深沪上市公司股利分配行为的研究.doc

Abstract The dividend distribution is that the listed company distributes the income after taxes for shareholders, and reflects the operations and business performances of the listed company. It also has important influence on the fluctuations of market image and stock price of the listed company. This paper starts with the nature of the dividend. After summarizing the research results of dividend behavior of domestic and international scholar, it analyses the dividend policies of the Shen-Hu listed companies during 1993~2004 years from the angle of institutional analysis. On the basis of analysis of the origin forming cause of the dividend policy of Shen-Hu listed companies, it probes into the way to standardize behavior of dividend distribution of Shen-Hu listed companies. It is undoubted that this paper has important theoretic and realistic meaning for standardization of dividend distribution behavior of listed companies and the healthy development of capital market. This paper includes four chapters altogether. The first chapter describes the nature of the dividend, and respectively summarizes the domestic and foreign countries research results of the dividend behavior. The second chapter analyses the dividend policies of the Shen-Hu listed companies during 1993~2004 years from the angle of institutional analysis. After describing the basic mode of the dividend policy of listed company, it analyses the characteristic of dividend distribution and the dividend policies of Shen-Hu listed companies which have H-share or B-shares. The third chapter analyses the origin forming cause of the dividend policy of the Shen-hu listed company from three aspects such as the macroscopic factor, the stock right structure of the listed company and the gaming on dividend policy between administration supervision authorities and shareholder. On the basis of above analysis, the forth 3 chapter puts forward some ways for standardizing dividend distribution behavior of Shen-hu listed