中小板上市公司利润留存的实证考察及制度优化研究

Research on the System of Retained Earnings in the Listed Companies of the SME Board and Its Optimization

通过对中小板上市公司进行的实证研究发现,中国上市公司目前的利润留存比例大约保持在八成左右;法律、惯例、习惯和纯粹利润途径等四个层次的规则体系所施加的约束力,决定了中小板上市公司的利润留存比例维持在一个较高水平上;改善上市公司的高利润留存比例不仅需要公司本身进一步地明晰其利润政策,还需要政府大力发展国内资本市场,改善公司的外部资本环境,更新媒体和社会公众的传统观念,以适应现代化的公司制度。

According to the empirical research on the listed companies of SME Board, the ratio of retained earnings currently stays at about 80% in China. As for the companies, rules which include the statutory law have four different levels and have decided that the ratio should be maintained at a high position. Therefore, it is to say that the ratio of 80% would be some reasonable. The government, the media and the whole society should make efforts to provide an institutional environment of a gradually descending retained earnings ratio. To improve the high ratio of the retained earnings of the company, it requires not only the company itself to further clarify its profits policy, but also the government to develop the domestic capital market, and the media and the general public to update the traditional concepts to adapt to the modem company system.