The empirical testification on China's pharmaceutical listed company's lifecycle and dividend payrate

In the traditional frame of company finance theory,dividend policy,investment policy and financing theory are considered as three mainstays.Compared with the listed companies in high market-economy countries,the dividend policy made by China’s listed companies remains complicated and also irregularity in dividend distribution remains ubiquitous.In order to understand whether the listed company in different lifecycle phases will set up various dividend distribution policy combined with inside and outside environment factors,the thesis,based on the research sample of China’s pharmaceutical companies from 1996–2005,makes empirical testification towards the practical situations of dividend payrate in different phases,and makes clear of the differentiation and its origin,and thus puts forward effectual policies and suggestions.