The Research Of The Dividend Distribution Of Chinese Listed Companies And The Analysis Of Cases

In 1960s,American financialist Miller and economist Modigliani published a paper named "Dividend Policy, Growth, and the Valuation of Shares" in which the viewpoint dividend unrelated to corporation value first appeared. Since then, lots of western scholars have studied dividend policy from different standpoints in different methods, and put forward different theories to explain the dividend policy. Although so many scholars and so many theories, the dividend policy has not reached consensus.In china, after opening and reformation, we began to change the plan economy to market economy, and corporation as a profiting organization form began to appear again and be widely developed. Listed companies began to appear again, and the dividend policy caused the attention of Chinese scholars. Through study, scholars learn dividend is not only a profit-distribution question, but also relates to stockholders' wealth, the image of listed company, and transactional cost and agency cost. This paper takes dividend policy combined Chinese practical background as researching object.This paper contains 6 chapter: chapter one introduces the main dividend theories, meanwhile, gives a simple comment on them. Chapter two discusses the current situation of the dividend distribution of listed companies in China ,the existing problems and their cause .In chapter three ,according to the principle of maximizing the share holders' wealth ,the paper makes math model , analyzes the relation between the expected dividend of share holders and the expected profit rate ,the income tax rate of dividend and the degree of investors' disliking risk, and analyzes it in detail on the basis of the 10 listed companies. According to the conclusion drawn in chapter three ,the paper works out the disliking risk coefficient of the fluent-share holders and unfluent-share holders in Chinese securities market .With the value ,according to the making dividend theory , it analyzes the relation between the dividend distribution of listed companies and the floating price of them. To some extent, it confirms theminterrelated . In chapter five ,in the principle of maximizing the value of companies, it makes math model, analyzes the relation between the value of companies and the distribution rate of dividend, the change of dividend balance, and the expected profit rate of companies .Chapter six. according to the current situation of Chinese stock market and existing problems , gives some advices .