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。
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Is the first company's funds to meet the demand as the starting point of
dividend policy. According to this policy, the company according to the
following steps to determine its dividend distribution is:
Determine the optimal capital structure of companies;
• determine the company next year's demand for money;
Determined according to the optimal capital structure, to meet the demand of
capital needed to increase the amount of shareholders' equity;
, after-tax profits to company first meet next year's increase in demand, the
rest was used to distribute cash dividends.
Fixed or sustained growth dividend policy
To determine the cash dividend distribution is as the first goal of profit
allocation priority consider, generally do not fluctuate with the capital
demand fluctuations. The dividend policy has two benefits.
To stock market, the stability of the dividend amount and the shareholders of a
company a stable information.
Many shareholders as long-term investors (including individual investors and
institutional investors) hopes the company dividend can become the stable
source of income 'to consumption expenditure, and other various stable
balance of the dividend policy is advantageous to the company to attract and
stabilize this part of the investor's investment.
The stable dividend policy, requiring companies make a good judgment ability to
pay for the future. In general, the company determined the stability of the
dividend amount should not be too high, should leave room, in order to avoid
forming the company unable to pay.
Fixed rate of dividend payment policy
The policy requiring companies each year according to fixed proportion pay cash
dividend from the after-tax profits. From the perspective of enterprise ability
to pay, this is a real stable dividend policy) but this policy will lead to
frequent change of the amount of dividend distribution company, information is
passed to the outside of a company is not stable, so there are few companies
adopt a dividend policy.
Normal dividend extra dividend policy
According to this policy, by a fixed dividend amount each year in addition to
the enterprise grant called normal dividend cash dividends to shareholders,
also in higher corporate profits, capital is relatively abundant annual
distributed to the shareholders is higher than normal average annual dividend
amount of cash dividend. The protruding part is the extra dividend.
The types and distribution program
• cash dividend
• stock dividend.
• stock repurchase
By buying back dividend shares held by the way, to distribute cash to
shareholders.
A stock split,
Large stocks can be divided into small, such as using two new shares in return
for a old shares, is without any increase in shareholders' equity on the basis
of to increase the number of shares. So to lower the price of the stock
trading, improving the liquidity.
Dividends program
Shares of the company's dividend distribution scheme shall be determined and
announced by the board of directors of the company, usually when it is
necessary to be approved by the shareholders' meeting or shareholders'
convention to implement (e.g., that is
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