摘要:本文是一篇爱尔兰留学生论文,文章主要研究上市公司股利分配。当下来说,中国上市公司股利分配存在许多疑问,这其间既有上市公司股权结构歪曲内部要素,也有证券商场开展不行完善等外部要素的影响。上市公司不规则的股利分配方对于商场、投资者、公司都产生了负面影响。股利方针作为公司的中心财政疑问之一,一向遭到各方面的亲近关注。股利的发放关系到公司股东和债券人的利益,又关系到公司将来的持续开展。因而,拟定一个合理的安稳的股利方针市非常重要的而且经过与国外上市公司的股利分配方针与中国上市公司比较,有很大的区别。汲取国外上市公司股利分配方针的利益,联系中国的实际情况,这篇文章首要对于中国上市公司股利分配存在的疑问,剖析起成因,终究提出标准中国上市公司股利分配的对策主张。
dend policy. 'Such as theUnited Statesinternal revenue
code' as enterprise indefinitely retained earnings is prohibited. These
with mandatory legal measures to protect the interests of outside shareholders,
as well as to define the minimum payout level of the enterprise;
(2) in implementing the 'common law' countries such as Britain, the
United States, the legal protection for investors is better in France and other
countries 'civil law'. Therefore, in practice the 'common
law' of the country, the listed company's dividend payment rate is
significantly higher than the countries 'civil law';
(3) when the law can provide better protection for shareholders, has a good
investment opportunity can usually choose low dividend payment policy. In
contrast, when the law can only provide less protection to investors, even
though the company has good investment opportunities, they are usually for
reasons of maintenance reputation, and choose pay high dividend policy;
(4) in countries with good legal environment, investors are more likely to use
legal weapons to get dividends from the company, especially when the company
better investment opportunities are scarce, especially;
(5) the shareholders can actually how much dividends from the company, is not
one of their biggest shareholders or small shareholders, but lies in whether
they dared to use legal weapons to resist pressure from 'insider'. In
Britain, the United States, Canada, Australia and other countries, the equity
of large companies is relatively decentralized, how the company is largely
controlled by the company managers, and in some countries some family-owned
company, the company is usually manipulated by a few major shareholders. By
managers in the company or big shareholders, etc under the condition of 'insider
control', the biggest victims tend to be the minority shareholders. As a
result, small shareholders are usually more has the preference of share out
bonus, and, in order to make their own wealth is not arbitrary deprivation by
'insiders' control, small shareholders often use legal weapons to
protect themselves. Law endows the rights of small shareholders include:
insider and enjoy the same receive dividends, the same stock with benefit;
About the company's major decisions the right to vote; The election of
directors rights; A civil lawsuit against the damage caused by the company to
shareholders' rights. Apart from the above rights, small shareholders can sell
shares to those who want to gain control of unwanted suitors, and compete with
those who do not share out bonus
5.2 enlightenment of dividend distribution policy abroad
On the foreign theory and practice of dividend policy of listed company makes a
comprehensive analysis, the following conclusions and enlightenment:
First, the dividend policy of listed companies to the company's share price and
company's market value has very important influence, this influence will also
involve the immediate interests of shareholders. Therefore, listed companies
should start from the shareholder interest maximization goal, good coordination
between dividend distribution and company development, shareholders of the
relationship between the current interests and long-term interests, choose the
optimal dividend policy.
Second, cash dividend is abroad, especially in some deve
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