Dividend Policies Of Chinese Listed Companies

Since Miller and Modigliani published their classical paper in 1961, corporate dividend policies have been subjected to intense theoretical and empirical investigates for over forty years. This study investigates how the managers of list companies in China make dividend policy. My research indicates that dividend policy has unique characteristics in China and is much different from that in the developed countries. Special enterprise system and market environment have much effect on the dividend of the list companies in China.The first chapter analyzes foreign dividend policy theories. This research offers the theory support for the later analysis of corporate dividend in China.The second chapter analyzes the history the present situation of the list companies'dividend distribution. The author collects and analyzes the dividend data of all list companies from 1992 to 2003; discuss the characteristic of dividend distribution form, stock dividend, non-distribution and analyzes substandard dividend distribution in China.The third chapter analyzes the cash dividend distribution in China. Firstly, I analyze the characteristic of the cash dividend distribution. On the basis of the statistical analysis and the actual situation in our country, secondly I set up an economic model which analyzes what factor affect the cash dividend distribution in China. Additionally, I discuss if the signaling theory and agency theory can explain the dividend policy in China. Banks that are main creditors still can't monitor the enterprise effectively. The agency problems in China include:The first problem is the illogicality between large shareholders and minority shareholders. Because two different parts have different right, investment cost, information and destination, the large shareholders...