上市公司股利政策分析—以伊利公司为例.docxVIP

PAGE PAGE II 上市公司股利政策分析 —以伊利公司为例 摘 要 随着中国资本主义经济的迅猛发展，股利政策对公司的发展影响日益显著，制定符合公司发展情况的股利政策能够帮助公司融集最大程度上的外来资金，因而剖析我国上市公司股利政策的存在形式，发现其中的优缺点，从而制定有针对性的措施，促进公司进步。当前，由于中国股利政策的不全面，研究成果相对欠缺，很多上市公司的股利政策依然存在许多问题，例如不发股利、虚发股利等损害股东利益的问题，因此国内股利政策仍然存在着较大的完善空间。经过对伊利公司近几年财务数据的纵横向分析，其股利政策以高派现为主、配股为辅的形式进行股利发放；其影响包括内部和外部，最大的影响因素为公司当年的盈利即税后利润；其近十年来的现金股利发放的数量基本处于平稳上升的状态，说明公司的经营状况较健康。伊利公司股利政策的完善程度比较好，其原因包括公司的规模庞大、公司净利润高，拥有一定的社会公众基础，能够为现金股利的发放提供夯实的物质基础。 本文主要以分析伊利公司股利政策为主，对公司的基本情况进行一些说明和分析，例如股利分红的形式，其中高派现的特点比较突出；以及分红特点的形成原因，包括内外部的原因，主要原因来源于公司的内部，公司经营规模的大小、经营方式的内部结构等因素。 关键词：伊利公司 ；股利政策 ；现金股利 Analysis of Dividend Policy of Listed Companies —Take Yili Company as an Example Abstract With the rapid development of Chinas capitalist economy, dividend policy has an increasingly significant impact on the development of the company. Making dividend policy in line with the development of the company can help the company to collect the largest amount of external funds. Therefore, by analyzing the internal forms of dividend policy of Listed Companies in China, we can make up for the shortcomings and development advantages, so that the dividend policy can be further improved And develop the company and promote social progress. Nowadays ,there are still many problems in the dividend policy of most companies in the market, such as no dividend, false dividend and other problems that damage the interests of shareholders, so there is still a large room for improvement of domestic dividend policy. Through the vertical and horizontal analysis of the financial data of Yili listed company in recent years, the dividend policy of Yili listed company is to distribute dividends in the form of high dividend as the main form supplemented by stock allotment; its impact includes internal and external factors, forming a comprehensive impact, the biggest factor is the companys profit of the year, i.e. after tax profit; the number of cash dividend distribution in recent ten years is on the rise, indicating that the comp