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The Research On The Dividend Distribution Of Industrial And Commercial Bank Of China

Posted on:2017-09-07Degree:MasterType:Thesis
Country:ChinaCandidate:J XuFull Text:PDF
GTID:2359330536976040Subject:Finance
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Dividend distribution policy as an important content of financial management of the listed companies has been one of the research focuses in the field of theory and practice.As early as the mid-twentieth Century,the factors of the dividend policy and the value of the company is analyzed deeply in the Western,such as MM theory,signal theory,agency cost theory,cycle theory,have a more profound impact.Because of the development of the capital market started lately in China,the related research reports of dividend distribution policy were few,with the rapid development of the domestic capital market,the current study has been relatively mature.This paper mainly studies the Dividend Distribution Policy of ICBC,first of all,the Industrial and Commercial Bank of China's dividend distribution policy is described in detail,and its characteristics are summarized.The take is pure cash dividend;the dividend payment rate is relatively high,but continued to show a downward trend.Secondly,based on the signal theory and the agency cost theory,combined with China Merchants Bank,Kweichow Moutai Company Limited,the relevant problems of the dividend distribution policy are found out.Then,the causes which bring out the problems are proposed,mainly include that the falling dividend payment rate harms the company image and the ambiguous owner of state assets reduces the investors' confidence,etc.Finally,by comparing with Vanke,Hang Seng Bank,I put forward some proposals,including the change of dividend distribution policy,increase the intensity and the number of cash dividends and the introduction of private investment and so on.
Keywords/Search Tags:dividend distribution, signal theory, agency cost, board of directors, ownership structure
PDF Full Text Request
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