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3, do not pay dividends rise year by year, the proportion of listed companies from 1996 to 1999, the highest, nearly two-thirds of chose not distribution of cash dividend policy of listed company. In 1996 was 64.83%, 68.81% in 1997 and 67.97% in 1998 and 66.56% in 1999. Since 2000, as a result of the group company is increased, does not pay dividends company a downward trend, 2000 is not the company 39.25% of cash dividend distribution. In general, mature 
The court, choice is often a few do not pay dividends. Stock is a high risk of financial assets, as compensation for investors to bear high investment risk, to investors than savings yields a higher return on investment, it is the responsibility of the listed companies. However,China's listed companies should be mostly lack the sense of responsibility, investment shares in companies it is difficult to from a number of companies investment dividend returns. 
 
4.3 individual listed companies abnormally high sent now 
Abnormally high sent now refers to the cash dividend per share is greater than the earnings per share, or greater than the business net cash flow per share. This sent to illustrate current not only will this year net profit of listed company for all cash dividend, but also with the undistributed profits of previous fiscal year. Big shareholders by listed companies implementing high sent now make the distributable profits of listed companies, or on the one hand, the implementation of high sent now, on the other hand again to current shareholders to refinance. As a result, cash dividends are often become a kind of means to empty big shareholders of listed companies. 
Cash amount on average more than 1 times of listed companies, in 2004 to 88. More puzzling is that, in the high pay cash dividends of listed companies, there are quite a number of such as space information such a short time to market and has a great deal of business space to the growth of the company. 
Partial losses or small profit in 2001 the company in the distribution plan proposed a generous bonus scheme, more than 60 dividends of listed companies is now entirely spectral ate, the accumulation of more than 30 listed companies to use normal profit, more than 20 companies pay dividends exceed the distributable profits, paper money less than the amount of share out bonus of several companies. Such as new steel vanadium in late 2001, only 78.85 million yuan, the carrying amount is to distribute cash 204.66 million yuan; Xiamen bridge (000905) 2002 final monetary amount of 76.15 million yuan, and intend to send now totaled 147.5 million yuan, the final total monetary fund below sent now. These listed companies when cash flows to the monetary capital accumulation is not enough to pay high dividends, even why will also drop cash distribution is worth we delve into issues. 
 
4.4 volatile dividend distribution policy, a lack of continuity 
Generally speaking, the dividend policy of listed companies should be smooth, continuous, such ability to play to the information transfer function of the dividend policy, maintain the company's good image, maintain the stability of the company's share price. Only management is convinced that a long period of time in the future of the listed company earnings will change, to change the dividend policy. Foreign mature securities markets t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。