The Research On State Holding Listed Company Dividend Policy Of China

Dividend policy is one of corporate finance three big core policies. Appropriate dividend policy can not only for the company to establish a good corporate image, more able to price stability, arouse the enthusiasm of investors, is conducive to the company’s long-term health development. The academic study of dividend theory is very active, from MM theory establish, to relax the assumptions of MM theory and set up other theories. Through the dividend theory development, people’s awareness on the dividend has been continuously deepened.In2006the World Bank released a report entitled" state-owned enterprise why not pay dividends to the government", the report went to state-owned enterprises as a national joint-stock investment object, have high income, but not dividend to the national. On December11,2007, national endowment appoint jointly with the Ministry of Finance issued the" central enterprises of state-owned capital gains to collect management approach", made clear state-owned shares as state-owned capital main body from the invested enterprise shall charge investment income, which marks the end of state-owned enterprises in13years to national dividend history.As the state begins to charge the state-owned corporate dividends, some problems appeared in front of scholars:what are the characteristics of state-owned holding listed company dividend policy? Which kind of management pattern the dividend policy from? Could the dividend policy meet the state holding listed companies own particularity? The discussion on these issues from scholars has not formed a unified conclusion, which is the theoretical reasons, also has the helpless reality.In this paper, a combination of theoretical and practical approaches discussed state-owned holding listed company dividend distributive problem, in the state holding listed companies dividend distribution as the starting point, first introduced at home and abroad on the dividend theory research results and basic theory of dividend, then the state holding listed company dividend policy current situation described, on the characteristics of the summary, study state-owned holding listed companies dividend policy model, on the basis of this, according to the state-controlled listed companies in the formation and development of special sex, put forward to perfect the state holding listed companies dividend policy suggestions.This article is divided into five chapters. The first chapter is the Introduction, introduced the research background, research purpose and research train of thought and the expected contribution. The second chapter is Literature Review and Theoretical Review, mainly introduced the domestic and international about state-owned holding listed companies dividend policy and dividend theory of simple review. The third chapter is the Dividend Distribution of Listed Companies in China the status and characteristics, mainly introduced the dividend distribution of Listed Companies in China the status quo of dividend distribution of listed companies, family enterprises present situation as well as the state holding listed company dividend policy status and characteristics. The fourth chapter is The Different Management Mode of Dividend Policy of Listed Companies, mainly introduced the shareholders leading management mode, management leading management mode, the common leading management mode three kinds of management mode and they represent the dividend policy, and then discusses the our country state-owned holding listed companies on management mode selection, this leads to our country state holding listed company dividend policy tendency. The fifth chapter is the Conclusion, mainly about the conclusion of this paper, the state holding listed company dividend influencing factor, for the state holding listed companies dividend policy suggestions, as well as the contribution and deficiency.