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vidend policy functions to maintain the good image of the company , to maintain the company 's share price stability. Management believes that in the future only a longer period of profitability of listed companies will change only when they are willing to change the dividend policy. Mature foreign stock market listed companies generally tend to maintain the stability of dividend policy , and our more listed companies do not distribute cash dividends , cash dividends would no doubt make the company continuously lower proportion . As can be seen from Table 4 , from 1997 to 2005 , the few companies to distribute cash dividends for four consecutive years , nine consecutive annual cash dividends to the company has only two . Thus, the majority of our listed companies no clear dividend policy goals, payout has greater randomness and blindness , resulting in volatile dividend policy , the lack of continuity.

Different countries, the proportion of the company's dividend payout different , in general, developed countries is relatively high dividend payout ratio . According SikKang (2001) statistics, the major Western developed countries, cash dividends paid were : France 45.03% Germany 32.53% , the United States 57.39% Japan 38.34% , UK 45.84% . Emerging market countries is relatively low dividend payout ratio , with an average 30% to 40%. In addition, whether developed or emerging market countries in the dividend payout ratio is relatively stable between years , with little change .

From Table 5 , we can see whether the cash dividend payout ratio is the mean or median , fluctuations between the years is not large , the highest average of 0.77 in 1998 , 0.48 in 2006, the lowest ; highest median 1996 of 0.66 , a minimum of 2001 and 0.45 in 2004 . If a single cash payment rate, China's listed companies higher than in Western countries . Thus, our cash dividend payout ratio is much higher than in Germany and Japan , and the United States considerably .

If you examine the foreign market from a global perspective dividend policy of practice, you can find that the general has the following salient features :

First, the company is usually a large part of their profits to pay dividends , cash dividends and the company has been a major dividend payment. 1971 a 1992, U.S. companies , about 50% of after-tax profits of 70% was used to pay a dividend . In addition , from a historical point of view, in the mid- 1980s , has been the company 's main cash dividends dividend payment, while the stock repurchase occupy a secondary position. 1984 and 1985, within two years , the company's stock repurchase ( including repurchase of ordinary shares and preference shares ) in amount has changed greatly . Prior to this, the stock repurchase is usually only about 5% of net income , then after that, the amount of stock repurchases will account for about 25% of a person's income 47%. At the same time , cash dividends of the company 's net income ratio has not declined , therefore, in this period, the company's total dividend payment ( including cash dividends and stock repurchases included ) is rising . However , from a global point of view, as a dividend payment of share repurchase is not universal . Relevant data show that in June 1997 - 1998 June , 1537 stock repurchase in the world , only the United States alone accounts for 1100 . If by market value , this period repo market value of abou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。