上市公司控股股东与现金股利政策剖析(国外英语资料).doc

上市公司控股股东与现金股利政策分析 Analysis of controlling shareholder and cash dividend policy of listed companies Abstract: dividend policy formulation and implementation of direct impact on shareholders, creditors and the interests of the company. Analysis of cash dividend policy of listed companies controlling shareholder from the perspective of the interests of investors: the controlling shareholder ownership status, properties, characteristics of listed companies (the company size, profitability, growth, cash holdings and liabilities), companys external dividend policy and institutional environment, have different impact on the companys dividend policy. Whether the dividend policy is reasonable or not mainly depends on the degree of restraint of the controlling shareholders will by the system environment. The higher the degree of restriction, the higher the rationality of the dividend policy, and the lower the rationality, on the contrary, the two are in the same direction. As an important financial policy of the company, the formulation and implementation of dividend policy have a direct impact on the interests of shareholders, creditors and the company, which has been a hot issue for many years. 2011, the new chairman of the Commission Guo Shuqing perform his duties, the first fire will be burned to the listed companys dividend problem. At present, the cash dividend policy of Listed Companies in China mainly consists of non payment of cash dividends, low cash dividend payout rate and the emergence of excess cash dividends. This paper analyzes the rationality of dividend policy of listed companies on the standpoint of investors who can not influence the formulation of dividend policy. A reasonable dividend policy is a dividend policy that balances the current interests and long-term interests of investors. For listed companies, there is no one reasonable dividend policy, but it is necessary to select the most appropriate dividend policy according to the business environment