The dividend policy of Chinese companies: a comparison between state-owned and not state-owned enterprises

The aim of the thesis is to provide recommendations for dividend policy of Chinese state-owned and not state-owned companies based on a comparative analysis of their current dividend distribution practices, the impact of regulatory frameworks, and prevailing economic conditions, to enhance shareholder value and support sustainable financial growth.

In order to achieve this goal, the following objectives of the research have been realized:

-           Review the concepts of dividend policy;

-           Describe the place of dividend policy in the system of corporate governance mechanisms;

-           Determine the impact of dividend policy on financial performance in China;

-           Review the dividend policies of Chinese companies focusing separately on dividend policies in state-owned and non-state-owned enterprises;

-           Review the growth-oriented dividend strategies of Chinese enterprises;

-           Conduct a cross-comparative SWOT analysis in developing dividend policies for state-owned, and non-state-owned Chinese enterprises;

-           Identify innovative solutions to improve financial performance through dividend decisions in Chinese state-owned and non-state-owned enterprises.

Introduction............................................................................................. 3

Chapter 1. Theoretical Foundations of Dividend Policy .......................... 8

1.1. Overview of Dividend Policy Concepts......................................... 8

1.2. Dividend policy in the system of corporate governance mechanisms............................................................................................................ 14

1.3. Comparative Analysis:the relationship between agency problems and dividend policies.......................................................................... 23

Chapter 2. Analysis of Dividend Policies in Chinese Enterprises: State-Owned and Non-State-Owned Perspectives........................................... 40

2.1. Overview of Dividend Policies in Chinese Companies................. 40

2.2. Dividend Policies in State-Owned Enterprises (SOEs)................. 51

2.3. Dividend Policies in Non-State-Owned Enterprises..................... 57

Chapter 3. Strategic Growth Perspectives and Solutions in Dividend Policy Management for Chinese Enterprises.......................................... 65

3.1. Growth-Oriented Dividend Strategies for Chinese Enterprises. Overview............................................................................................ 65

3.2. Сross-Comparative SWOT Analysis in Dividend Policy Development for State-Owned and Non-State-Owned Enterprises...... 68

3.3. Innovative Solutions to Enhance Financial Performance through Dividend Decisions in Chinese State-Owned and Non-State-Owned Enterprises.......................................................................................... 73

Conclusion............................................................................................. 78

List of references  81

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