公司金融论文——股利政策 定稿.docVIP

公司金融课程考核 论文题目_____________________________ 院(系)别 年级专业 学生姓名 学 号 2010--2011学年 第1学期 内容摘要：股利政策是公司在利润再投资与回报投资者之间的一种权衡，它作为公司财务管理的重要内容之一，多年来一直是学术界研究的热点，“股利无关论”、“在手之鸟论”等曾引起过广泛的讨论。股利政策的制定不仅会影响公司的股价，而且还与维护股东权益以及公司的融资决策和投资决策密切相关Abstract:Dividend policy is a tradeoff between the reinvestment and the return to investors in the company. As one of the important content of the financial management, it has been the hot point researched by the academic circles for many years. Bird-in-the-hand Theory and Dividend Irrelevance Theory ect, have risen a lot of argument. The formulation of Dividend policy will not only affect the companys stock price, but also relate to the maintenance of the Stock holders equity and corporate financing decision and investment decisions. It is very important to make good use of this policy for seeking companys the biggest benefit. But since the domestic companys internal structure, securities market management and relevant state policy in China is not perfect, our dividend distribution policy has the very big disparity from western countries. Therefore, China is still developing slowly on this issue of the effective use of the correct dividend policy. Though the way is arduous, the outlook is promising, because we can take the west countries successful examples to improve ourselves. Takes the best, and for my role. Key words:Dividend policy Good use Take examples Western thoeries 目 录 西方股利政策的理论发展……………………………………………………………………1 股利政策的理论发展………………………………………………………………………1 股利政策的分类……………………………………………………………………………4 西方上市公司股利政策的现状分析…………………………………………………………5 （一）最大限度地保证股东财富最大化…………………………………………………………5 （二）力求保持股利政策的稳定…………………………………………………………………5 （三）保持股票价格稳定…………………………………………………………………………5 （四）股利支付率较高，主要采用现金股利方式………………………………………………5 （五）实证研究表明，公司股利政策的“告示效应”较为明显………………………………5 （六）西方的较为完善的法律环境对股利支付水平具有很大的影响 对比西方股利政策实施，分析我国股利政策现状及形成原因……………………………6 （一）我国股利政策现状…………………………………………………………………………6 （二）以美国为例，比较分析我国上市公司股利分配现状成因四、对我国公司股