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Dividend Policy

By Kevin Perry,2014-07-11 19:52
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Dividend Policy

    苏州大学本科生毕业论文

    Dividend Policy

    Modern economic development is inseparable from the stock market's healthy development, which is the world's developed countries and regions all common experience. Since December 19, 1990 the establishment of the Shanghai Stock Exchange, China's securities market after just 10 years of development, has made tremendous achievements in the national economy plays a decisive role. From the local pilot into a national big market, listed companies from dozens of growth beginning in 2004, 1388, China's securities markets to raise funds for construction, spread financial risk, optimize resource allocation and so on, played an important effect. But we also see that, with foreign securities markets mature compared to China's securities markets are still many problems, and these problems are not timely and properly addressed, will seriously affect the healthy development of China's securities market. Among them, the listed company's dividend policy is a cause of concern.

    Dividend policy is the modern corporate finance activities, one of the three core, the company's financial activities occupy an important position. On the one hand, it is the company's financing and investment activities, the logical extension is the inevitable result of their financial behavior, on the other hand, the appropriate dividend distribution policy, not only to establish a good image, but also large investors in the company has continued to inspire investment enthusiasm, so the company long-term, stable development conditions and opportunities. With the development of capital markets, dividend policy has become theorists and practitioners focus. With the establishment of various theories, people have a deep understanding of dividend policy. However, from Domestic to foreign countries, despite the large literature exists, but the dividend policy has not been concluded, both in western countries or in China, the "Dividend Puzzle" still exists.

    From the early nineties of last century, China's securities market in just 10 years, booming stock market finished the equivalent of one hundred years of Western history. In great success, we should clearly see that compared with mature stock market, we are still exploring the initial stage; there is still a huge gap. At present, the dividend policy of listed companies for a more chaotic. The one hand,

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    苏州大学本科生毕业论文

    many companies distribute high dividends, or even super-capacity camp is. On the other hand, some very low rate of dividend. Despite the company's current profits are high, and sufficient cash flow, companies choose not to cash or cash dividends paid very little. Meanwhile, the listed company's dividend policy is the lack of continuity. Thus the current stock market there are various problems:

    1, China's listed companies the right to ignore the phenomenon of investors to compare income distribution in general. Dividend distribution policy of listed companies should be an important part of financial management, dividend distribution plan should be carefully formulated. In the development of distribution programs, in addition to relevant laws and regulations to be followed, combined with the company's current situation and future development needs, the most fundamental thing is to take into account the small investors, especially the interests of investors, because they are the property of listed companies owners enjoy the right to income distribution. However, in reality, small and medium investors in income distribution rights are often neglected. Throughout the history of China's securities market since the market opened, you can see in the dividend distribution of listed companies there is often "no distribution" phenomenon, but also a rising trend year by year, a large number of take stock dividend distribution or the placement of shares as a dividend distribution so that it becomes a means of misappropriating.

    2, volatile dividend distribution policy, the lack of continuity. Throughout the international securities market, almost all of the companies tend to take a stable dividend payment policy. Dividend payout rate from the impact of fluctuations in corporate profits, even if the company faces a loss, the company management has remained stable dividend payout ratio until they are sure not to reverse the loss. On the other hand, corporate managers only when convinced that increasing the profits to support a higher level of dividend payment, dividend payout ratio will improve, and they will gradually increase the dividend, the dividend until a new balance to achieve. Other hand, listed companies in China, the absence of a stable dividend policy, dividend distribution arbitrary large, which enable investors to the company dividend policy, the expected trend of stock price movement very difficult. In particular, the majority of Chinese listed companies did not follow the law of the life cycle of business development on the dividend distribution of long-term

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    苏州大学本科生毕业论文

    planning, but next year the temporary decision-making, lack of strategic policy to encourage policy guidance. Therefore, both listed companies in China or the allocation of dividend payout ratios are frequently changing, the lack of continuity, not the formation of relatively stable incentives.

    3, dividend distribution is extremely non-standard behavior. Dividend distribution is extremely non-standard behavior of concrete as follows: First, some of the company's board of directors of the dividend distribution plan of the development of a lack of seriousness, often arbitrarily change the distribution scheme, resulting in the secondary market; second is the "equal dividend rights" "the same stock different interests, "the phenomenon occur. In summary, the urgent need to encourage companies to scientific, systematic and theoretical research to use the guidance in order to constantly overcome the current policy development to encourage management is heavily dependent on the company's experience in sexual abuse.

