我国上市公司股利分配政策的分析(一)

Analysis on Dividend Distribution Policy of China's Listed Companies

股利分配政策是公司财务管理的重要内容之一,在股份制企业经营决策中占有重要地位。合理的股利分配政策是保证证券市场对投资者具有持续吸引力的关键,有利于上市公司股权结构的稳定,实现公司市场价值最大化。然而自我国证券市场建立以来,证券监管部门对上市公司股利政策的约束较弱,出现了许多不正常或不合理的股利分配政策;上市公司股利分配政策的制定普遍存在着非理性化倾向,影响了我国资本市场的正常运行与健康发展。因此,全面、客观地揭示我国上市公司股利分配中存在的深层次问题,探讨我国上市公司的理性股利政策,对于我国证券市场乃至整个宏观经济的稳定、健康与持续发展都具有极其重要的意义。将从研究背景与研究意义、股利分配政策的现状、股利分配政策影响因素与存在问题、建议与展望四部分对我国上市公司股利分配政策进行分析。

Dividend distribution policy is one of the core contents of corporate financial management, and occupies an important position in the management decision of stock enterprise. A reasonable one is the key to the continuous attraction of the securities market to the investors, to the stability of ownership structure of the listed companies, and to the achievement of market maximization. However, since the establishment of China＇s securities market, for the weak constraints of the stock supervision department, a number of unusual or unjustified dividend distribution policies appeared, and the widespread irrational tendency of which has affected the normal operation and healthy development of China＇ s capital market. Hence, it is important for the development of securities market even the whole macro-economy in stability, health, and sustainability, to reveal the existing deep level problems comprehensively and objectively in the dividend distribution policy and to explore its rationality. This paper analyzes the dividend distribution policy through four parts：research background and significance, present situation, influencing factors, and existing problems with its suggestion and projects.