上市公司股利政策研究—以商业银行为例.doc

上市公司股利政策研究—以商业银行为例 摘要：股利政策是上市公司理财活动的三大核心之一，也被视为公司筹资和投资活动的延续。但股利政策的权衡与制定一直都是一个难题，也因此得到了越来越多学者的重视与研究。 本文根据国外股利无关论、股利税收理论、股利信号理论的创建，以及围绕国内学者对股利政策影响因素及其与股权结构关系的讨论，首先确定了股利政策的五大内容。之后，以商业银行为例探讨了影响股利政策的因素，这其中主要包括股权结构、融资能力及外部治理结构。根据历年现金股利分配表，总结了上市商业银行股利政策的阶段性特征，并指出其存在股权结构、股利分配方式及股利政策波动性方面的问题。那么这诸多问题是怎样产生的呢？证券市场投资环境的不完善，相关法律规定的滞后，监管的不到位以及绝大多数投资者理念的不正确等，是导致问题产生的原因。于是，我们建议通过建立健全证券市场外部环境，优化股权结构，规范现金股利，保证股利政策的连续性等措施，改善上市公司的股利政策。以期通过这些可行的途径，帮助上市公司获得可持续的稳定发展，并积极改善我国的证劵市场运行机制和投资环境。 关键词：股利政策；商业银行；投资环境；影响因素 The Listed Company Dividend Policy Research - commercial Banks as An Example Abstract: The dividend policy is listed company financial management activities of the three core, can also be seen as one of the financing and investment activities in the continue. But the dividend policy measures and formulate has always been a problem, so it has been more and more scholars attention and research. According to the foreign dividend WuGuanLun, dividend tax theory, dividend signal theory created, and around the domestic scholars on dividend policy influence factors and the relationship between equity structure of the discussion, first determine the dividend policy of five content. Later, commercial Banks as an example to discuss the influence factors of dividend policy, which mainly includes the equity structure, financing ability and external governance structure. According to the cash dividend distribution list, summarizes the listed commercial Banks stage characteristics of dividend policy, and the existing equity structure, dividend distribution way and dividend policy volatility problems. So this is how to produce many problems? Stock market investment environment is not perfect, the related laws and regulations lag, supervision does not reach the designated position, and the vast majority of investors of the concept is not correct, etc., is the result of the reasons. So, we suggest that the securities market by establishing perfect external environment, optimizing equity structure