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本篇paper代写- Dividend distribution of financial listed companies讨论了金融业上市公司的股利分配。股利政策是上市公司利润分配的核心问题，涉及解决公司和股东的当前利益和长远利益、增长和分配之间的矛盾。现金股利作为股利发放的主要形式，是向股东进行利益回报的重要方式。而现金股利的发放需要权衡各方利弊，以寻求最佳平衡点。本篇paper代写由51due代写平台整理，供大家参考阅读。

Dividend policy is the core issue of profit distribution of listed companies, which involves solving the contradiction between the current and long-term interests, growth and distribution of companies and shareholders. Dividend distribution is one of the important financing activities of listed companies, the reasonable dividend distribution, on the one hand to steady the stock price, enhance the confidence of investors, to maximize shareholder value, on the other hand, is conducive to better allocation of funds of listed companies, in order to meet the needs of enterprise funds, enable enterprises to better and faster development. How much dividends are distributed affects investor confidence, which in turn affects the volatility of a company's share price. If the listed company hopes to stabilize the stock price and enhance the investor's confidence, it must choose the dividend distribution method reasonably. Compared with western countries, the dividend distribution of China's listed companies has a big gap in theory and practice, its dividend policy is changeable and has a strong randomness, and even the phenomenon that the dividend is not distributed but the stock price goes up against the trend. In recent years, under the supervision and guidance of China securities regulatory commission, the dividend distribution policy of China's listed companies has gradually become standardized. This paper studies the dividend distribution of listed companies in the financial industry, deeply analyzes the current situation and characteristics of dividend distribution in this industry, and puts forward relevant countermeasures and Suggestions on the basis of analyzing existing problems.

As the main form of dividend payment, cash dividend is an important way to return benefits to shareholders. Dividend payout ratio, also known as dividend payout ratio, refers to the proportion of dividends in net income: cash dividend payout ratio refers to the proportion of cash dividends in net income. Agency theory, the listed company dispatch cash dividend will reduce agency cost, so as to improve the value of the company, but on the other hand will be distributed to investors cash dividend of listed companies, the company's residual income will reduce, when business is insufficient funds need to external financing, increasing the enterprise's external financing costs, shareholders received a cash dividend, need more pay income tax, it makes the shareholders of tax increase. Therefore, the distribution of cash dividends needs to weigh the advantages and disadvantages of all parties to find the best balance point.

The cash dividend payment rate of China's financial listed companies is low. From table 1 shows that the cash dividend distribution in 2015 as an example, the dividend payment rate is more than 40% of the listed companies only accounting for 8.00% of the total listed companies: more listed company's dividend payment rate is below 40% : don't pay cash dividends of listed companies from 2006, 59, 26 % fell to 4.00% in 2015, showed a trend of decline in 10 years, it shows that there have been more and more pay attention to the cash dividend distribution of listed companies, but there are still a few enterprises are not cash dividend distribution. As can be seen from table 1, the average cash dividend payment rate of listed companies in China's financial industry generally shows a trend of rise and then decline, from 28.96% in 2006 to 55.07% in 2012, and from 2012 to 2015, the cash dividend payment rate has decreased to 28.03%.

At present, most listed companies in China have not formed a complete set of relatively stable dividend distribution policies, which makes the dividend distribution of most listed companies lack continuity and regularity. The dividend distribution of a company is mainly decided by its shareholders and management according to their own needs, but it ignores the overall interests of the company as well as the interests of small and medium-sized investors. Frequent changes in the company's dividend distribution policy send a signal that the company's performance is unstable, affect investors' confidence in the company, and thus affect the company's long-term development. The continuity of dividend distribution of listed companies in China's financial industry is shown in table 2. From 2006 to 2015, the number of listed companies that have carried out dividend distribution for more than 8 consecutive years accounted for 40% of the total number, while the number of listed companies that have carried out dividend distribution for 5 consecutive years or less was as high as 44%. Even if some companies pay dividends continuously in ten years, their dividend distribution amount is very uneven in each year, and the amount varies greatly between years. Some annual dividend distribution is extremely high, and some annual dividend distribution is extremely low, which reflects the randomness of dividend distribution of listed companies and gives investors an unstable signal.