    Moderate Dividend policy can be summarized as: to meet the investment needs of corporate profits to achieve the lowest cost of financing, ownership structure and stability, and thus greatly increase the value of a company's dividend policy operability. In particular, an appropriate dividend policy of listed companies should have the following characteristics: moderate dividend policy is to achieve substantial increase in company value. Meet the investment needs of corporate profits, lower financing costs, to achieve stability in ownership structure are to serve that goal. In view of the facts of immature capital market, the company's performance in the form of stock value, the intrinsic value of stocks fluctuate frequently, simply "market value maximization" as the appropriate dividend policy target operation has certain unreasonable. Meanwhile Moderate Dividend Policy of Listed Companies to the controlling shareholder to profit-maximizing behavior and goals.

    Dong Wei SU“Corporate finance and state enterprise reform in China”

    China Economic ReviewVol.16No.2Mar 2005

    Dividend distribution of listed companies in China factors

    1, limit laws and regulations.

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    苏州大学本科生毕业论文

    China's laws and regulations of the company's dividend policy has the following three conditions:

    First, the "Company Law" requirements. "Company Law" Article 130 provides that the issuance of shares to be shares with the same rights, with the shares with Lee. The provisions of section 177 of the order of the dividend distribution, that is, when the distribution of after-tax profit of the company should first extract the statutory fund, statutory public welfare fund (statutory provident fund and statutory extract before the first use of the Community Chest of the year to make up for loss of profits), and then only by shareholders holding Some pro-rata allocation of shares. Co., Ltd. article 179 of the statutory fund shareholders' general meeting resolution to capital, retained by the fund shall not be less than 25 percent of the registered capital.

    Second, the "Personal Income Tax Act". In accordance with the "Personal Income Tax Law" and the State Administration of Taxation, "on a number of issues of personal income tax levy," which individuals have access to the equity dividend, dividends and stock dividends to 20% of the income tax levy.

    Third, the "norms of listed companies on notice a number of issues" requirement.

    (1) a listed company must conduct an interim dividend does pay a dividend, the distribution must be in the interim financial report has been qualified to engage in securities business, drawn up after the accounting firm audit; announced the allocation of medium-term programs may not be before the date of the interim report of listed companies publication date; the medium-term shareholders' general meeting approved the allocation of the program, the Company's Board of Directors held a general meeting of shareholders should be completed within two months of the dividend (or shares) of the distribution of matter.

    (2) the development of equitable distribution of the program may not be distributed to shareholders as part of cash dividends, and other shareholders to distribute stock dividends;

    (3) placement of shares of listed companies to develop programs to develop bonus programs at the same time, a placement of shares as a dividend shall not be a prerequisite.

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    苏州大学本科生毕业论文

    (4) of listed companies will be profit bonus program must give Bonus shares and a clear distinction between provident fund to equity and the shareholders of the General Assembly resolution, respectively, the disclosure of sub-items may not be expressed as give Bonus shares both.

    2, the national macro-economic environment.

    The development of a country's economy has a cyclical character. When a country's economy at different development cycle, the country's corporate dividend policies have different effects. Correspondingly, China's listed companies in the formulation of dividend policy by the same macro-economic environment. At present, the performance of the grounds in the form of a few years ago to send a large proportion of the allotment, cash dividends in recent years has increased year by year.

    3, inflation.

    When inflation, the depreciation reserve funds are often unable to meet the needs of asset replacement. Companies in order to maintain its original capacity, need to be filled in retained earnings, when management may adjust its dividend policy, leading to reduction in the level of dividend payments.

    4, the financing environment for enterprises. When there is an objective of the financing for a more flexible environment, corporate debt financing can be paid the dividend and rights of the financing of the dividend, which is the company through new debt or new shares to finance the dividend. In general, larger enterprises, the more abundant strength, its ability to finance the capital market will be strong, and greater financial flexibility, of course, their ability to pay dividends stronger. For many smaller companies or new companies formed, it is difficult to take the financing of the dividend policy.

    5, the maturity of the market.

    Maturity of the market, usually can be divided into three forms: weak-form efficient market, semi-strong efficient markets and effective market strong. Market more effective, the higher its maturity. Empirical studies have shown that in more mature capital market (semi-strong efficient market), the cash dividend is the most important form of a dividend, stock dividends decreased. Department of China is still emerging from the capital markets, and mature markets, in China, the stock dividend is still an important form of dividends.

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    苏州大学本科生毕业论文

    6, where the industry enterprises.

    Dividend policy has obvious characteristics of the industry. In general, a mature industry, the rate of dividend payout is higher than in emerging industries, public utility companies to pay dividends is higher than companies in other industries. Empirical evidence shows that the industry average dividend payout rate of investment opportunities in the industry was a negative correlation between.

    7, the mobility of corporate assets.

    The so-called liquid assets means assets into cash difficulties. Corporate cash flow and assets, the better the overall liquidity, its ability to pay cash dividends on strong. And growing, profitable enterprises better, as most of the money invested in fixed assets and working capital on a permanent, they are usually not willing to pay cash dividends and jeopardize the enterprise security.

    8, the life cycle of enterprises.

