Dividend Policy Of Listed Companies In China

The thesis firstly introduces the basic dividend theories, then analyzes the dividend conditions of listed firms in America and that in China, and find out the differences in dividend distribution between the two countries and make an analysis on the sakes that result in the difference. Lastly bring forward some proposal so that perfect the dividend policy of listed companies in China. The details as followed: The first part is the basic dividend theories, including dividend form, dividend pay order, dividend policy types in practice, and 8 main dividend theories in the west countries. The 8 main dividend theories is: the MM theory, bird-in the hand theory, tax distinction theory, signal theory, agency cost theory, clientele effect theory, equity structure theory, deal cost theory.The second part is an analysis on the dividend conditions of listed firms in America. In America, the dividend policy is steady and uninterrupted; the dividend is mostly cash dividend, but not stock dividend; the dividend is regular and the average dividend-payout ratio is high. In addition, there is an analysis on the factors that restrict dividend policy working-out.The third part is an analysis on the dividend conditions of listed firms in China. There are lots of problems such as no dividend, baleful cash dividend distribution; irregular dividend distribution; stock dividend is more than cash dividend; etc. I made big use of a great deal of data to illuminate the problems. Otherwise, there also is an analysis on the sakes that result in the problems.The fourth part is an analysis on the differences in dividend policies between America listed firms and China listed firms. For example, the difference in dividend forms, the difference in dividend stability and continuity, the difference in dividend purpose, the difference in the proportion of no dividend. There also is an analysis on the reasons why coursed the differences. There are three reasons: first is the difference in equity structure, second is the difference in financial circumstances, and third is the difference in concerned policies and rules.In the last part, there is some proposal to perfect the dividend policy of listed firms in China. First, reform the equity structure of listed firms and try to realize complete stock circulating. Second, perfect administrative structure of corporation. Third, innovate financial circumstances. Last, perfect and regulate concerned policies and rules.