我国股利政策研究.docVIP

我国股利政策选择研究 摘要 股利政策是现代公司理财的主要内容之一。公司制定股利政策的过程就是 决定支付 股利与留存利润之间的一个权衡过程，既关系到股东的利益，又关系到企业的未来发展。 恰当的股利分配政策不仅可以树立公司良好的形象，而且能激发广大投资者的投资热情, 使公司获得长期、稳定发展的条件和机会。与国外市场经济成熟国家的上市公司相比，我 国上市公司的股利政策缺乏稳定性，股利分配中的短期行为严重，损害了中小股东的利益, 也成为公司发展和市场规范的严重障碍。首先对股利分配的市场反应进行实证研究，发现 市场欢迎送股，反感派现，国外主流的代理理论和信号理论很难对其进行解释。然后立足 于我国证券市场实际，从理论和实证两方面进一步探究股利政策的形成。理论分析探讨了 影响股利政策的外部和内部因素，实证分析采用案例分析法考察了公司现金股利和股票股 利的决定因素，最后对监管部门如何进一步引导和规范上市公司股利分配行为提出建议和 措施。 关键词：上市公司 股利政策 股利分配 Selection of Dividend Policy in China Abstract Dividend policy is a modern company, one of the main contents of financial management. Company dividend policy was the decision to pay dividends and retained profits of a trade-off between the process, both related to the interests of the shareholders, but also related to the future development of enterprises. Appropriate dividend distribution policy can not only establish a good corporate image, but also can stimulate the investment enthusiasm of the vast number of investors, the companys long-term and stable development of the conditions and opportunities. Mature market economy with foreign countries, compared to listed companies, China!s listed companies lack the stability of dividend policy, dividend distribution in the short-term behavior seriously damaged the interests of small shareholders, has also become a company to develop and market a serious obstacle norms. This article first dividend distribution market reaction empirical research, we find that the market welcomed the bonus, resentment is sent abroad mainstream agency theory and signal theory it is difficult to interpret. And then based on the reality of Chinas securities market, from both theoretical and empirical further explore the formation of dividend policy. Theoretical analysis of the impact of dividend policy of the external and internal factors, empirical analysis using stepwise regression visit the company s cash dividends and stock dividends determinants, and verify the theoretical analysis based on five assumptions.