试论上市公司适度的股利政策

Try to talk about moderate shares policy of listed company

股利政策是股份制公司确定股利及与股利有关事项所采取的方针和政策。它既影响公司的市场价值,关系到公司股东的经济利益,又影响公司的外部筹资能力与积累能力以及未来发展。公司在制订股利政策时应兼顾公司未来的发展对资金的需要和股东对本期收益的要求,施以适度的股利政策则有利于公司股权结构的稳定,并在公司面临外部接管威胁时提供有效的防御屏障,以利于公司经营的稳定持续发展,实现价值最大化。

Dividend policies is the guidelines for stock system company determines dividend and related item with dividend. It not only have the influence on company＇s market value, relates the company shareholder＇s economical benefit but also effect the company＇s exterior financing ability and the accumulation ability as well as the future development. Company when dividend policy should give dual attention to the company future development to the fund needs and the request that shareholder to income. Serve with the moderate dividend policy then will be good for the company stockholder＇s rights structure stability, and will provides the effective defense barrier in the company when the exterior take over control faced with threat, favor the company manages stably continues to develop, realization value maximization.