Chinese Listed Companies. Dividend Distribution Analysis And Policy Recommendations

Based on the dividend theory, the thesis studies the factors that influence the dividend policy of Chinese public companies by means of the case and demonstration, so as to draw the conclusion that is different from the conclusion of the classical dividend theory and the overseas dividend policy.The dividend policy of Chinese public companies takes on character, which indicates the larger proportion of not distributing dividend, uncertain dividend payment, and various forms of distributing dividend. At the same time, there are exceptional phenomena about the dividend policy, which the Chinese public companies high on enlarging the capital stock scale.In developed countries, dividend policy of public companies is the way of public companies controlling agency cost. These companies usually prefer to pay dividend by a majority of profits to shareholders, which is the leading payment. Stock markets not only make a positive response to increasing cash as dividend, but also make a counter response to decreasing cash as dividend. The deference of tax between cash as dividend and capital gains has a deferent effect on the way of dividend payment in deferent countries. Furthermore, the environment of laws overly affects the way of dividend payment.In china, as a consequence of not solving problem of agency, the structure of shareholder equity and management have an important effect on the forms of dividend. Besides, enterprise scale , financing cost , financing channel and macroeconomics have an important effect on the forms of dividend. There are evident evidences that larger shareholders have the incentive to transfer cash from the public companies to themselves. Moreover, some public companies are profuse in capital, as means that these companies deduct a quantity from dividend to themselves. So they haven't realized the ultimate aim of financing management, which means that shareholders fortune hasn't reached their maximum.Dividend policy is very important for the management of business as one of the most important financial decision. On the base of the right model of dividend payment in the west finance theories, the thesis has qualitatively researched the connotation and character of moderate dividend payment policy. The author has put forward the strategy of moderate dividend payment policy.The author hopes that the thesis has instructive significance for dividend payment policy of Chinese public companies.