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。
dole out extra dividends to shareholders. (2) basic reason:
first, the company has great flexibility, which can make shareholders to
enhance confidence in the company, and is beneficial to stabilize the price of
the stock; Second, can make those who rely on dividends shareholders to spend
at least a year can get although low, but relatively stable dividend income,
thus attracted to this part of the shareholders
4. The analysis of
characteristics of dividend distribution of listed companies in China
4.1 dividend distribution form diversification and unstable
And the western countries to pay cash dividends as the main form of dividend
payments, compared the characteristics of dividend distribution present
diversified inChina.
The main form of dividend distribution of listed companies in our country there
are cash dividend, stock dividend, both cash and stock, some in declaring the
dividend policy of listed companies at the same time, accompanied by a rights
issue and turn add equity and other equity expansion behavior.
Can be seen from the data of listed in a table, from 1996 to 1999, the
proportion of pay cash dividends of listed companies are less than 40%, there
were 223, 1997, only 31.19% of the total distribution of the listed company;
There were 307, 1999, accounting for 33.44% of the total distribution of the
listed company. Since 2000 the number of cash dividend company was bigger, was
648, accounting for 60.75% of the total distribution of the listed company;
There were 653, 2001, accounting for 56.17% of the total distribution of the
listed company; There were 614, 2002, accounting for 51.04% of the total
distribution of the listed company; There were 603, 2003, accounting for 47.56%
of the total distribution of the listed company; There were 691, 2004,
accounting for 50.51% of the total distribution of the listed company. From
pure cash dividend distribution of listed companies accounting for the change
of the proportion of listed companies can be seen that in each of the listed
company's dividend policy is not stable. Appear this kind of situation is
mainly due to 2000 years ago, the China securities regulatory commission has
not made a provision for the listed company cash allocation, 2000 years after
the China securities regulatory commission the cash dividends as the necessary
condition of refinancing of listed companies as a result, the listed company
implement the dividends plan had to be taken into account.
In addition, a simple stock dividend distribution form a downward trend, the
highest ratio of 1992, 88.46% of the stock dividend distribution of listed
companies, but in 2004 only 3.51% of companies choose to issue stock dividends,
the severe decline in May and after 1998 about stock dividend tax policy changes,
as well as related rights policy adjustments. Because since 1998, began to
impose a 20% stock dividend income tax, by stock dividend tax loss of function.
Visible, the dividend distribution of listed companies in our country, no
matter from the quantity and on the way, with the mature securities market is a
big gap.
4.2 does not pay dividends phenomenon with universality
Undistributed dividend listed companies inChinaand the situation of cash
dividend distribution
statistics. As can be seen from the table, since 199
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