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论文作者:www.51lunwen.org论文属性:作业 Assignment登出时间:2013-09-30编辑:yangcheng点击率:4696
论文字数:1487论文编号:org201309300858211574语种:英语 English地区:中国价格:免费论文
摘要:我国上市公司未分配股利和未分配现金股利的情况进行了统计。从表中可以看出,自1993年以来,不分配股利的上市公司比例逐年攀升,1996年至1999年达到最高,接近2/3的上市公司选择了不分配现金股利的政策。1996 年为64.83%、1997年为68.81%、1998年为67.97%、1999年为66.56%。2000 年以来,由于派现公司的大幅增加,不分配股利的公司呈下降的趋势,2000年不分配现金股利的公司比例为39.25%。
Different countries, the proportion of the company's dividend payout different , in general, developed countries is relatively high dividend payout ratio . According SikKang (2001) statistics, the major Western developed countries, cash dividends paid were : France 45.03% Germany 32.53% , the United States 57.39% Japan 38.34% , UK 45.84% . Emerging market countries is relatively low dividend payout ratio , with an average 30% to 40%. In addition, whether developed or emerging market countries in the dividend payout ratio is relatively stable between years , with little change .
From Table 5 , we can see whether the cash dividend payout ratio is the mean or median , fluctuations between the years is not large , the highest average of 0.77 in 1998 , 0.48 in 2006, the lowest ; highest median 1996 of 0.66 , a minimum of 2001 and 0.45 in 2004 . If a single cash payment rate, China's listed companies higher than in Western countries . Thus, our cash dividend payout ratio is much higher than in Germany and Japan , and the United States considerably .
If you examine the foreign market from a global perspective dividend policy of practice, you can find that the general has the following salient features :
First, the company is usually a large part of their profits to pay dividends , cash dividends and the company has been a major dividend payment. 1971 a 1992, U.S. companies , about 50% of after-tax profits of 70% was used to pay a dividend . In addition , from a historical point of view, in the mid- 1980s , has been the company 's main cash dividends dividend payment, while the stock repurchase occupy a secondary position. 1984 and 1985, within two years , the company's stock repurchase ( including repurchase of ordinary shares and preference shares ) in amount has changed greatly . Prior to this, the stock repurchase is usually only about 5% of net income , then after that, the amount of stock repurchases will account for about 25% of a person's income 47%. At the same time , cash dividends of the company 's net income ratio has not declined , therefore, in this period, the company's total dividend payment ( including cash dividends and stock repurchases included ) is rising . However , from a global point of view, as a dividend payment of share repurchase is not universal . Relevant data show that in June 1997 - 1998 June , 1537 stock repurchase in the world , only the United States alone accounts for 1100 . If by market value , this period repo market value of abou本论文由英语论文网提供整理,提供论文代写,英语论文代写,代写论文,代写英语论文,代写留学生论文,代写英文论文,留学生论文代写相关核心关键词搜索。