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The Cost of Capital and Dividend Payment Policy Based on China’s Real Estate Industry

Author: XiaoZuo
Tutor: WangPing
School: Capital University of Economics
Course: Accounting
Keywords: Cost of capital Dividend payment policy Real estate Cash dividend
Type: Master's thesis
Year: 2014
Downloads: 2
Quote: 0
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The real estate industry has a long industrial chain, the proportion of gross domesticproduct in recent years are also increasing, in the modern social economy has a pivotalposition. After more than ten years of development, China’s real estate industry istransforming to the operation of the scale, brand and specification. The real estate industrygrowth pattern converts from pursuing speed and scale to pay attention to efficiency andmarket segmentation, such as commercial real estate in recent years, green property andaging property, etc., From the development mode, which also gradually converts fromrelying on government regulation to the market and the enterprise regulating itself.The real estate industry has a large capital needs, large investment, long paybackperiod, high asset-liability ratio and strong regional, but the characteristics of lowconcentration and affected by the national policy. Large funding requirements and theirhuge investment amount, Make the shareholders pay more attention to the investment costand find out the relationship between the reward. Dividends as a listed company’sshareholders obtain a return on investment is an important way, has become the mainpoints of the shareholders. That is now the cost of capital in the real estate industry and therelationship between corporate dividend policy is particularly important. In this paper,taking into account the special nature of our state-owned enterprises, as well as the realestate industry a huge dependence on the national policies of the characteristics, the use ofregression analysis were studied shareholders nature and national policies on the cost ofcapital and dividend payout policy impact.Based on the theory of MM, pecking order theory and maximize shareholder rightstheory, we research the cost of capital and the cash dividend policy of the real estateindustry in China. Because the dividend distribution ways in China’s real estate industry ismultitudinous and the influence between state-owned enterprises to non-state-ownedenterprise about cost of capital for dividend policy influence is different, etc. We use theempirical method to verify the particularity of cash dividend payment policy in ourcountry’s real estate industry. Then, combined with China’s national conditions, weresearch the cost of capital on its dividend payment policy according to the different of thecontrolling shareholder which are state-owned enterprises and non-state-owned enterprises.Finally, according to the perspective of policy, the paper respectively discusses the impactbetween cost of capital to the dividend policy before the half implementation ofmandatory and after in our country’s real estate industry.

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