上市公司股利政策股利分配这方面的外国文献，谢谢你额
答案:2 悬赏:20 手机版
解决时间 2021-02-06 10:43
- 提问者网友：爱了却不能说
- 2021-02-05 19:38
希望是中英文对照的，还有要3000多字中文的。谢谢
最佳答案
- 五星知识达人网友：掌灯师
- 2021-02-05 20:18
1, limit laws and regulations.
China's laws and regulations of the company's dividend policy has the following three conditions:
First, the "Company Law" requirements. "Company Law" Article 130 provides that the issuance of shares to be shares with the same rights, with the shares with Lee. The provisions of section 177 of the order of the dividend distribution, that is, when the distribution of after-tax profit of the company should first extract the statutory fund, statutory public welfare fund (statutory provident fund and statutory extract before the first use of the Community Chest of the year to make up for loss of profits), and then only by shareholders holding Some pro-rata allocation of shares. Co., Ltd. article 179 of the statutory fund shareholders' general meeting resolution to capital, retained by the fund shall not be less than 25 percent of the registered capital.
Second, the "Personal Income Tax Act". In accordance with the "Personal Income Tax Law" and the State Administration of Taxation, "on a number of issues of personal income tax levy," which individuals have access to the equity dividend, dividends and stock dividends to 20% of the income tax levy.
Third, the "norms of listed companies on notice a number of issues" requirement.
(1) a listed company must conduct an interim dividend does pay a dividend, the distribution must be in the interim financial report has been qualified to engage in securities business, drawn up after the accounting firm audit; announced the allocation of medium-term programs may not be before the date of the interim report of listed companies publication date; the medium-term shareholders' general meeting approved the allocation of the program, the Company's Board of Directors held a general meeting of shareholders should be completed within two months of the dividend (or shares) of the distribution of matter.
(2) the development of equitable distribution of the program may not be distributed to shareholders as part of cash dividends, and other shareholders to distribute stock dividends;
(3) placement of shares of listed companies to develop programs to develop bonus programs at the same time, a placement of shares as a dividend shall not be a prerequisite.
(4) of listed companies will be profit bonus program must give Bonus shares and a clear distinction between provident fund to equity and the shareholders of the General Assembly resolution, respectively, the disclosure of sub-items may not be expressed as give Bonus shares both.
2, the national macro-economic environment.
The development of a country's economy has a cyclical character. When a country's economy at different development cycle, the country's corporate dividend policies have different effects. Correspondingly, China's listed companies in the formulation of dividend policy by the same macro-economic environment. At present, the performance of the grounds in the form of a few years ago to send a large proportion of the allotment, cash dividends in recent years has increased year by year.
3, inflation.
When inflation, the depreciation reserve funds are often unable to meet the needs of asset replacement. Companies in order to maintain its original capacity, need to be filled in retained earnings, when management may adjust its dividend policy, leading to reduction in the level of dividend payments.
4, the financing environment for enterprises. When there is an objective of the financing for a more flexible environment, corporate debt financing can be paid the dividend and rights of the financing of the dividend, which is the company through new debt or new shares to finance the dividend. In general, larger enterprises, the more abundant strength, its ability to finance the capital market will be strong, and greater financial flexibility, of course, their ability to pay dividends stronger. For many smaller companies or new companies formed, it is difficult to take the financing of the dividend policy.
5, the maturity of the market.
Maturity of the market, usually can be divided into three forms: weak-form efficient market, semi-strong efficient markets and effective market strong. Market more effective, the higher its maturity. Empirical studies have shown that in more mature capital market (semi-strong efficient market), the cash dividend is the most important form of a dividend, stock dividends decreased. Department of China is still emerging from the capital markets, and mature markets, in China, the stock dividend is still an important form of dividends.
6, where the industry enterprises.
Dividend policy has obvious characteristics of the industry. In general, a mature industry, the rate of dividend payout is higher than in emerging industries, public utility companies to pay dividends is higher than companies in other industries. Empirical evidence shows that the industry average dividend payout rate of investment opportunities in the industry was a negative correlation between.
7, the mobility of corporate assets.
The so-called liquid assets means assets into cash difficulties. Corporate cash flow and assets, the better the overall liquidity, its ability to pay cash dividends on strong. And growing, profitable enterprises better, as most of the money invested in fixed assets and working capital on a permanent, they are usually not willing to pay cash dividends and jeopardize the enterprise security.
8, the life cycle of enterprises.
Usually the business life cycle is divided into the growth stage, development stage and mature stage. At various stages, corporate dividend policy will be subject to different effects. In the growth stage, enterprises need capital investment, in general, relatively low rate of dividend payment; in the development stage, the company began to pay a larger percentage of the dividend proceeds to the shareholders; to a mature stage, due to the relative input-output stable, dividend payout rates and stock returns will be almost unchanged.
9, business investment opportunities.
Dividend policy to a large extent influenced by the investment opportunities. If the company more profitable investment opportunities, often using low-dividend, high profit retention policies; the contrary, if the investment is less likely to adopt high-dividend policy. Of course, in the use of low-dividend policy, the company's management must be fully disclosed to shareholders in order to retain profits to invest in high-profit projects, in order to obtain the trust and support of shareholders.
