股权分置改革对我国上市公司股利政策影响的实证研究-企业管理专业论文.docxVIP

华 华 中 科 技 大 学 硕 士 学 位 论 文 II II Abstract Due to historical reasons, the share designs for China’s listed companies suffer certain innate drawbacks. There are float share and non-floatable share in listed companies, resulting in some unfair phenomena that different shares of one stock have different price, belong to different party or offer different dividend. These systematic drawbacks will definitely weaken the common interest basis for corporative management, and undermine the healthy development of joint-venture companies. The share reform is designed to change this situation. Therefore, the discussion of the impact of share reform on the dividend policy of listed companies is of great importance. The dividend policy is a significant part of the financial decisions of a company. As the stock market in China develops, research of dividend policy becomes essential in cooperate finance theories researches. This paper first analyzes the relationship between share structure and dividend policy in listed companies. Then, based on the results of theoretical researches from both domestic and abroad, we try to analyze the Relationship between share structure and dividend policy. In accordance with the share structure attributes, the concentration of equity stake in a competitive and the cash dividend policy’s relationship, use the theoretical and empirical research way to analyze share structure and dividend policy before and after the impact of share reform on the dividend policy of listed companies, and point out some specific policy advices. With a view to consolidate the results of the share reform , to changes in the share structure as an opportunity, to optimization of system innovation through corporate governance, achieve the standardization of dividend policy and promote the healthy development of Chinas stock market. This study of this paper concluded that, the share reform making the original highly share structure become relatively decentralized, Chinas liste