其他摘要：This paper depicts stock index and dividend payout ratio by using regime-switching lognormal model. In practice, this model is applied to the stock market in China and United States, represented by Shanghai composite index and S&P 500 index separately. On the basis of stock index and dividend yield, we point out that the factor of variability in two countries’ stock market leads to different outcomes. The dependence of dividend yield on the whole stock market performance differs across borders in two countries’ security markets. Next, this paper makes further statistical descriptions of the cash dividend structure of the listed companies, points out that, in comparison to other developed securities markets, relative high price earnings ratio (PE) and price/cash flow ratio (P/C) coexist. When analyzing the situation of cash dividend sending, through PE and P/C, we indicate that high stock price is the important reason to the low dividend yield. However, the fundamental cause of the low PE and P/C in the meantime lies in the fact that listed companies in our country have relative weak profitability.
