爱尔兰留学生论文:上市公司股利分配问题研究 [6]
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:23684
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。
uld follow the following steps: (1) set the target capital
structure, which determine the ratio of equity capital and debt capital. Under
the capital structure, cost of capital will reach the lowest level; (2)
identify the target capital structure under the required amount of shareholders'
equity investment; (3) maximum use of retained earnings to meet the required
amount of equity capital investment programs; (4) after the investment plan is
equity capital is needed to meet if there is residual, again will be
distributed to shareholders as dividends; Using fundamental reason for the
surplus dividend policy is to maintain the ideal capital structure, low
comprehensive cost of capital. (3) the basic reason to implement the
fundamental reason of the residual dividend policy is to make the company to
maintain an ideal capital structure, and can make the low comprehensive cost of
capital.
3.2 the fixed dividend policy
(1) the basic idea: this policy will be issued each year fixed on a fixed level
of dividend and remain the same in a long time, only when the company think
that future earnings will be significant, irreversible growth, to increase the
annual amount of the dividend payments. (2) fixed or the content of the stable
growth of dividend policy and the policy on the basis of the dividend policy is
to be distributed annually fixed on a fixed level of dividend and in a long
period of time constant, only when the company believes the future surplus will
increase significantly, irreversible, to improve the annual amount of the
dividend payments. (3) the reason of this policy is to: (1) the stability of
the dividend to the normal development of the information market transmission
company, to establish a good image of the company, enhance investor confidence
in the company, the stability of the price of the stock; (2) is helpful for
investors to arrange dividend income and expenditure; (3) the stability of the
dividend policy may be is not in conformity with the residual dividend theory,
but in order to maintain the dividend at a stable level, even if put off some
investment plan or temporary deviation from the target capital structure, also
may be more advantageous than the lower dividend or reduce the dividend growth
rate. (4) the dividend policy of the drawback is that dividend payments and surplus
disconnect, unlike surplus dividend policy, at the same time can't keep the
lower cost of capital.
3.3 the fixed rate of dividend payment policy
(1) the basic idea: this policy is to determine a company dividend ratio of
surplus, according to the ratio of pay dividends for a long time. Under this
policy, the dividend amount in each of the fluctuate according to the business
of good or bad, surplus more than year high dividend amount, on the other hand,
is less. (2) to adopt this policy is that doing so can make dividend closely
cooperate with the surplus, in order to reflect more surplus points, less
surplus less points, regardless of the principle of tracker. But this policy in
each of the changes in the dividend is larger, easy to cause the company unstable
feeling, adverse to the stability of the stock price.
3.4 low normal add extra dividend policy
(1) the basic idea: the company in general only a year to pay a fixed amount,
the lower the dividend, the surplus number of years, and then according to the
actual situation to
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