上市公司股利政策问题 探讨.docVIP

上市公司股利政策问题探讨 2010年12月24日摘 要 融资政策、投资政策和股利政策是现代公司理财活动的三大核心内容。其中，股利政策是公司融资政策、投资政策的逻辑延伸，是其理财的必然结果。公司股利政策恰当与否，对上市公司自身、广大投资者以及资本市场的发展都有重大的影响。 本文在介绍西方股利理论和我国股利分配问题的基础上，阐明了股利分配的种类、形式以及影响股利分配政策的因素。通过查阅大量资料分析总结：上市公司的股利分配行为具有波动性，大多数公司选择派现或不分配股利；不同行业的股利分配行为明显不同；公司的盈利状况对股利分配行为影响最大。针对我国上市公司股利分配行为不规范的现状，本文从两方面进行原因分析，指出，我国资本市场不完善是上市公司股利分配行为不规范的外因，而上市公司自身存在的诸多缺陷则是内因。据此，本文提出了规范我国上市公司股利分配行为的思路：一是要建立发达有效的资本市场;二是要提高上市公司的自身素质。 关键词: 上市公司 股利政策 问题 建议 Abstract Circulating necessary funds，Policy，investment Policy and dividend policy are three cores of financial activities in modern companies. Dividend policy is the logical extension of circulating necessary funds’ policy and investment policy and is the result of financial activities. That dividend policy is proper or not will have major effect on the companies themselves，many investors and the development of capital market . The paper will tell about the kinds，forms of dividend and the factors that effect dividend policy on the basis of the introduction of western dividend theory and the study about dividend of China. And analyze continuous financial data. We will realize: the action of dividend appropriation in Chinese companies often fluctuates，and most companies choose cash dividend or don’t appropriate dividend. The action of dividend appropriation in different companies is not the same. The profitability of company has maximum effect on the action of dividend appropriation. In accordance with the present situation that dividend appropriation doesn’t conform to the standard，the paper analyzes the causes from two points: The imperfection of capital market is the internal cause and the much defect in many companies is the external cause. So we put forward proposal that can make the action of dividend appropriation conform to the standard. Firstly, must set up a developed and effective capital market. Secondly,e must improve the quality of the companies in capital market. KEY WORDS: Companies in capital market; Dividend policy; Probl