    Usually the business life cycle is divided into the growth stage, development stage and mature stage. At various stages, corporate dividend policy will be subject to different effects. In the growth stage, enterprises need capital investment, in general, relatively low rate of dividend payment; in the development stage, the company began to pay a larger percentage of the dividend proceeds to the shareholders; to a mature stage, due to the relative input-output stable, dividend payout rates and stock returns will be almost unchanged.

    9, business investment opportunities.

    Dividend policy to a large extent influenced by the investment opportunities. If the company more profitable investment opportunities, often using low-dividend, high profit retention policies; the contrary, if the investment is less likely to adopt high-dividend policy. Of course, in the use of low-dividend policy, the company's management must be fully disclosed to shareholders in order to retain profits to invest in high-profit projects, in order to obtain the trust and support of shareholders.

    JensenM “ Agency cost of Free Cash FlowCorporate finance and Take

    over“American Economic Review1986.5

    Specification Dividend Policy of Listed Companies proposal

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    苏州大学本科生毕业论文

    1. Dividend distribution programs in enterprise development and information dissemination

    The current dividend policy of listed companies in China to develop further with a degree of arbitrariness, there have been blind to meet market needs or placement of shares issued for the purpose of misappropriating the various programs such as the previously described anomaly, not only damaged the majority of secondary market, the interests of investors, but also hindered the healthy development of China's securities market. Therefore, the securities regulatory departments should actively seek to regulate listed companies dividend policy behavior, while listed companies in the information release, including the bulletin content, format, timeliness and veracity, and requires the listed company within a specified period of time to fulfill payment of dividends issued obligations.

    2 to adjust and improve the accounting treatment of dividend

    The face value of our stock dividend accounting method caused two problems: first, in terms of access to the stock dividend to shareholders to obtain bonus shares equivalent to less than the price per share of net assets acquired shares, causing the company to receive bonus shares of wealth shareholders of the transfer, which shareholders receive bonus shares is very beneficial to; Second, in the case of Profits, An denominations Jinxing Songgutigao the Gongsi Kegongsonggu of shares Shu, Yinerwoguo listed companies often issued only Ke Yi Song Gu distribution program.

    In some cases the profit, at face value for Song Gu, increased the number of shares the company can Songgu so listed companies in China can often put the distribution of high-Song Gu program. Which the securities regulatory authorities can make rules to increase by transferring shares of the company bonus issue and must be accounted for by market value method. This will send the number of shares and increase by transferring the red would be significantly reduced the number of shares of listed companies would no longer relying on Song goo and increase by transferring a big fuss, and then to prevent epidemic in China increase by transferring the stock market Song goo status.

    3. to develop the capital market, balance of financing costs of different financing instruments

    At present, China capital market and capital market is not perfect, financing a

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    苏州大学本科生毕业论文

    single channel, various means of financing the cost of financing imbalances, listing the equity financing costs much lower than bank loans, issue bonds and other debt financing costs, general preference of listed companies no dividends retained earnings policy. One way to change this situation is to build strong capital markets and capital markets, expand our business financing, and to the costs of various financing instruments tend to balance, so that companies do not rely only on the stock market to sustain the operation or development of misappropriating needs, and then change the listed companies do not blindly launched distribution Song Goo, and many others actually increase by transferring and Placing proceeds will be transferred to investors with a dividend distribution of his status.

    4.The reform of the securities income tax treatment

    the current system has not levy capital gains tax, so in some way contributed to the speculation market behavior and speculative characteristics. In Western countries, made on the transfer of securities capital gains income tax is a common practice. Theory from the income tax, there is the taxable income. Therefore, the introduction of capital gains tax can be to some extent against speculation. However, the introduction of a capital income tax may result in significant volume shrinkage and crack down on investor enthusiasm. Which can refer to some countries in the world, including securities, including capital gains made by specific collection requirements? In addition, to adjust the state shares and corporate shares tax policy, on the state shares and legal person shares of dividend, bonus pay tax for the state shares into the market and ultimately the unification of China's stock market to create a prerequisite for fair competition.

    JensenM. C. and Meckling W .H “Theory of the Firm :Managerial

    BehaviorAgency Costand Capital StructureJournal of Finance Economics》。

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    苏州大学本科生毕业论文

    外文文献资料中文翻译稿

    股利分配政策

    现代经济的发展;离不开股票市场的健康发展;这是世界上所有经济发达国家和地区的共同经验。自19901219日上海证券交易所成立;我国证券市场在经过短短十几年的发展;取得了巨大的成就;在国民经济中占有举足轻重的地位。从局部试点发展成为全国性的大市场;上市公司从刚开始的几十家增长到2004年的1388家;我国证券市场在筹集建设资金;分散金融风险;优化资源配置等方面;发挥了重要的作用。但是我们也要看到;与国外成熟的证券市场相比较;我国证券市场仍然存在许多问题;而这些问题如果不能得到及时、恰当的解决;将会严重影响我国证券市场的健康发展。其中;上市公司的股利政策就是一个值得关注的领域。

