上市公司股利分配外文文献翻译.doc

外文文献原文及译文 文献出处：Liu P, Dari H. The study of dividend distribution of listed companies.[J] North American Actuarial Journal, 2017, 13(2):217・228・ 原文The study of dividend distribution of listed companiesLiu Peng, Dari HorseAbstractThe dividend policy of listed companies is not only related to the vital interests of the shareholders and creditors, also has a significant impact on the development of the companys future. But the stock market in the twenty years of rapid development at the same time also is not very mature, leave traces of their own system・ Also reflected in the dividend distribution of listed companies, there are many non-standard places・ This article through to around 2012 on statistical analysis of the characteristics of the dividend distribution of listed companies, combed the in China under the policies of the CSRC, the listed company dividend results and existing problems, and still have analyzed the reasons and put forward the corresponding countermeasures・ In OTder to standardize the dividend distribution of listed companies, a better implementation of the securities and futures commission policy to provide some reference, to protect the interests of small and medium-sized investors, creditors and the company itself.Keywords: listed company, dividend distribution, cash dividends1 IntroductionDividend policy as a companys core financial problems, has the very vital significance, reasonable dividend distribution policy of listed companies, is related to the vital interests of the shareholders and creditors, in establishing good image of the company at the same time, also can stimulate investors to the company continued investment enthusiasm, make the company achieve long-term stable development.So the dividend distribution of listed companies have been caught the attention of many. From December 1990, the Shanghai stock exchanges first eight stocks traded on the market, after more than 20 years of development, the Shanghai and Shenzhen two city 2012 a-share listed companies has reached 2453, China*s securities market has great development. The establishment of small and medium-sized panels, the gem also let China got rich multi-level capital market system. But compared with developed country mature markets, the development of Chinas stock market has not been completely, is not very mature, the obvious traces of system itself. On the equity ratio has the absolute advantage of big shareholders for their own interests, using his right to vote in the general meeting of shareholders, the formulation of dividend distribution policy of listed companies・ Through these, the dividend policy from their own interests, to raise funds from the market, achieve the goal of circle money1, ignore the social responsibility, ignore returns to investors, so as to harm the interests of small and medium-sized investors. Therefore, the securities and futures commission as securities market regulator, special emphasis on the stock market listed company dividend behavior norms and guidance・2 The research of the influential factors of dividend distributionHiggins (1972) with the financing needed for the companys future growth in the dividend payment rate of the relevant relationship between the study found that the company for the development of the future, the more need to raise funds from the market, so at present the companys dividend payment rate, the lower the present negative correlation relationship・ He thinks the following some aspects will influence on the formation of a companys dividend payment rate, including expected the companys future growth, facing the investment opportunities・ The company has financial leverage and operating risk. Baker (1985) in order to study the board of directors of the listed company in determining the dividend policy in the process of considering the main factors, through adopt questionnaire for data collection. It is concluded that the results of a survey shows that companies have the cash flow, expected future earnings of the company, the level of the previous annual dividend payments, and due to maintain or improve the needs of the stock price is the four most important factors influencing the dividend policy・ And the study says the company level of surplus is the most important factors lead to a change in the dividend the company. This view was also confirmed through the study of many scholars, their research shows that its applicability in many countries and regions. French (2001) through research that the main three factors affect the companys dividend policy includes the size of the company itself, companies face the future investment opportunities and company currently have a surplus of level.Lv Changjiang selection (1999) from 1996 to 1999 of listed companies as research samples, to empirical studies have found that their dividend policy in the formulation of dividend distribution policy of listed companies in China have important influ。