《股权结构对上市公司股利政策影响的研究》-毕业论文.doc

PAGE l 河南财经政法大学成功学院本科生毕业论文（设计） 股权结构对上市公司股利政策影响的研究 院系名称 管理学系 姓　　名 学　　号 2007442313 专　　业 会计学 指导教师 讲师 2011年5月7日 摘　要 恰当的股利政策既能树立上市公司良好的市场形象，也能激发投资者的热情，因此成为财务管理者普遍关心的焦点。而股权结构问题是股票市场最基本的问题，也是影响股利政策最重要的因素之一。 本文着重研究股权结构对上市公司股利政策的影响。首先，对股权结构对股利政策的影响分别从股权属性和股权集中度两个方面进行了理论分析，为案例研究打下理论基础。其次，选取家电行业的两大巨头—四川长虹和美的电器，通过案例分析进一步验证本文的主要观点。研究结果表明：第一大股东持股比例较高、处于绝对控股状态，外加股权集中度较高会导致股利分配政策波动多变，缺乏连续性和稳定性；相反，第一大股东较低的持股比例、处于相对控股状态和股权集中度较为分散会导致相对平稳的股利政策，并吸引现有的股东和潜在的投资者，提升公司股票的价格。 最后，在以上研究的基础上，针对我国上市公司股利分配中存在的问题，就规范上市公司股利政策行为做出对策与建议。 关键词：上市公司；股权结构；股利政策 Abstract Appropriate dividend policy of listed companies can not only establish a good market image, but also can stimulate the enthusiasm of investors; the dividend policy has become the focus of the financial management of common concern. The equity structure is not only the basic problem the stock market, but also affect the dividend policy of the most important factor. This article focuses on the ownership structure of listed companies’ dividend policy. First of all, on the dividend policy of the ownership structure of property and equity shares, respectively, from the concentration of the two aspects of the theoretical analysis, case studies lay the theoretical foundation. Next, select the appliance industrys two giants - Sichuan Chang Hong and Electric beauty, through case studies to further validate the main point. The results show that: a higher proportion of the largest shareholder, is in absolute control of the state, plus higher ownership concentration would lead to volatile fluctuations in the dividend distribution policy, the lack of continuity and stability; the contrary, the largest shareholder of the lower stake, in a relatively controlled state and the more dispersed ownership concentration will lead to a relatively stable dividend policy, and attract the existing shareholders and potential investors and enhance stock prices. Lastly, some suggestions for the government to perfect companies dividend behavior were put forward,