China's laws and regulations of the company's dividend policy has the following three conditions:
First, the "Company Law" requirements. "Company Law" Article 130 provides that the issuance of shares to be shares with the same rights, with the shares with Lee. The provisions of section 177 of the order of the dividend distribution, that is, when the distribution of after-tax profit of the company should first extract the statutory fund, statutory public welfare fund (statutory provident fund and statutory extract before the first use of the Community Chest of the year to make up for loss of profits), and then only by shareholders holding Some pro-rata allocation of shares. Co., Ltd. article 179 of the statutory fund shareholders' general meeting resolution to capital, retained by the fund shall not be less than 25 percent of the registered capital.
Second, the "Personal Income Tax Act". In accordance with the "Personal Income Tax Law" and the State Administration of Taxation, "on a number of issues of personal income tax levy," which individuals have access to the equity dividend, dividends and stock dividends to 20% of the income tax levy.
Third, the "norms of listed companies on notice a number of issues" requirement.
(1) a listed company must conduct an interim dividend does pay a dividend, the distribution must be in the interim financial report has been qualified to engage in securities business, drawn up after the accounting firm audit; announced the allocation of medium-term programs may not be before the date of the interim report of listed companies publication date; the medium-term shareholders' general meeting approved the allocation of the program, the Company's Board of Directors held a general meeting of shareholders should be completed within two months of the dividend (or shares) of the distribution of matter.
(2) the development of equitable distribution of the program may not be distributed to shareholders as part of cash dividends, and other shareholders to distribute stock dividends;
(3) placement of shares of listed companies to develop programs to develop bonus programs at the same time, a placement of shares as a dividend shall not be a prerequisite.
(4) of listed companies will be profit bonus program must give Bonus shares and a clear distinction between provident fund to equity and the shareholders of the General Assembly resolution, respectively, the disclosure of sub-items may not be expressed as give Bonus shares both.
2, the national macro-economic environment.
The development of a country's economy has a cyclical character. When a country's economy at different development cycle, the country's corporate dividend policies have different effects. Correspondingly, China's listed companies in the formulation of dividend policy by the same macro-economic environment. At present, the performance of the grounds in the form of a few years ago to send a large proportion of the allotment, cash dividends in recent years has increased year by year.
3, inflation.
When inflation, the depreciation reserve funds are often unable to meet the needs of asset replacement. Companies in order to maintain its original capacity, need to be filled in retained earnings, when management may adjust its dividend policy, leading to reduction in the level of dividend payments.
4, the financing environment for enterprises. When there is an objective of the financing for a more flexible environment, corporate debt financing can be paid the dividend and rights of the financing of the dividend, which is the company through new debt or new shares to finance the dividend. In general, larger enterprises, the more abundant strength, its ability to finance the capital market will be strong, and greater financial flexibility, of course, their ability to pay dividends stronger. For many smaller companies or new companies formed, it is difficult to take the financing of the dividend policy.
5, the maturity of the market.
Maturity of the market, usually can be divided into three forms: weak-form efficient market, semi-strong efficient markets and effective market strong. Market more effective, the higher its maturity. Empirical studies have shown that in more mature capital market (semi-strong efficient market), the cash dividend is the most important form of a dividend, stock dividends decreased. Department of China is still emerging from the capital markets, and mature markets, in China, the stock dividend is still an important form of dividends.
6, where the industry enterprises.
Dividend policy has obvious characteristics of the industry. In general, a mature industry, the rate of dividend payout is higher than in emerging industries, public utility companies to pay dividends is higher than companies in other industries. Empirical evidence shows that the industry average dividend payout rate of investment opportunities in the industry was a negative correlation between.
7, the mobility of corporate assets.
The so-called liquid assets means assets into cash difficulties. Corporate cash flow and assets, the better the overall liquidity, its ability to pay cash dividends on strong. And growing, profitable enterprises better, as most of the money invested in fixed assets and working capital on a permanent, they are usually not willing to pay cash dividends and jeopardize the enterprise security.
8, the life cycle of enterprises.
Usually the business life cycle is divided into the growth stage, development stage and mature stage. At various stages, corporate dividend policy will be subject to different effects. In the growth stage, enterprises need capital investment, in general, relatively low rate of dividend payment; in the development stage, the company began to pay a larger percentage of the dividend proceeds to the shareholders; to a mature stage, due to the relative input-output stable, dividend payout rates and stock returns will be almost unchanged.
9, business investment opportunities.
Dividend policy to a large extent influenced by the investment opportunities. If the company more profitable investment opportunities, often using low-dividend, high profit retention policies; the contrary, if the investment is less likely to adopt high-dividend policy. Of course, in the use of low-dividend policy, the company's management must be fully disclosed to shareholders in order to retain profits to invest in high-profit projects, in order to obtain the trust and support of shareholders.
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- 1楼网友：西风乍起
- 2021-02-05 20:41
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