Research On Dividend Policy Of Hainan Airlines Company Limited

Along with the establishment and perfection of modern enterprise system,the dividend distribution,as an important financial decision,plays an increasingly critical role.Shareholders invest companies to obtain income from investment,while financing of listed company is used for development.So it has a practical significance to find an equilibrium point to distribute after-tax profits between shareholders and companies.In the long run,whether formulate a reasonable dividend policy or not will directly affected the long-term development of the listed company.The prior research shows that the reasonable dividend policy possesses a vital role in the perfection of corporate governance structure and the increase of company's market value.The dividend policies are various,and so is the choice of listed company.In the initial stage of Chinese securities market,the related laws and regulations of return to shareholders are not completed.Most listed companies don't distribute after-tax profits,and few takes stock dividend forms.Companies with cash distributive forms have not increased until policies and regulations of cash dividend distribution are issued in recent years.The low dividend payout ratio and thought-provoking "excess profits dividends" shows that present policies are still existing flaws.In addition,the stock reform of China's listed companies has already basically completed.The historical remaining non-tradable shares of state owned shares and corporate shares have achieved without a hitch.The problem of high ownership concentration hasn't effectively resolved.So the major shareholders in this kind of listed companies should be analyzed.Based on the retrospect of the dividend policy theories at home and abroad,case analysis method is adopted in this thesis to analyze Hainan Airlines Company Limited in aspects of operation condition,equity structure,and development goals.And the writer researches the reason of dividend policy-making in every stage,the influence of company's development after put into practice and acceptance level of dividend policy making for market investment.Finally,on the basis of thesis research,the writer evaluates ever enforced policies and proposes policy suggestions of Hainan Airlines Company Limited.