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论文作者:www.51lunwen.org论文属性:作业 Assignment登出时间:2013-09-11编辑:yangcheng点击率:3501
论文字数:1411论文编号:org201309102254068926语种:英语 English地区:中国价格:免费论文
摘要:与西方国家以分配现金股利作为最主要的股利支付形式相比,我国的股利分配形式呈现多样化的特点。我国上市公司股利分配的主要形式有现金股利、股票股利、既派现又送股,有些上市公司在宣告股利政策的同时,还伴随着配股和转增股本等股本扩张行为。
( 1 ) The basic idea : The company generally pays only a fixed annually an amount lower dividends , earnings more than in the year , according to the actual situation of additional dividends paid to shareholders . ( 2 ) basic reasons : First, the company has greater flexibility , both to enhance the shareholders' confidence in the company , but also help stabilize the stock price ; Second , you can make those who rely on dividends to shareholders at least annually to survive Although you can get lower, but more stable dividend income , which attracted this part of the shareholders'
From the data in Table I shows that from 1996 to 1999 listed companies in the ratio of cash dividends paid less than 40%, in 1997 there are 223, the total number of listed companies only allocate 31.19%; 1999 There are 307 , accounting for the total number of listed companies allocated 33.44%. Cash dividend since 2000 the number of companies increased considerably, when there were 648, accounting for the total number of listed companies allocated 60.75%; 2001 has 653, accounting for the total number of listed companies allocated 56.17%; 2002 has 614, accounting for allocation 51.04% of the total number of listed companies; 2003 has 603, accounting for the total number of listed companies allocated 47.56%; 2004 has 691, accounting for the total number of listed companies allocated 50.51%. From simply paying cash dividend distribution of listed companies accounted for changes in the proportion of listed companies can be seen that each listed company's dividend policy instability. This situation occurs mainly because prior to 2000, China Securities Regulatory Commission did not make provision for cash distribution of listed companies, the China Securities Regulatory Commission in 2000 cash dividend after refinancing of listed companies as a necessary condition, therefore, listed companies have to consider implementation of the dividend distribution.
In addition, a simple form of stock dividends downward trend, the highest percentage of 88.46% for the 1992 allocation of stock dividends of listed companies, but in 2004 only 3.51% of the company selected stock dividend, which may be associated with a dramatic decline after 1998 About the stock dividend tax policy changes, and placement policy adjustments. Since starting in 1998, the stock began to impose a 20% dividend tax, tax avoidance through the loss of function of the stock dividend. Visible dividends of listed companies, in terms of quantity and from the way, with the development and maturation of the securities market has a big gap.