise the development potentiality of listed company and inherent value of the stock, for referencial use for its securities investment analysis decision.