上市公司股利分配现状与成因分析

Analysis on the actuality and reasons of interest's shares in China public company

股利分配是上市公司将企业盈利在留存收益与支付股利之间进行分配的行为,它是公司主要财务活动之一。理想的股利政策应该是在股东利益、企业价值和企业可持续发展之间求得某种平衡。从股利分配理论入手,分析中国上市公司股利分配的现状,剖析上市公司股利分配政策的影响因素,探究上市公司股利分配政策的合理性及有效性。企业规模、持久盈利、法律环境以及代理问题是影响中国上市公司制定股利分配政策的重要因素;公司现金流量、股东偏好等因素也在一定程度上决定着上市公司股利分配的方针。

The interest＇ s shares in public company is the deed which allots the enterprise earnings between the company and the shareholder, it is one of the main finance activities of company. The ideal interest on shares policy should keep on of the development to achieve a certain balance in the shareholder benefits, the business enterprise value and its permanent developing. This paper tries to assign the theories to commence from the interest on shares, analyzing the present condition and the influence factors of the interest＇ s allotment in Chinese public company, and investigating its rationality and the usefulness of the policy. On the point of the view： business enterprise characteristic, ability for permanent earnings , law problems and the problem of agency is important factor that affects Chinese public company to establish its interest＇s shares policy. In addition, shareholder hobby and cash discharge also decide the policy of the public company interest on shares allotment to some extent.