| Along with the development of security market and the growth of listed companies, research on the dividend policies of listed companies has acquired an increasing importance. Dividend policy is one of the main content of financial management in the listed company, which is related with both the profits of shareholders and the development of listed company.Western scholars have long been probing the issue of dividend policy. They have conducted a lot of theoretical studies and empirical analyses, and put forward various theories with different ideas. However, the study of dividend policy has just begun in China. Therefore, this thesis tries to provide reference that help listed companies to make correct dividend policies, based on analyzing the situation of dividend distribution of listed companies and foreign empires.This thesis is divided into five chapters. In chapter 1, this thesis introduces the concept and contents of the dividend policy. In chapter 2, this thesis makes a comprehensive comments on the dividend policy theories through summarization of the traditional and contemporary dividend policy theories. Chapter 3 of the thesis selects 720 listed companies in shanghai stock exchange market, to empirical analyses the present situation of dividend distribution of listed companies in China, and analyses mainly the factors influencing the dividend policy. Chart 4, puts forward some suggestions for the government to perfect companies dividend behavior and suggests that the listed companies should build moderate dividend policy. The last chapter make an special analysis on stock-"shenergy"(stock code:600642).The major conclusions of this thesis are: Dividend policies should influences the target of enterprise's value maximization, therefore, the government should strengthen supervise and administer to companies's dividend behavior, and the companies should build morderate dividend policy basing on companies's actual situations. |
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