上市公司股利分配外文文献翻译

1、外文文献原文及译文文献出处：jL/w P，ar/ /. 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 int

2、erests 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

3、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, an

4、d still have analyzed the reasons and put forward the corresponding countermeasures. In order 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-

5、sized investors, creditors and the companyitself.Keywords: listed company, dividend distribution, cash dividends 1 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

6、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 caugh

7、t 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, Chinas securities market has great development. The establish

8、ment 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 h

9、as 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, ach

10、ieve the goal of circle money, 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

11、 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,

12、 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 g

13、rowth, 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 colle

14、ction. 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 div

15、idend 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

16、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,

17、 to empirical studies have found that their dividend policy in the formulation of dividend distribution policy of listed companies in China have important influence factors are the following: include the companys profitability, the size of the company, the rights and interests of shareholders in the

18、 company owned, agency cost, degree of leverage and state-owned shares holding, etc. And in particular, they also think that the stronger the profitability of the companys, the higher the level of dividend payments, and the relationship between the two is a positive correlation. The company has a go

19、od growth, it has good prospects for development, investment opportunities are numerous, the less inclined to distribute cash dividend, but prefer to issue stock dividend, retained funds for development. Stock dividend payments and payment of cash dividend level there are mutual influence between re

20、lations. ChenGuohui(2000) for the stock dividend and the influence factors of the cash dividend has carried on the research, through the analysis found that the impact on cash dividend of basically has the following several factors: including the stock dividend, the listed companys share price and r

21、eturn on equity. While return on equity and the listed companys net assets per share has more significant effect on stock dividend payment level. Return on equity, while positively related to the cash dividend and stock dividend also presents synchronous isotropic, has a positive correlation, the re

22、lationship between that profitability is still of dividend distribution of listed companies one of the most important influencing factors.Zhang Jin (2008) through to the dividend policy game analysis the various stakeholders in the process of thought, between managers and shareholders, managers and

23、creditors, abandon the equilibrium strategies respectively low dividend policy, hold shares and low dividend policy, hold the claim. Therefore, the companys dividend policy is formulated to protect the interests of various stakeholders and, partly the result of the game between managers and sharehol

24、ders and creditors. Chang-qing li studied the enterprise life cycle and the relationship between cash dividend, whether from listed companies tend to distribute cash dividend and dividend payment rate is high and low two aspects, the results confirmed that the life cycle theory does exist important

25、influence on cash dividend. They think in a mature company allocated more tend to company profits, by paying cash dividend return for shareholders, and relative to the growth and decline of the listed company, mature company has a high rate of dividend payment. Chun-ling li (2011) from the perspecti

26、ve of abandoned theory, studies the game behavior between controlling shareholders and regulators, the smaller the analysis found that regulators have regulatory costs, the more likely it is to supervise the behavior of listed companies, strengthen the supervision and this case through controlling s

27、hareholders are more inclined to regulate distribution to avoid punishment by regulators. It can through the violation behavior of controlling shareholders strong punishment, to reduce the probability of regulatory oversight. Scholars from many different aspects of the influence factors of dividend

28、policy are studied, the domestic and foreign scholars generally agree that the major factors that influence dividend distribution of listed companies are: profitability, ownership structure, corporate growth, the companys future investment opportunities. At the same time, also distinguish between th

29、e various types of dividend distribution way is influenced by different factors. But most of the content is from the impact of companys own factors to see, not to mention the national external regulatory policy impact on the companys dividend distribution.3 The research of dividend distribution and

30、signal transmission theory Lintner (1956) the earliest USES empirical research method, study of dividend signaling theory argument. Him with the method ofquestionnaire survey, the financial managers of 600 listed companies in the United States the data collection, the empirical analysis through the

31、establishment model, it is concluded that the distribution of dividend is passing the conclusion of the earnings information. Aharony and Swary (1980) through the study of changes in dividend policy of listed company, found that increase or decrease dividend distribution of listed companies will lea

32、d to the formation of the abnormal stock returns, the market will be carried out on the changes of the dividend an interpretation, receives the dividend changes message, by influencing the investors investment behavior, affect stock returns. Venkatesh (1989) by studying the dividends and profits of

33、listed companies also think the company to conduct an information transfer, different way of dividend information transfer effect. Skiimer through research examines the cash dividends surplus sustained impact on the company. It was found that the company if pay cash dividend, the company in the futu

34、re are more likely to have during continuous surplus, and bonuses to dividend distribution way is more effective than others. At the same time, for a large company or a big dividend payment rate, the cash dividend of sustained surplus signal effect is more apparent in the future.Chen Xiao(1998) acco

35、rding to the specific condition of Chinas listed companies, the company pay A dividend for the first time the effect has carried on the empirical research of signal transmission, from theAngle of the distinction between different forms of dividend payment, the supernormal yield method is adopted, th

36、e 1995 and the year before 86 a-share companies listed on the classified according to three kinds of dividend payment, respectively to study the stock dividend, cash dividend and mixed dividend, examine the information transfer effect. The study found that three kinds of dividend payment has the inf

37、ormation transfer effect, can let the company produce excess return, to verify the information transfer effect theory applies in the Chinese securities market. At the same time, the markets reaction on three kinds of dividend payment is greatly different, stock dividend and mixed dividend more get t

38、he favor of the market, relative to the cash dividend, stock dividend and mixed dividend can produce more superior returns. Li Zhuo(2007) through the empirical research, from the perspective of dividend signaling effect, the dividend policy of listed companies is examined the influence of the perfor

39、mance of the companys future. The empirical results show that compared with not dividend distribution of listed companies, dividend distribution as a good signal, can significantly affect the listed companies to a surplus of sustainability. At the same time, distributing cash dividend and contains a

