我国上市公司股利政策与股权关系探讨

The exploration on the relationship between the dividend policy and stock ownership of listed company in China

对企业股利政策理论的历史发展进行回顾,从MM的股利无关论到KUM ARR的“噪音信号传递”理论,概括了我国上市公司分红现状,结合股权结构对上市公司分红的动因进行分析,根据我国证券市场股权的现状及国有股的减持实践,提出完善企业股利分配和股权结构的几点思路。

Development history of the theory of dividend policy of enterprise is reviewed. The current status of dividends of listed companies in China is summarized. Combined with stock ownership, the cause of sharing profits of a listed company is analyzed. According to the present situation of stock ownership in China＇s stock markets, and the practice of decreasing the percentage of state-owned stocks, some ideas to improve dividends distribution and stock ownership of enterprises are put forward .