Dividend Policies Of Chinese Listed Companies Maximize Shareholder Wealth

Since 1950s, dividend policy has been deeply studied by western scholars and paid high attention to by the management levels of western enterprises. But presently, the researches on dividend policy have just started in our nation, moreover, the researches on the dividend policy and stock holders' wealth are mostly limited to general stock-jointed corporations limited, and those especially for our nation's listed companied are very rare. In our nation the dividend policy has still not been focused on by the management levels of enterprises, and most present dividend policies are unfavorable to the maximum of the stock holders' wealth. The paper combines the descriptive research with positive analysis and qualitative analysis with quantitative analysis in the process of research Firstly, by studying the relationship of dividend policy and the maximum of stock -holders' wealth it concludes that to maximize the stock holders' wealth is the dividend policies' ultimate goal. Secondly, it discloses that in reality , the companies' dividend policy often errs from it's ultimate goal, and then analyzes the reasons. And last, from the level and the model for dividend policy points of view, the paper analyzes how to selecting dividend policy closely connecting with its ultimate goal, and brings forward the necessary systematic supports to guarantee that the reasonable dividend policy will be adopted by the management levels and exert it's functions fully. The goal of the paper is to make people form a clear ideal about the relationship of dividend policy and the stock holder's wealth maximum and to act as a reference to the management levels, however, it's ultimate goal is to regulate the dividend policy in our nation.