万科集团股利政策分析.docVIP

万科集团股利政策分析?摘 要 股利政策是公司财务的重要组成部分同时也是上市公司理财的三大活动之一。一方面它是公司进行筹资、投资活动的延伸。另一方面适当的股利政策可以树立公司良好的形象从而激发广大投资者对公司的关注最终使公司获得长期、稳定的发展机会。因此对于这一问题的探讨具有十分深远的理论和实践意义。本文试图通过对上市公司股利政策的探讨研究股利政策对上市公司股票价格的影响提出自己的观点以期对上市公司股利政策的制定有所帮助。 本论文分为四章。 第一章阐述股利政策理论基础。每个理论都有各自合理的地方同时也有它的不足之处。在此基础上人们又发展出一些新的理论。这些理论为我们研究股利政策提供了理论依据。 第二章阐述了股利政策的内涵、目标。公司在制定股利政策时必须考虑各种影响因素才能制定出符合自身特点的最佳股利政策。 第三章为股利实务章节。本文选取万科这一老牌上市公司作为研究的对象。对其股利政策与中国上市公司的共性与差异作研究分析。 第四章为结论部分。通过对股利政策理论的回顾以及万科的实际分析之后提出对于中国上市公司在制定股利政策时的建议。 关键词:万科上市公司股利政策 I万科集团股利政策分析?ABSTRACT Dividend policy is one of core content of financial management in listed companies. On the one hand it is the logic extension and inevitable outcome of financial and investment activities on the other hand appropriate dividend policy can set up good company reputation arouse enthusiasm of many investor to continuous invest and acquire long and stable development opportunities and conditions. Probing the issue has profound theory and practical significance. With the development of securities market there are more and more listed companies in our country and their dividend policies are very different. On the basis of probing many kinds of dividend policy theory using the empirical research method to probe the effect of dividend distribution on the stock price in listed companies I put out my own view and hope it available to decision making of dividend policy in listed companies. This dissertation is divided into four sections: the first section introduces some basic theories of dividend policy and their further research results which is the theory base of this dissertation. People have studies the dividend policy for long time and formed some basic theories. Meanwhile with the change of economic environment and the development of subject people probe it from wider fields and make some new study achievement such as clientele effect theory signaling hypothesis agency cost hypothesis. Section two I set forth implications and objectives of dividend distribu