40、 mixture of cash dividend dividends of listed companies and its surplus sustained significantly stronger than distribute stock dividends of listed companies, to distribute stock dividend of listed companies only showed strong sustainability in operating profit, and the distributing cash dividends of

41、 listed companies are surplus on the whole and each part has good continuity, similar to the previous conclusions are drawn.Market reaction to stock dividend change than the change of the cash dividend, the market reaction is more sensitive. At the same time the company through stock dividend to pas

42、s out information, is the companys current surplus did not pass the companys future development. Poetry sleeve (2011) by 2007 to 2009, the Shanghai and Shenzhen a-share listed companies, analyzes the different signaling effect of dividend policy is concluded that cash dividend has good function of i

43、nformation communication and effectively will be involved in the value of the company information to the market, to market to the company development.译文上市公司股利分配研宄Liu Peng, Dari Horse摘要上市公司的股利政策不仅关系到股东和债权人的切身利益，也对 公司未来的发展具有重大的影响。但证券市场在这二十年快速发展的 同时，还不是很成熟，留有自身体制所带来的痕迹。在上市公司股利 分配上也有所体现，存在很多不规范的地方。本文通过对

44、2012年前 后上市公司股利分配的特征进行统计分析，梳理了在证监会政策的引 导下，上市公司分红取得的成效以及仍旧存在的问题，对此进行了原 因分析并提出相应对策。以期对上市公司规范股利分配，更好地贯彻 落实证监会政策提供一些参考，从而保护中小投资者、偾权人以及公 司自身的利益。关键词：上市公司；股利分配；现金分红 1引言股利政策作为一个公司的核心财务问题，具有十分重要的意义， 上市公司合理的股利分配政策，关系到股东和债权人的切身利益，在 树立公司良好形象的同时，还能激发投资者对公司持续的投资热情， 使公司获得长期稳定的发展。因此一直以来上市公司的股利分配受到 多方的关注。从1990年12月，上海

45、证券交易所首批八支股票上市交 易，经过20余年的发展，到截止2012年沪深两市A股上市公司已 经达到2453家，中国的证券市场有了巨大的发展；中小板、创业板 的建立，也让中国多层次的资本市场体系得到了丰富。但是与发达国 家成熟市场相比，中国的股票市场还没有得到完全的发展，不是十分 成熟，自身体制所带来的痕迹比较明显。在股权比例上有着绝对优势 的大股东为了自身的利益，利用自己在股东大会上的表决权，左右上 市公司股利分配政策的制定。通过这些从自身利益出发制定的股利政 策，从市场上进行融资，达到“圈钱”的目的，忽视自身的社会责任, 忽略对投资者的回报，从而损害了中小投资者的利益。因此，证监会 作为证

46、券市场的监管机构，特别重视对证券市场上市公司分红行为的规范和引导。2股利分配影响因素研究Higgins(1972)通过对公司未来增长所需的融资与股利支付率之 间相关关系的研宄发现，公司为了未来的发展，需要从市场上筹集的 资金越多，那么现阶段公司的股利支付率就越低，呈现负相关的关系。 他认为以下一些方面会对公司的股利支付率形成影响，包括预计的公 司未来增长速度、面临的投资机会、公司拥有的财务杠杆以及存在的 经营风险。Baker (1985)为了研宄上市公司董事会在决定股利政策的 过程中考虑的主要因素，通过釆用问卷调查的方式来进行数据的搜 集。得出的调查结果显示，公司拥有的现金流量、预期公司未来的

47、盈 利水平、以前年度股利发放的水平以及出于维持或提高股价的需要是 影响股利政策的四个最重要的因素。并且该研宄认为公司盈余水平的 高低是导致公司股利变动的最重要因素。这一观点也通过诸多学者的 研宄得以证实，他们的研宄表明其在许多国家和地区都具有适用性。 French(2001)通过研宄认为，影响公司股利政策最主要的二个因素包 括有公司本身规模的大小、公司面临的未来投资机会以及公司目前所 具有的盈余水平。吕长江（1999)选取1996年至1999年间的上市公司作为研宄样 本，对他们的股利政策进行实证研宄发现，在对中国上市公司股利分 配政策的制定产生重要影响的因素有以下一些：包括有公司盈利能 力、公

48、司规模的大小、股东在公司所拥有的权益、代理成本、负债率 和国有股控股程度等。并且具体来讲，他们也认为，公司的盈利能力 越强，股利支付水平越高，两者之间的相关关系是正相关；公司具有 一个良好的成长性，发展前景良好，众多投资机会时，越不倾向于发 放现金股利，而是偏好于发放股票股利，留存资金用于发展；股票股 利的支付额与现金股利的支付水平之间也存在相互影响的关系。陈国 辉（2000)对于股票股利和现金股利两者的影响因素进行了区分研究， 通过分析发现对现金股利产生影响的主要有以下一些因素：包括股票 股利、上市公司股价和净资产收益率；而净资产收益率和上市公司每 股净资产则对股票股利支付水平有更加重大的影响；净资产收益率在 与现金股利正相关的同时，与股票股利也呈现出同步同向性，具有正 相关的关系，说明盈利能力仍旧是对上市公司股利分配最重要的一个 影响因素。张晶（2008)通过对股利政策的制定过程中的各利益相关方进行 博弈分析认为，管理者与股东、管理者与债权人之间博弃的均衡策略 分别为“低股利政策，持有股票”和“低股利政策，持有债权”。因 而，公司股利政策的制定是为保障各利益相关者的利益而做出的，一 定程度上是管理者与股东和债权人之间博弈的结果。李常青研宄了企 业生命周期和现金股利之间的相关关系，从上市公司是否倾向发放现 金股利以及股利支付率高低两方面，结果证实了生命周期理论对现金