Dissertation > Excellent graduate degree dissertation topics show

Theory of Dividen Policy under Asymmetric Information and Its Positive Study

Author: ChenXiuQian
Tutor: XiaFei
School: Changsha University of Science and Technology
Course: Business management
Keywords: Theory of Dividend Policy under Asymmetric Information Listed Company Positive Study Countermeasure
CLC: F830.91
Type: Master's thesis
Year: 2004
Downloads: 287
Quote: 1
Read: Download Dissertation

Abstract


In our country, the capital market is still immature, the theory and practice of corporate finance is under developing. This research sums up occidental dividend policy theories and uses them for reference, makes positive study from the angle of listed company, aims at providing beneficial reference for the consummating of dividend policy theories and the developing of dividend policy practice and capital market in our country.Along the developing venation of dividend policy theory, this research introduces in file the Bird in Hand Theory, the Correlative Dividend Policy Theory and the Irrelative Dividend Policy, further sums systematically up the leading branch of dividend policy theory that is the Theory of Dividend Policy under Asymmetric Information. The agency cost analysis of Theory of Dividend Policy under Asymmetric Information deeply demonstrates that dividend policy is the effective implementing mechanism to reduce kinds of agency costs generated by asymmetric information; the signaling analysis illuminates the function of dividend policies’ transferring real value of corporate to avoid adverse selection by models.By analyzing the actuality and positively studying on the dividend policies of listed companies in our country, this research discovers that the dividend policies are the results of corporate agency problems but not the effective facilities of reducing agency costs; by introducing the positive approaches and contents of the signaling analysis, citing the existence of signaling domino effect and positively studying on the signaling contents, this research discovers that the dividend policies have not transferred any information about the intending payoffs. Therefore, the Theory of Dividend Policy under Asymmetric Information is disabled in our dividend policy practices. At last, this research analyzes deeply the reasons of invalidation and brings out the relevant countermeasures.This research innovates in the following three points. Firstly, it sums up the agency cost analysis and the signaling analysis of dividend policy by a theory named as the Theory of Dividend Policy under Asymmetric Information; secondly, it concludes that the Theory of Dividend Policy under Asymmetric Information is disable in the dividend policy practice of listed companies by an independent positive study; thirdly, it puts forward three countermeasures of standardizing the dividend forms and its information discovering, improving the effecting factors of dividend policy and strengthening the strategy management of dividend policy in allusion to the reasons of invalidation which includes the inconsequence of stock right structure of listed company, the lowness of governance ability of capital market and the ambiguity of dividend policy stratagem of listed company.

Related Dissertations

  1. Kunming Transient Population Community Present Situation, Question and Countermeasure Preliminary Study,C924.25
  2. Yunnan Province, the private high ideological and political course of the situation and developing strategies,G633.2
  3. Relationship of the traditional Hmong culture and Hmong education,G759.2
  4. Study on Student Management of Rural Boarding School in China,G471
  5. A Study on University Science and Technology Innovation Environment Evaluation,G644
  6. Research on the Developing Situation and the Countermeasures of Guilin’s Outdoor Sports Clubs,G895
  7. Guangzhou High School Biology Teaching Effective Study Present Situation and Countermeasures,G633.91
  8. Practice and prospects of the Clean Development Mechanism in China,X38
  9. Research on Values of Post-90 Generation under the Influence of the Current Pop Culture,C913.5
  10. A Case Study of School-Based Curriculum Development of Guangzhou Vocational School of Tourism and Business,G712.3
  11. A Study on Construction of the Shanghai, Jinshan Agricultural Information,F320.1
  12. Research on the Development Situation and Countermeasure of Countryside Culture,D422.6
  13. Private College Students’ Party Construction Problems and Countermeasures,D267.6
  14. Research on Current Situation and Development of China’s E-Government,D630
  15. Study on Current Situation and Countermeasures to performative Children Basic Gymnastic in Shangdong Province,G613.7
  16. The Reach about Dissimlation of Sports News and Sports Behavior of College Students,G80-05
  17. Administrative Supervision System Defects and Countermeasures,D630
  18. College students Cybercrime and Countermeasures,C913.5
  19. Language teaching \,G633.3
  20. Social Transformation of Chinese Wushu Development Environment Characteristics and Countermeasures,G852
  21. Women's football development in Chinese Universities and the Countermeasures,G843

CLC: > Economic > Fiscal, monetary > Finance, banking > Finance, banking theory > Financial market > Securities market
© 2012 www.DissertationTopic.Net  Mobile