This paper gives a comprehensive analysis on the dividends of China's listed companies from 1994 to 2002,in comparison with major global stock markets. The conclusion shows that either the proportion of payer of Chinese listed companies is higher than that of U.S., or the payout ratio is also higher than the average level of global market. However, the dividend yield ratio is much lower than the average level of global market. The paper suggests that both the lower profitability and higher prices contribute to the phenomena, rather than the level of dividend payout. Therefore, it is much more crucial to boost the profitability than to enhance the dividend payout level of companies.
China Soft Science