上市公司福利分红.pptVIP

Introduction Chinese listed corporations have many problems on dividend distribution, such as distributing no dividends, distributing not in time, less dividends, and high profit tax, etc. The systems of dividends of listed corporations in China needs to be improved. Literature review ① Stock repurchase, agency cost and corporate life cycle influence dividends (Handley, 2008). ② The better the country legal environment is, the higher level of protection to investors, and the more dividends the corporations will pay (La Porta, Lopez-de-Silanes, Shleifer, Vishny, 2000). ③ Korinek and Stiglitz (2009) found that when the tax rate is low, the corporation will increase the dividend pay level. ④ The business can grow better with more dividend-paying (Zhou Ruland, 2006). ⑤ Fodil Walid (2010) believe that the management levels and the dividends payment are positively related. ⑥ The executive payment and enterprise dividend-paying have a periodical relationship (Zhou Xiao, 2009). ⑦ Li and Wu (2011) report that the executive stockholding has negative influence on the dividend distribution, but the share concentration ratio, executive pay, the size of the board, and the proportion of the independent directors have positive influence on the dividend distribution. ⑧ Both the company operating performance and growth are positively correlated with dividend-paying (Wang Yu, 2010). THE FEATURES OF DIVIDEND-PAYING OF CHINESE LISTED CORPORATIONS The dividend yield ratios of all Chinese listed corporations were not stabile. Below is Dividend Yield Ratios of China in 2008-2010. THE COMPARISON BETWEEN DOMESTIC AND OVERSEAS IN DIVIDENDS The percentage of dividend-paying corporations in CSI300 is higher than the United States and Taiwan, but it is less than the UK, Japan and Hong Kong . The changes of Dividend Yield Ratio in China are shown in figure 6. It is characterized by volatility. THE CAUSES OF DIVIDENDS PROBLEMS OF CHINESE LISTED CORPORATIONS The st