爱尔兰留学生论文:上市公司股利分配问题研究 [5]
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:23682
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。
er dividends, and surplus of unstable
companies usually take low dividend policy. (2) asset liquidity: pay more cash
dividend and maintain liquidity should be considered. (3) the debt ability:
ability to borrow the company can adopt looser dividend policy, and poor
ability to borrow the company's dividend policy should adopt tighter. (4)
investment opportunities: there are good investment opportunities in its
dividends are less, and the lack of good investment opportunities in the
company will pay higher dividends. (5) the cost of capital: if the company have
the need to expand the money, think in terms of cost of capital, low dividend
policy should be taken. 6 debt needs: to move new debt to repay its debt can
also use the internal accumulation, if the company think the appropriate, will
reduce the dividend payment.
2.3.3 shareholders factors
(1) the stable income and tax: rely on dividend income to maintain life
shareholders want paying dividends on the stability of the company, not wishing
to retain more profits of company; And some high-income shareholders don't want
the company pay more dividends, so as not to pay more taxes. (2) control of the
dilution: companies pay higher dividends, means that the retained to reduce,
leading to the possibility of increasing new issues in the future, diluting the
corporate control, this is the original shareholders with control is unwilling
to accept
2.3.4 contractual factors
(1) contractual limit refers to the company's loan contract or bond contracts
related to limit dividend payment terms. To prevent the company from a large
number of dividend to reduce the amount of shareholders' equity, increase the
risk of creditors, the creditors usually require add constraints in debt
covenants company dividends terms, such as ceiling stipulated dividend per
share; Only when the company some of the most important financial ratios than
the agreed minimum standards, to pay a dividend; Dividend can only be produced
after signing from profits to pay, before signing the accumulated profits
should not be used to pay dividends, and so on. (2) in addition, the issue of
preferred shares in the contract, usually rules before the liquidation of
preferred stock dividends, not paying dividends on common stock. Such regulations
will affect the company's dividend policy. The purpose of these contracts is
prompting companies part of the profits to invest again according to the
requirement of the relevant provisions, to enhance the enterprise's economic
strength, guarantee duly repay debt.
2.3.5 other factors
(1) the debt contract constraint: as the general protection clauses in the
long-term borrowing has carried on the limits to the company's cash dividend
payment. (2) inflation: inflation period of the company's dividend policy tend
to be tight.
3. The types of dividend
policy of listed companies in our country and the advantages and disadvantages
3.1 residual dividend policy
: (1) the basic thought is in the company has a good investment opportunity,
according to a certain target capital structure, measure the investment
required for equity capital, first from the surplus of retention, and then the
rest of the surplus as dividend distribution. (2) using surplus dividend
policy, sho
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