能源类上市公司股利分配政策研究

Research on Dividend Policy of Domestic Listed Energy Company

通过对国内75家能源类上市公司2002年～2004年股利分配政策的研究,我们发现按固定股利政策进行分配的公司,受到以低风险和稳定现金收益为主要投资目的的机构投资者青睐。参考美国能源类上市公司的股利分配模式,我们提出我国能源类上市公司创新的股利分配政策。“固定股利+稳定预期”的分配政策,将是我国能源类上市公司下一步着重发展的方向,也是与国际接轨的途径之一,并且讨论了我国上市公司股利分配政策创新的方向。

After researching the dividend policy of 75 domestic listed energy companies, we find that the companies with fixed dividend policy are in favor with the institution investors who focus on low risk and stable cash revenue. Refer to the dividend policy module of USA listed energy companies, we raised our theory of dividend policy of domestic listed energy companies. The policy of “fixed dividend and stable expectation” is the direction of domestic listed energy companies and the way to follow the international tradition.