股份公司红利分配方案刍议

COMMENT ABOUT COMPANY'S DIVIDEND POLICY

股份公司的红利分配方案是股份公司向股东提供投资回报的主要形式。它不仅关系到股东直接的经济利益，而且还向社会传递了公司经营状况的信息。合理地制定分配方案有助于股份公司的健康发展。本文就股份公司的分配方案的类型、特点进行讨论，比较了股票股息方案与股利股息方案的优劣，并进一步提出了股份公司制订股息政策时应遵循的基本准则：股东利益最大化原则，资本效率原则，风险与收益均衡的原则和短期利益与长期利益的平衡的原则。

Company's dividend policy is a main form for the company to provide returns for her stockholders. Dividend policy is not only directly related to the stockholder's benefits, but also conveys the information of company's operation standings. Working out a reasonable dividend policy will contribute to company's healthy growth. The article has discussed the classifications and characteristics of a campany's dividend policies and compared cash dividend with the stock dividend. Furthermore,the paper has put forword four principles that a comparny should follow when it is going to lay down its dividend policy. They are maximiumzation of stockholder's wealth,Capital efficiency, equilbrium of risk and returns,and balance between short term profits and long term profits.