英语论文网

dividend rate, even if the current profit unexpectedly sharp growth, the company also won't immediately surge dividend, it tends to be gradually increase rate, the dividend payment rate, slowly to adjust to the goal you set for level. So, because company managers in the market for the stability of the dividend policy will give a better expectations, they worry that sent the sudden increase of current shareholders as dividend distribution policy of 'permanent'. If so, once the decline in the company's performance, managers have been forced to cut dividends, could lead to the great pressure from shareholders, and the market shares of punishment to the company. Historically, most foreign companies of dividend distribution is relatively stable, or on the basis of the relatively stable gradually increase, and the foreign companies (especially some big company) has rarely cut dividends. The equilibrium distribution of dividend policy for dividend distribution shows strong viscous characteristics. The United States, for example, the cash dividends of listed companies accounted for the proportion of the company's net income in the 1970 s about 30% - 40%; In the 80 s, the percentage increased to 40% - 50%. Similarly, in 1971-1971, theUnited Statesto increase the number of listed companies dividend than also reduce the number of listed companies dividends. 
 
Fourth, the stock market to the company's disclosure of information to increase cash is usually positive reaction, and reduce the cash to the company information disclosure is usually a negative response. Empirical study shows that the company's dividend policy notice 'effect' is more obvious. In other words, the change of the company's dividend policy is closely linked with the change of the company's share price. In general, increase cash shares usually rise, and to reduce the company of the group usually fall in share prices. To some extent, it confirms the credibility of 'signaling theory'. Empirical studies have found that increasing dividend distribution impact on stock returns, on average, about 0.4%, and reduce the influence of dividend distribution of stock returns an average of about 1.3%; Send shares impact on stock returns, on average, about 3%, but not assigned to the influence of the stock investment income is about 7% on average. In addition, the empirical analysis also shows that, when to send now impose a higher tax rate, the market of cash dividend payment is usually made more intense positive reaction. Investors may think, now that the company will pass information to the market at such a high cost, then, is likely to mean that the profitability of the company for its future with strong confidence and good expectation. 
 
Fifth, the legal environment has a great influence on the dividend payment level. Including quality of legislation and law enforcement, the legal environment, has a vital influence on the company's dividend policy. From Harvard University and the university of Chicago recently four scholars to 33 countries around the world more than 4000 listed companies dividend policy made by the comparative analysis, the legal environment on the impact of dividend policy mainly embodied in the following aspects: 
(1) some countries in order to encourage investors to actively participate in the stock market, from the legislation made strict rules for the company's divi本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。