Font Size: a A A

An Empirical Study On The Impact Of China's Cash Dividend Distribution On The Protection Of Small And Medium Investors' Interests

Posted on:2017-07-18Degree:MasterType:Thesis
Country:ChinaCandidate:N N LuFull Text:PDF
GTID:2359330512474647Subject:Finance
Abstract/Summary:PDF Full Text Request
Cash dividends are important ways of securities market for small and medium-sized investors to obtain investment returns,and the distribution of dividends can be used as a kind of information transmission mechanism,which makes shareholders or the market investors to know about the enterprise management status and development prospects.But at present our country listed company's dividend policy is not stable,there is no dividend or less dividends of the company for a long time,there are also unusually high sent now,these are likely to cause damage the interests of small and medium-sized investors.Many factors affect the interests of small and medium-sized investors,just like large shareholders,related party transactions,the disclosure of false results and so on,these factors are not conducive to protect the interests of small and medium-sized investors,but how about the cash dividend distribution affects the interests of small and medium-sized investors protection on controversial at present.On the one hand,distributing cash dividend reduces the managers in discretionary cash flow,is beneficial to reduce the agency cost,help to protect the interests of investors;But on the other hand,in order to make outside investors have confidence in the listed company,improve the reputation of listed companies,some listed companies who have long-term losses may also distribute cash dividends,and even large cash dividends,and even for listed company who has stable devolopment,high cash dividend distribution is also not necessarily good news,it is possible that the company itself is lack of good investment projects or in order to meet the needs of the refinancing of the mandatory dividend policy,so this paper mainly based on the data of listed companies who has continuously distributed cash dividends in 2013-2015,to discuss the influence of cash dividend distribution to the minority investors' benefit.
Keywords/Search Tags:cash dividend, protection of minority shareholders' interests, agency cost
PDF Full Text Request
Related items