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IntroductionIntroductionChineselistedcorporationshavemanyproblemsonChineselistedcorporationshavemanyproblemsondividenddistribution,suchasdistributingnodividends,dividenddistribution,suchasdistributingnodividends,distributingnotintime,lessdividends,andhighprofittax,distributingnotintime,lessdividends,andhighprofittax,etc.Thesystemsofdividendsoflistedcorporationsinetc.ThesystemsofdividendsoflistedcorporationsinChinaneedstobeimproved.Chinaneedstobeimproved.①Stockrepurchase,agencycostandcorporatelifecycleinfluencedividends(Handley,2008).②Thebetterthecountrylegalenvironmentis,thehigherlevelofprotectiontoinvestors,andthemoredividendsthecorporationswillpay(LaPorta,Lopez-de-Silanes,Shleifer,&Vishny,2000).③KorinekandStiglitz(2009)foundthatwhenthetaxrateislow,thecorporationwillincreasethedividendpaylevel.④Thebusinesscangrowbetterwithmoredividend-paying(Zhou&Ruland,2006).⑤Fodil&Walid(2010)believethatthemanagementlevelsandthedividendspaymentarepositivelyrelated.⑥Theexecutivepaymentandenterprisedividend-payinghaveaperiodicalrelationship(Zhou&Xiao,2009).⑦LiandWu(2011)reportthattheexecutivestockholdinghasnegativeinfluenceonthedividenddistribution,buttheshareconcentrationratio,executivepay,thesizeoftheboard,andtheproportionoftheindependentdirectorshavepositiveinfluenceonthedividenddistribution.⑧Boththecompanyoperatingperformanceandgrowtharepositivelycorrelatedwithdividend-paying(Wang&Yu,2010).LiteraturereviewTHEFEATURESOFDIVIDEND-PAYINGOFTHEFEATURESOFDIVIDEND-PAYINGOFCHINESELISTEDCORPORATIONSCHINESELISTEDCORPORATIONS53.00%55.00%61.00%39.00%30.00%28.00%0.00%10.00%20.00%30.00%40.00%50.00%60.00%70.00%200820092010RatioYearPercentageOfDividend-payingCorporationsDividendPayoutRatioFigure1.RatiosofDividend-PayingCorporationsandDividendsInthepastseveralyears,theratioofChineselistedcorporationsInthepastseveralyears,theratioofChineselistedcorporationswhichpaydividendshasshownanupwardtrend,butthedividendwhichpaydividendshasshownanupwardtrend,butthedividendpayoutratiohasshownadownwardtrend.payoutratiohasshownadownwardtrend.ThedividendyieldratiosofallChineselistedcorporationswereThedividendyieldratiosofallChineselistedcorporationswerenotstabile.BelowisDividendYieldRatiosofChinain2008-2010.notstabile.BelowisDividendYieldRatiosofChinain2008-2010.0.93%1.64%1.50%2.12%1.90%1.39%0.46%0.83%0.84%1.07%0.99%0.77%0.55%1.06%1.20%1.69%1.56%0.96%0.0%0.5%1.0%1.5%2.0%2.5%ALLCOMPANIESCSI300COMPOSTIONALINDEXOFSHENZHENSSE50DOWJONES88SHENZHEN100DividendYieldRatioMarket200820092010Figure2.DividendYieldRatiosofChinain2008-2010a)ItiscommonthatChineselistedcorporationsonlycareaboutfinancingregardlessofthereturntoinvestors.b)Thereisacontradictoryphenomenonthatdividend-payingandrightissuescoexistinalargenumberoflistedcorporationsinChina.c)Emergentdividend-payingphenomenoniscommonamongthelistedcorporationsthatwantrefinancing.d)ThedividenddistributionoflistedcorporationsinChinaischaracterizedasconcentrated.THECOMPARISONBETWEENDOMESTICANDTHECOMPARISONBETWEENDOMESTICANDOVERSEASINDIVIDENDSOVERSEASINDIVIDENDS0.00%10.00%20.00%30.00%40.00%50.00%60.00%AVERAGECSI300USAUKJAPANTAIWANHONGKONG40.50%29.00%24.00%41.00%58.00%57.00%34.00%DividendPayoutRatioCountry图表标题系列1Figure3.DividendPayoutRatiosofCSI300andOverseasListedCorporationsItshowsthatthedividendpayoutratioofCsi300inChinaishigherthantheU.S.andlowerthan...