China's listed companies have a high degree of equity concentration and imperfect equity structure. The company law does not make specific provisions on dividend distribution, nor does it make reasonable protection for the interests of minority shareholders, which makes the company focus too much on the interests of minority controlling shareholders and ignore the interests of minority shareholders. If the listed company of ownership concentration is too high, so big shareholders due to the high stake in the decision making process in a dominant position, they might be to their own interests in violation to other small and medium-sized shareholders and the interests of the company as a whole, this will greatly affect the confidence of small and medium-sized investors, inhibit the enthusiasm of small and medium shareholders. If the equity of the listed company is excessively dispersed, then the shareholding ratio of the company's shareholders is relatively low, and the governance cost of the company will be greater than the governance income, thus affecting the governance effect of the company. Therefore, a reasonable and perfect equity structure is crucial to the dividend distribution policy of listed companies. The shareholding structure of China's financial listed companies is shown in table 3. As of December 31, 2015, 30 of the top 10 shareholders accounted for more than 60% of the equity shares, accounting for 60% of the total, with an average shareholding ratio of 75.62%. There are 40 companies with more than 50% of the equity shares, accounting for 80% of the total. In some listed companies, the share of the top 10 shareholders is as high as 90%, which shows that the ownership structure of listed companies in China's financial industry is unreasonable, and it is common for a few major shareholders to hold a disproportionate share of shares. In this case, whether, how and how much a listed company pays dividends depends to a large extent on the will of the controlling shareholders, which leads to the common phenomenon of irrational dividend distribution in listed companies.

At present, the relevant laws on dividend distribution in China's securities market are not sound enough, and the dividend distribution of listed companies is quite arbitrary. Due to insufficient market supervision, listed companies can change the dividend distribution method at any time based on their own needs, so that they cannot form a stable and unified dividend distribution policy for listed companies. In recent years, the way of dividend distribution has been diversified from the original singularity-oriented to the current mixed dividend distribution, including cash distribution and share delivery, cash distribution and share increase, cash distribution and share increase, and cash distribution and share transfer and share increase, etc. Dividend distribution of listed companies of China's financial industry is as shown in table 4, overall its dividend distribution way more heavily on cash dividend distribution form, any year sending far more than the number of companies now turn add and send the number of company shares, cash dividend distribution is still the main form of dividend distribution, the financial industry listed companies in recent years, the number of companies don't pay dividends reduce gradually, but less number of share out bonus, the increase in the number of cash dividend company shareholders the actual yield is low. In 2006, the proportion of listed companies paying dividends was 7.41%, while in 2014, the proportion of listed companies paying dividends rose to 89.36%. The number of companies paying dividends increased rapidly. Combined with the data in table 1, the cash dividend payment rate of listed companies in the financial industry shows a trend of first rising and then falling, which can be concluded that the actual return of shareholders in 2013 and after is relatively low.

Listed companies should establish the awareness of dividend distribution, realize the important influence of dividend distribution policy on the company, so as to reduce the blind dividend distribution behavior of the company and improve the scientific and reasonable dividend distribution. Listed companies should maintain sufficient cash flow, improve the operating efficiency of cash, and provide effective guarantee for the dividend distribution policy of enterprises. Based on their own development needs and after analyzing the influencing factors in various aspects, enterprises should formulate a reasonable dividend distribution policy to coordinate it with other business activities and give full play to the dividend distribution role to a greater extent. According to the signal transmission theory of dividend, the stability of stock price of listed companies conveys the future profitability of the company. When the stock price stability, investors have confidence in the listed company, it will increase its investment, the company's equity to enlarging the scale, the listed company's dividend distribution policy is one of the important forms of corporate finance activities, a listed company can pay a dividend and how much to distribute dividends, depending on the company's profitability and financing ability. When an enterprise has a good project, the project may bring a lot of profits to the enterprise, and the company can not pay dividends: when the enterprise has excess capital but no suitable investment opportunities, the enterprise can pay a proper amount of dividends to enhance the confidence of investors, thus stabilizing the stock price. When making dividend distribution policy, enterprises also need to consider the financing cost of the listed company. The listed company can increase its retained earnings by reducing dividend distribution, so as to improve its capital accumulation ability. To judge whether a dividend distribution policy is reasonable, we need to consider from three aspects: first, whether the interests of shareholders and the overall interests of the company are balanced; second, whether the short-term financial situation and long-term financial situation of the company are taken into consideration; third, whether the expected future earnings and risks of the company are weighed. If the above three points are satisfied, the dividend distribution policy can be called moderate and reasonable.

