Dissertation > Excellent graduate degree dissertation topics show

China's listed companies endogenous capital expansion motives and effects analysis

Author: ZhengShaoHua
Tutor: SunZuo
School: Jilin University
Course: Accounting
Keywords: Endogenous capital expansion Cater effects Logistic Model Event Study
CLC: F276.6
Type: Master's thesis
Year: 2011
Downloads: 70
Quote: 0
Read: Download Dissertation

Abstract

Fish and Black (1976) the dividend policy as a \Brealey and Myers (1992), etc. The dividend policy as one of Ten Problems of Corporate Finance. How reasonable dividends whereabouts - to develop a reasonable dividend policy has been a listed company managers thorny practical problems, is one of the unresolved financial problems. In fact, as early as 1938, Williams opened a dividend theoretical research on the prelude, Lintner (1956) on the dividend theory was groundbreaking research, the first dividend distribution proposed a theoretical model that most companies even in the company Under circumstances of poor operating results, tend to choose a stable or increased dividend policy. End dividend policy is a listed company will achieve gains (or profits) distributed among the shareholders of the decision-making. Western dividend policy of listed companies relatively healthy; while the dividend policy of listed companies in China and the lack of coherence frequently changing its dividend policy formulation took into account various factors, try to meet the needs of all parties. This study is based on this background. The author combines the two perspectives of investors and listed companies from the perspective of research to meet the listed companies in China dividends motives. In 2003, Baker and Wurgler summarized drawn through dividends cater to investor behavior theory and finance theory combining behavioral finance has opened up a new perspective. Dividend theory is that management of listed companies cater released dividend policy depends on the needs of investors, investor dividends and capital gains for different pursuit lead managers make corresponding dividend policy. Baker in his paper was first introduced to cater to the variable, and now domestic scholars continue to use this variable to analysis of the behavior of listed companies and investors, this is true. This paper selected for the 2007-2009 study period, research sample selected only for endogenous capital expansion of the company, to meet the variable from the author, results of operations, market performance, corporate governance structure and enterprise features five areas, the use of variable pay would Logistic model China's listed companies to explore the different sources of capital expansion of internal motivation, and finally this event study methodology used to determine whether investors recognize dividends from different sources, and thus using different dividend policies of listed companies produce different reactions. After the analysis, we draw the following conclusions: (1) relative to the stock dividend and hybrid issuance, reserve into capital expansion means that the lowest cost, so if the only listed company in order to meet the needs of investors will tend to reserve conversed in this way, it caters most significant variables; (2) Dividends from different sources investors alike that investors may not distinguish between different sources of dividends. Also for investors regardless of the stock dividend or cash dividend reserves to have the ability to replace, rather than nothing, investors would rather prefer this form of dividend distribution; (3) Overall, the listed companies within the source of capital expansion is to meet the needs of investors. Finally, the author of this study presents limitations and shortcomings. This conclusion with respect to the common sense a little bias, but the authors believe it is a reference value.

Related Dissertations

CLC: > Economic > Economic planning and management > Enterprise economy > A variety of enterprise and economic > Company
© 2012 www.DissertationTopic.Net Mobile