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Macroeconomic policy changes affecting listed companies with dividend policy throughout dividends of listed companies feature can be found, once the macroeconomic situation is running well , the state implemented a proactive fiscal policy and prudent monetary policy , making the number of listed companies and the rapid development of the scale appear , listed companies more access to funds can profit from the company even bank loans for debt financing of cash dividends , cash dividends of listed companies the proportion rose sharply , many companies are also sent another bonus ; and once overheated economy , countries are tightening monetary policy , especially the securities regulatory department issued the policy , even more directly limit its dividend cash dividends . Listed company dividend policy , the more consideration the development needs of enterprises , as well as the secondary market price performance , reducing the major shareholder through high school now for Expropriation motivation to reduce the current abnormally high school .

Shareholding structure is irrational, serious internal control Dividend Policy of Listed Companies in ownership concentration and the higher the proportion of non-tradable shares of the company, taking a higher proportion of cash dividends policy ; ownership concentration and the proportion of non-tradable shares held more low company , the more is not assigned . This is mainly because of the ownership structure of listed companies are characterized by a remarkable state shares , legal person shares , public shares , and internal employee shares exist. The largest shareholder in the state-owned shares and other shareholders can not compete with any other position , because its shares can not be realized through the market , so the state-owned shares and legal person shares tend to cash dividend , which represents the state-owned shares in the hands of actual control over the management of listed companies has in the hands of the management based on its own interests, will try to obtain control of the company . This has resulted in some of the listed company's actual control over the company's internal control rests in the hands of people , so the phenomenon of listed companies do not allocate more and more, less and less cash dividends and wantonly against the interests of small investors is becoming worse and without considering the interests of medium and small investors .

Immature stock market , regulatory lag distorts China's securities market dividend distribution policy is far from perfect , dividend payout rate is not high, the equity structure distortions become its basic features, making China's stock market in general run on exhibit excessive speculative . Stock price fluctuations , dividend yield rate, the speculative gains well above the dividend income holdings . Form of cash dividends , investors are easier to grasp the risks of the stock price volatility is expected to shrink to fit the amplitude ; while stock dividends in the form , you can add uncertainty to the market , which is China's stock market in the more popular a stock dividend important factor. Price volatility obscures most of the pass through the normal channels of information about the tru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。