英语论文网

ives, abnormally high current to reduce. 
 
6.2 ownership structure is not reasonable 
Insider control serious unreasonable equity structure, dividend policy of listed companies in our country, ownership concentration and the proportion of non-tradable shares is the higher of company, adopted the policy of cash ratio is higher; Ownership concentration and the proportion of non-tradable shares is the lower the company, not distribution. This is mainly because ownership structure of listed companies inChinais a distinguishing feature of state shares, legal person, public offerings and internal staff shares exist at the same time. State-owned shares such as the largest shareholder in any of the other shareholders can't compete with them, because of its shares cannot be realized through the market, so state shares and legal person share tend to distribute cash dividends, and represent the actual control of the shares of state-owned shares is in the hands of the management of listed companies, the management based on its own sake, will gain control of the company as much as possible. This creates part of the actual control of listed companies in the hands of the company internal control people, so don't allocate phenomenon in the listed companies more and more, less and less cash dividends, wantonly violate the interests of small and medium-sized investors phenomenon more and more serious, without considering the interests of small and medium-sized investors. 
 
6.3 stock market is not mature 
Securities market is not mature, lagging regulation distorts the dividend distribution policy of our country securities market is still very imperfect, dividend payment rate is not high, equity structure distortion as its basic characteristics, makes our country stock market excessively in the overall operation of speculative. Stock price volatility, dividend yield is low, the speculative gains than holding stock dividend income. Form of cash dividends, investors is relatively easy to grasp the risk of stock, stock price volatility is expected to shrink to fit the size of the; And stock dividend forms, it can increase the uncertainty to the market, this is our stock dividend is welcome in the stock market an important factor. Through normal channels share price volatility covers most of the transfer of information about the real influence to the stock price, dividend policy, as a kind of information transfer mechanism of the effect is insignificant. In addition, theChinasecurities regulatory means lag behind, keep up with the pace of development in the securities market, the executive orders in a way that is often used to specification, and dividend policy should be to their own market behavior choice of listed companies, perfect administrative command will only cause distortion of dividend policy. 
 
6.4 the financial management target is difficult to guide the dividend distribution policy 
Financial management goal is difficult to guide the dividend distribution policy according to the investigation statistics, nearly 80% of the company's financial management company value maximization as the financial management target, but in fact, nearly 60% of the company's profit maximization the index is used to guide the company's operating activities. The confusion of understanding the financial management objecti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。