英语论文网

end to keep the stability of the dividend policy of listed company, the more don't pay cash dividends of listed companies in our country, undoubtedly makes the continuous distribution of cash dividend proportion of company is low. Can be seen from table 4 that between 1997 and 2005, only a few companies for four consecutive years to distribute cash dividends, nine year can only two continuous distribution of cash dividend company. Most of the listed companies in our country, therefore, no clear dividend policy goals, on the dividend payment has great randomness and blindness, volatile, leading to dividend policy lacks continuity 
 
4.5 cash dividend payment rate is higher 
Different countries and different proportion of dividend payment company, in general, the higher dividend payment rate of developed countries. According to SikKang (2001), the major western developed countries cash dividend payment rate is respectively: 45.03% 45.03% 45.03% inFrance,Germany, theUnited States,Britain,Japan38.34% to 45.84%. Emerging market countries dividend payment rate is lower, on average 30% to 40%. In addition, both developed countries and emerging market countries relatively stable dividend payment rate between each year, rarely change. 
 
Table 5 cash dividend payment rate of descriptive statistics 
The median annual average number of company 
1993 0.62 0.58 142 
1994 0.71 0.65 218 
1995 0.67 0.61 201 
1996 0.65 0.66 179 
1997 0.62 0.6 223 
1998 0.77 0.59 263 
1999 0.63 0.56 307 
2000 0.58 0.48 648 
2001 0.51 0.45 653 
2002 0.54 0.54 614 
2003 0.56 0.46 603 
2004 0.58 0.45 691 
2005 0.55 0.57 657 
2006 0.48 0.52 579 
 
As we can see from the table 5, both the mean and the median cash dividend payment rate, each year between the fluctuation is not big, up to an average of 0.77 in 1998, the lowest for 0.48 in 2006; A median of 0.66 in 1996 is the highest, lowest 0.45 for 2001 and 2004. If the single from the cash dividend payment rate, higher than that of the western developed countries listed companies inChina. Thus,China's cash dividend payment rate is much higher thanGermany, andJapan, and theUnited States. 
 
 
5. The characteristics of the listed company's dividend distribution policy abroad and the enlightenment 
5.1 the characteristics of the listed company's dividend distribution policy abroad 
If from a global perspective to the practice of foreign dividend policy of listed companies can be found that the general has the following characteristic: 
First, the company is usually a large part of its earnings to pay dividends, and send now the company has been the main way of dividend payments. A 1971 and 1992, theU.S.company profit after tax in about 50% one 70% is used to pay dividends. In addition, historically, before the mid - 1980 - s, the group company has been the main way of dividend payments, while the share repurchase in a secondary position. In 1984 and 1985, two years, the company's stock repurchase (including the repurchase of common stock and preferred stock) great changes have taken place on the amount. Before this, stock repurchase often accounts for only a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。