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1、ANALYSISONDIVIDEND-PAYINGPROBLEMSOFCHINESELISTEDCORPORATIONSANDCOUNTERMEASURESlecturer:HongchangMeiIntroductionChineselistedcorporationshavemanyproblemsondividenddistribution,suchasdistributingnodividends,distributingnotintime,lessdividends,andhighprofi
2、ttax,etc.ThesystemsofdividendsoflistedcorporationsinChinaneedstobeimproved.①Stockrepurchase,agencycostandcorporatelifecycleinfluencedividends(Handley,2008).②Thebetterthecountrylegalenvironmentis,thehigherlevelofprotectiontoinvestors,andthemoredividendst
3、hecorporationswillpay(LaPorta,Lopez-de-Silanes,Shleifer,&Vishny,2000).③KorinekandStiglitz(2009)foundthatwhenthetaxrateislow,thecorporationwillincreasethedividendpaylevel.④Thebusinesscangrowbetterwithmoredividend-paying(Zhou&Ruland,2006).⑤Fodil&Walid(201
4、0)believethatthemanagementlevelsandthedividendspaymentarepositivelyrelated.⑥Theexecutivepaymentandenterprisedividend-payinghaveaperiodicalrelationship(Zhou&Xiao,2009).⑦LiandWu(2011)reportthattheexecutivestockholdinghasnegativeinfluenceonthedividenddistr
5、ibution,buttheshareconcentrationratio,executivepay,thesizeoftheboard,andtheproportionoftheindependentdirectorshavepositiveinfluenceonthedividenddistribution.⑧Boththecompanyoperatingperformanceandgrowtharepositivelycorrelatedwithdividend-paying(Wang&Yu,2
6、010).LiteraturereviewTHEFEATURESOFDIVIDEND-PAYINGOFCHINESELISTEDCORPORATIONSFigure1.RatiosofDividend-PayingCorporationsandDividendsInthepastseveralyears,theratioofChineselistedcorporationswhichpaydividendshasshownanupwardtrend,butthedividendpayoutratioh
7、asshownadownwardtrend.ThedividendyieldratiosofallChineselistedcorporationswerenotstabile.BelowisDividendYieldRatiosofChinain2008-2010.Figure2.DividendYieldRatiosofChinain2008-2010ItiscommonthatChineselistedcorporationsonlycareaboutfinancingregardlessoft
8、hereturntoinvestors.Thereisacontradictoryphenomenonthatdividend-payingandrightissuescoexistinalargenumberoflistedcorporationsinChina.Emergentdividend-payingphenomenoniscommonamongthelistedcorporationsthatwantrefinancing.Thedivide
