A Research about How the Dividend Policy Influences the Enterprise Value on the Condition of Consecutive Cash Payoff
this article conducts a research about the relationship between cash dividend policy and enterprise value based on the data coming from the A-share listed companies over period 2005-2009. In conclusion, the enterprise value has a negative correlation with the incremental and the degressive cash dividend per share, and has a positive correlation with the stable cash dividend per share.
[1] Miller,M.H.,Modigliani,F.Dividend Policy,Growth,and the Valuation of
Shares(J).Journal of Business.Vol.34,No.4,Oct,1961
[2] Black,F.The Dividend Puzzle(J).Journal of Portfolio
Management,1976(2).
[3] Lintner,John.Distribution of Income of Corporations among Dividends,
Retained Earnings and Taxes(J).American Economic
Review,1956(5):97-113.
[4] Baker,H.K.Gail E.Farrelly,and Richard B.Edelman.A Survey of
Management Views on Dividend Policy(J).Financial
Management1985(8):70-90.
[5] Pruitt,S.W.and L.J.Gitman.The Interactions between the
Investment,Financing,and Dividend Decisions of Major U.S
firms(J).The Financial Review,1991(26):400-432.
[6] Dewenter,K.L.and V.A.Warther.Dividends,Asymmetric
information,and Agency Conflicts:Evidence from a Comparison of the
Dividend Policies of Japanese and US Firms(J).The Journal of
Finance,1992(9):1830-1860.
[7] Leithner,S.and H.Zimmermann.Market Value and Aggregate Dividends:
A Reappraisal of Recent Tests, and Evidence from European
Markets(J).Swiss Journal of Economics and
Statistics,1999(129):99-199.
[8] Glen,J.D. Y.Karmokolias,R.R.Miller and S.Shah.Dividend Policy and
Behavior in Emerging Markets: to Pay of not to Pay(R).IFC Discussion
Paper,1995(26).
[9] Changjing Lv and Keming Wang. Empirical analysis on listed
companies- dividend policy (J).Journal of Economy Studies, 1999(12).
[10] Chunguang Zhao,Dongzhi Yu.Cash dividend, dividend stability,
enterprise value. (J).Journal of China Coal Economic College, 2000(3).
[11] Hanming Yang. Dividend policy and enterprise value-based on studies
on listed companies in China (J).Beijing: Economic Science Press,
2006:159-165.
[12] Hongqi Yuan. Studies on dividend policy of listed companies in China
(M).Beijing: China finance and economy press, 2004:185-190.
[13] Geng Jing and Changgui Zhe.Analysis and study on dividend policy of
listed companies in China (J).Finance Online, 2010(10).
[14] Sun Q. and Tong W.H.S.China Issue Privatization: The Extent of Its
Success (J).Journal of Financial Economics, 2003(70):180-220.
[15] Xinyuan Chen and Donghua Chen and Kai Zhu.Equity structure and
corporate performance: literature review and future research directions
(J).China accounting and finance study, 2004(40):1-25.
[16] Hong Luo.Study on cash dividend policy and cooperate governance of
the listed companies (M).Chengdu: Southwest University of Finance and
Economics Press, 2006:150-172.
[17] Xinyuan Chen and Donghua Chen and Xu Shi.Corporate
governance and cash dividend: based on case studies of Foshan Lighting
(J).Management World, 2003(8):115-126.
[1] Miller,M.H.,Modigliani,F.Dividend Policy,Growth,and the Valuation of
Shares(J).Journal of Business.Vol.34,No.4,Oct,1961
[2] Black,F.The Dividend Puzzle(J).Journal of Portfolio
Management,1976(2).
[3] Lintner,John.Distribution of Income of Corporations among Dividends,
Retained Earnings and Taxes(J).American Economic
Review,1956(5):97-113.
[4] Baker,H.K.Gail E.Farrelly,and Richard B.Edelman.A Survey of
Management Views on Dividend Policy(J).Financial
Management1985(8):70-90.
[5] Pruitt,S.W.and L.J.Gitman.The Interactions between the
Investment,Financing,and Dividend Decisions of Major U.S
firms(J).The Financial Review,1991(26):400-432.
[6] Dewenter,K.L.and V.A.Warther.Dividends,Asymmetric
information,and Agency Conflicts:Evidence from a Comparison of the
Dividend Policies of Japanese and US Firms(J).The Journal of
Finance,1992(9):1830-1860.
[7] Leithner,S.and H.Zimmermann.Market Value and Aggregate Dividends:
A Reappraisal of Recent Tests, and Evidence from European
Markets(J).Swiss Journal of Economics and
Statistics,1999(129):99-199.
[8] Glen,J.D. Y.Karmokolias,R.R.Miller and S.Shah.Dividend Policy and
Behavior in Emerging Markets: to Pay of not to Pay(R).IFC Discussion
Paper,1995(26).
[9] Changjing Lv and Keming Wang. Empirical analysis on listed
companies- dividend policy (J).Journal of Economy Studies, 1999(12).
[10] Chunguang Zhao,Dongzhi Yu.Cash dividend, dividend stability,
enterprise value. (J).Journal of China Coal Economic College, 2000(3).
[11] Hanming Yang. Dividend policy and enterprise value-based on studies
on listed companies in China (J).Beijing: Economic Science Press,
2006:159-165.
[12] Hongqi Yuan. Studies on dividend policy of listed companies in China
(M).Beijing: China finance and economy press, 2004:185-190.
[13] Geng Jing and Changgui Zhe.Analysis and study on dividend policy of
listed companies in China (J).Finance Online, 2010(10).
[14] Sun Q. and Tong W.H.S.China Issue Privatization: The Extent of Its
Success (J).Journal of Financial Economics, 2003(70):180-220.
[15] Xinyuan Chen and Donghua Chen and Kai Zhu.Equity structure and
corporate performance: literature review and future research directions
(J).China accounting and finance study, 2004(40):1-25.
[16] Hong Luo.Study on cash dividend policy and cooperate governance of
the listed companies (M).Chengdu: Southwest University of Finance and
Economics Press, 2006:150-172.
[17] Xinyuan Chen and Donghua Chen and Xu Shi.Corporate
governance and cash dividend: based on case studies of Foshan Lighting
(J).Management World, 2003(8):115-126.
@article{"International Journal of Business, Human and Social Sciences:53365", author = "Chengxuan Geng and Chenxi Liu", title = "A Research about How the Dividend Policy Influences the Enterprise Value on the Condition of Consecutive Cash Payoff", abstract = "this article conducts a research about the relationship between cash dividend policy and enterprise value based on the data coming from the A-share listed companies over period 2005-2009. In conclusion, the enterprise value has a negative correlation with the incremental and the degressive cash dividend per share, and has a positive correlation with the stable cash dividend per share.
", keywords = "Cash dividend policy, enterprise value, stability.", volume = "5", number = "5", pages = "486-4", }
