爱尔兰留学生论文:上市公司股利分配问题研究 [11]
论文作者:英语论文论文属性:硕士毕业论文 thesis登出时间:2014-08-11编辑:yangcheng点击率:23695
论文字数:8971论文编号:org201408091841555264语种:英语 English地区:中国价格:免费论文
关键词:上市公司股利分配问题研究problem
摘要:本文是一篇爱尔兰留学生论文,文章主要研究上市公司股利分配。当下来说,中国上市公司股利分配存在许多疑问,这其间既有上市公司股权结构歪曲内部要素,也有证券商场开展不行完善等外部要素的影响。上市公司不规则的股利分配方对于商场、投资者、公司都产生了负面影响。股利方针作为公司的中心财政疑问之一,一向遭到各方面的亲近关注。股利的发放关系到公司股东和债券人的利益,又关系到公司将来的持续开展。因而,拟定一个合理的安稳的股利方针市非常重要的而且经过与国外上市公司的股利分配方针与中国上市公司比较,有很大的区别。汲取国外上市公司股利分配方针的利益,联系中国的实际情况,这篇文章首要对于中国上市公司股利分配存在的疑问,剖析起成因,终究提出标准中国上市公司股利分配的对策主张。
dividend rate, even if the current profit unexpectedly sharp growth, the
company also won't immediately surge dividend, it tends to be gradually
increase rate, the dividend payment rate, slowly to adjust to the goal you set
for level. So, because company managers in the market for the stability of the
dividend policy will give a better expectations, they worry that sent the
sudden increase of current shareholders as dividend distribution policy of
'permanent'. If so, once the decline in the company's performance,
managers have been forced to cut dividends, could lead to the great pressure
from shareholders, and the market shares of punishment to the company.
Historically, most foreign companies of dividend distribution is relatively
stable, or on the basis of the relatively stable gradually increase, and the
foreign companies (especially some big company) has rarely cut dividends. The
equilibrium distribution of dividend policy for dividend distribution shows
strong viscous characteristics. The United States, for example, the cash
dividends of listed companies accounted for the proportion of the company's net
income in the 1970 s about 30% - 40%; In the 80 s, the percentage increased to
40% - 50%. Similarly, in 1971-1971, theUnited Statesto increase the
number of listed companies dividend than also reduce the number of listed companies
dividends.
Fourth, the stock market to the company's disclosure of information to increase
cash is usually positive reaction, and reduce the cash to the company
information disclosure is usually a negative response. Empirical study shows
that the company's dividend policy notice 'effect' is more obvious.
In other words, the change of the company's dividend policy is closely linked
with the change of the company's share price. In general, increase cash shares
usually rise, and to reduce the company of the group usually fall in share
prices. To some extent, it confirms the credibility of 'signaling
theory'. Empirical studies have found that increasing dividend
distribution impact on stock returns, on average, about 0.4%, and reduce the influence
of dividend distribution of stock returns an average of about 1.3%; Send shares
impact on stock returns, on average, about 3%, but not assigned to the
influence of the stock investment income is about 7% on average. In addition,
the empirical analysis also shows that, when to send now impose a higher tax
rate, the market of cash dividend payment is usually made more intense positive
reaction. Investors may think, now that the company will pass information to
the market at such a high cost, then, is likely to mean that the profitability
of the company for its future with strong confidence and good expectation.
Fifth, the legal environment has a great influence on the dividend payment
level. Including quality of legislation and law enforcement, the legal environment,
has a vital influence on the company's dividend policy. From Harvard University
and the university of Chicago recently four scholars to 33 countries around the
world more than 4000 listed companies dividend policy made by the comparative
analysis, the legal environment on the impact of dividend policy mainly
embodied in the following aspects:
(1) some countries in order to encourage investors to actively participate in
the stock market, from the legislation made strict rules for the company's
divi
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