    股利政策是现代公司理财活动的三大核心之一;在公司财务活动中占据着重要地位。一方面;它是公司筹资;投资活动的逻辑延续;是其理财行为的必然结果;另一方面;恰当的股利分配政策;不仅可以树立起良好的公司形象;而且能激发广大投资者对公司持续投资的热情;从而使公司获得长期;稳定的发展条件和机会。随着资本市场的发展;股利政策逐渐成为理论工作者和实际工作者关注的焦点。伴随着各种理论的建立;人们对于股利政策有了深入的认识。然而;从国内到国外;虽有大量的文献存在;但对于股利政策却没有结论;无论是在西方发达国家;还是在我国;“股利之迷”仍然存在。

    从上个世纪九十年代初期开始;我国证券市场在短短十几年里蓬勃发展;走完了相当于西方证券市场百年的历程。在取得巨大成功的时候;我们也应该清醒地看到;与成熟的证券市场相比;我们仍处于探索起步阶段;还存在着巨大的差距。目前;我国上市公司股利政策的制定比较混乱。一方面是许多公司派发高额红利;甚至是超能力派现。另一方面是一些公司股利支付率极低。尽管公司当年收益很高;而且现金流充足;公司也选择不发现金或者发放很少的现金股利。同时;上市公司的股利政策也缺乏连续性。因而当前的股票市场还存在种种的问题:

    1、我国上市公司忽视投资者收益分配权的现象比较普遍。股利分配政策应是上市公司财务管理的重要内容之一;股利分配方案应该慎重制定。在制定分配方案时;除应遵循相关的法律法规;结合公司目前的情况和未来的发展需要外;最根本的是要考虑到投资者尤其是中小投资者的利益;因为他们是上市公司的产权所有者;享有收益分配权。然而在现实中;中小投资者的收益分配权往往被忽视。纵观我国证券市场开市以来的历史;可以

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    苏州大学本科生毕业论文

    看到上市公司在股利分配中常常存在不分配的现象;而且有逐年上升的趋势;大量采取股票股利的分配方式或者是将配股作为股利分配;使其成为一种圈钱的手段。

    2、股利分配政策波动性较大;缺乏连续性。纵观国际证券市场;几乎所有的公司都倾向于采取平稳的股利支付政策。股利支付率不受公司利润波动的影响;即使公司面临亏损;公司管理者亦保持平稳的股利支付率直到他们确信亏损不可扭转。另一方面;公司管理者只有在确信持续增加的利润能够支撑较高的股利支付水平时;才会提高股利支付率;而且他们会逐步增加股利;直到一个新的股利均衡地实现。反观我国上市公司;基本上没有一个稳定的股利政策;股利分配随意性很大;这使投资者对公司股利政策、股价变动趋势的预期变得十分困难。特别是我国大多数上市公司没有按照企业发展的生命周期规律对股利分配进行中长期规划;而是隔年临时决策制定;鼓励政策缺乏战略性方针的指导。所以我国上市公司无论是股利支付率还是分配方式均频繁多变;缺乏连续性;未形成相对稳定的鼓励政策。

    3、股利分配行为极度不规范。股利分配行为极度不规范具体表现为:一是有些公司的董事会对股利分配方案的制定缺乏严肃性;经常随意更改分配方案;造成二级市场的波动;二是同股不同权”“同股不同利的现象时有发生。综上所述;鼓励公司迫切需要科学、系统和使用的理论研究成果作指导;以便不断克服当前鼓励政策制定严重依赖于公司管理当局的经验性行为弊端。

    适度股利分配政策可概括为:满足公司盈利性投资需求而能达到融资成本最低、股权结构稳定;进而实现公司价值较大幅度提高的可操作性的股利政策。具体而言;上市公司适度股利分配政策应具有以下特征:适度股利政策的目标是实现公司价值的大幅度提高。满足公司盈利性投资需求、降低融资成本、实现股权结构稳定等都是服务于这一目标的。针对我国资本市场不成熟的实情;公司股票价值的表现形式;股票内在价值频繁波动;简单地把市场价值最大化作为适度股利政策的目标操作具有一定的不合理性。同时上市公司适度股利分配政策要以控股股东的利益最大化行为和目标。

    影响上市公司股利政策的因素

    1、法律法规限制。

     我国的法律法规对公司股利政策的影响有如下三种情况:

    第一;《公司法》规定。《公司法》第130条规定股份的发行必须同股同权;同股同利。第177条规定了股利分配的顺序;即公司分配当年税后利润时;应当先提取法定公积金、法定公益金,提取法定公积金和法定公益金之前应当先利用当年利润弥补亏损(;然

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