Optimize the equity structure of listed companies, rationalize their equity structure, and reduce the control of individual controlling shareholders on the company. Need to speed up the circulation of non-tradable shares of listed companies, makes possible the circulation of all equity, dilute the controlling shareholder's equity, reduce the possibility of big shareholders manipulate the company's dividend distribution policy at random, in order to achieve the purpose of protecting minority investors, the listed company shall establish and improve the internal governance mechanism, make the company's internal checks and balances between the shareholders, the board of directors and managers, to standardize the company dividend distribution, because our country modern corporate governance theory research and practice time is not long, the ownership and management rights of listed companies do not like western countries fully independent. The dividend distribution policy of the board of directors will favor the minority shareholders and ignore the interests of other investors. Strengthening the internal governance structure of the company can be implemented from two aspects. On the one hand, the board of directors and the board of supervisors should perform the supervision function, clarify the rights and obligations of the board of directors and the board of supervisors, and make the internal and external supervision and restriction mutually. On the other hand, the relationship among the board of directors, shareholders' meeting and managers should be coordinated to improve the level of corporate governance and reduce the behaviors that infringe the interests of the company due to short-term goals.

Strengthening information disclosure is conducive to standardizing dividend distribution behavior of listed companies, reducing losses caused by blind investment and supervising various illegal behaviors of listed companies under the circumstance of information asymmetry. Enhancing the transparency of information can limit the non-standard behaviors of listed companies, make their business behaviors appear before the public, accept people's joint supervision, and prevent the occurrence of joint fraud of listed companies. Information disclosure makes investors in a fair and effective market, reduces losses caused by information asymmetry, and ensures fair competition among investors.

We will strengthen market oversight, improve market rules, promote oversight over the distribution of dividends by listed companies, investigate and punish violations of laws and regulations by listed companies, and strengthen oversight over the distribution of dividends by enterprises. Securities market supervision departments can learn from foreign securities market experience, such as restricting the source of funds for the distribution of cash dividends: when the company's retained earnings fail to reach the standard, it is not allowed to distribute cash dividends; When the company does not distribute cash dividends for a long time, institutional investors are prohibited to invest in the company: for the company that does not distribute dividends, reasons for not distributing shall be submitted: for the company that needs rights offering and transfer of shares, certificates of its operating profitability and feasibility study reports shall be submitted. The feasibility and stability of supervision and management policies affect the stability of the securities market, help protect the interests of investors, and make the supervision and management objectives of the securities market come true.

It is conducive to the sustainable and healthy development of the securities market to restrict the dividend distribution behavior of listed companies and promote the distribution of companies that meet the dividend distribution conditions. Perfect laws and regulations are conducive to the effective operation of the capital market, the orderly distribution of dividends of listed companies and the protection of investors' legitimate rights and interests. However, at present, the formulation of relevant laws and regulations in China still lags behind some western countries. Although some regulations have been issued by relevant departments, their application scope cannot cover all listed companies. It is precisely because of the lack of relevant laws and regulations that some listed companies pay low dividends or even do not pay dividends. Therefore, it is necessary to establish and improve relevant laws and regulations. Relevant laws and regulations can force listed companies that meet certain conditions to distribute dividends, which can restrict the arbitrariness of dividend distribution of listed companies, thus reducing the phenomenon of low dividend distribution or no dividend distribution.

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