摘要:当前来说,我国上市公司股利分配存在许多问题,这其中既有上市公司股权结构扭曲内部因素,也有证券市场发展不够完善等外部因素的影响。上市公司不规则的股利分配政策对市场、投资者、公司都产生了负面影响。
utilized as a criterion . Fundamentally , watching shareholders to consider is immediate or in the future development of the company , which brings greater benefits .
Dividend policy refers to the company profit after tax income in shareholders' dividends and retained earnings within the enterprise distribution between choice, corporate finance, investment activity logical continuation . Dividend policy as the company conduct and operating results reflect and refraction will not only affect the company's image , but also cause unusual fluctuations in stock prices . However, due to the imperfect structure of listed companies , listed companies, dividend policy , there are some irregularities in the office ( such as dividends in many forms, not widespread distribution , lack of continuity and seriousness ) , the majority of listed companies the dividend distribution policy is relatively chaotic , showing a typical short-term behavior. This situation is not conducive to the further development of China's listed companies , is not conducive to the healthy development of China's stock market , the development of scientific and reasonable dividend policy of listed companies is imminent .
To determine the allocation of cash dividends as a distribution of profits to be considered the primary objective of priority , generally do not fluctuate with the capital requirements fluctuate . The dividend policy has the following two advantages .
• Stable dividend amounts to the stock market and the Company's shareholders a stable information .
• Many long-term investors as shareholders ( including individual investors and institutional investors ) want the company to be its dividend steady source of income " in order to arrange consumption and other expenditures , stable dividend policy will help the company to attract the amount and stability of this part of the investors .
With a stable dividend policy amount , require the company 's ability to pay in the future to make a better judgment. In general , the company should determine the stability of the dividend amount is too high , to leave room for the formation of the company is unable to pay in order to avoid difficulties.
This policy requires that a fixed percentage of annual net profit to the payment of cash dividends. Ability to pay from the enterprise point of view , this is a truly stable dividend policy ) but the company's dividend policy will result in frequent changes in allocation , the company passed to the outside world a volatile information , so few companies using this dividend policy.
In accordance with this policy , the enterprise in addition to a fixed annual amount of dividends paid to shareholders cash dividends dividends referred to as normal , but still higher corporate profits , capital is more abundant than the annual general annual payment to the shareholders of the normal amount of cash dividends dividends. Its higher part is the extra dividends.
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