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er dividends, and surplus of unstable companies usually take low dividend policy. (2) asset liquidity: pay more cash dividend and maintain liquidity should be considered. (3) the debt ability: ability to borrow the company can adopt looser dividend policy, and poor ability to borrow the company's dividend policy should adopt tighter. (4) investment opportunities: there are good investment opportunities in its dividends are less, and the lack of good investment opportunities in the company will pay higher dividends. (5) the cost of capital: if the company have the need to expand the money, think in terms of cost of capital, low dividend policy should be taken. 6 debt needs: to move new debt to repay its debt can also use the internal accumulation, if the company think the appropriate, will reduce the dividend payment. 
 
2.3.3 shareholders factors 
(1) the stable income and tax: rely on dividend income to maintain life shareholders want paying dividends on the stability of the company, not wishing to retain more profits of company; And some high-income shareholders don't want the company pay more dividends, so as not to pay more taxes. (2) control of the dilution: companies pay higher dividends, means that the retained to reduce, leading to the possibility of increasing new issues in the future, diluting the corporate control, this is the original shareholders with control is unwilling to accept 
 
2.3.4 contractual factors 
(1) contractual limit refers to the company's loan contract or bond contracts related to limit dividend payment terms. To prevent the company from a large number of dividend to reduce the amount of shareholders' equity, increase the risk of creditors, the creditors usually require add constraints in debt covenants company dividends terms, such as ceiling stipulated dividend per share; Only when the company some of the most important financial ratios than the agreed minimum standards, to pay a dividend; Dividend can only be produced after signing from profits to pay, before signing the accumulated profits should not be used to pay dividends, and so on. (2) in addition, the issue of preferred shares in the contract, usually rules before the liquidation of preferred stock dividends, not paying dividends on common stock. Such regulations will affect the company's dividend policy. The purpose of these contracts is prompting companies part of the profits to invest again according to the requirement of the relevant provisions, to enhance the enterprise's economic strength, guarantee duly repay debt. 
 
2.3.5 other factors 
(1) the debt contract constraint: as the general protection clauses in the long-term borrowing has carried on the limits to the company's cash dividend payment. (2) inflation: inflation period of the company's dividend policy tend to be tight. 
 
3. The types of dividend policy of listed companies in our country and the advantages and disadvantages 
 
3.1 residual dividend policy 
: (1) the basic thought is in the company has a good investment opportunity, according to a certain target capital structure, measure the investment required for equity capital, first from the surplus of retention, and then the rest of the surplus as dividend distribution. (2) using surplus dividend policy, sho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。