内部因素对股利分配政策影响的理论分析——基于企业集团内部资本市场与股利分配政策理论梳理

The Theoretical Analysis of the Impact of Internal Factors on Dividend Distribution Policy:Based on the Theoritical Analysis of Enterprise Group's Internal Capital Market and Dividend Distribution Policy

从20世纪70年代开始,内部资本市场理论成了分析企业集团内部资本配置行为的一个重要理论;而从股份公司诞生之日起,股利分配便已成为公司管理者与投资者共同关注的一个焦点问题。以往对内部资本市场的研究都面向其配置效率、内部资本市场与公司治理、公司结构、代理问题等的关系研究,且在股利政策方面多涉及公司规模、公司盈利能力、现金状况、治理结构、所属行业等,在梳理内部资本市场与股利分配政策相关文献的基础上,希望找到内部资本市场影响公司的股利分配政策的理论依据,这对丰富内部资本市场和股利政策的研究都具有一定意义。

From the 1970s, the internal capital market theory has become an important theory in analyzing enterprise group＇s internal capital allocation behavior. Since the emergence of the joint-stock companies, the dividend has already become a common issue on which is focued by managers and investors. In the past, most studies on internal capital market were mainly oriented to issues such as allocate efficiency, the governance of internal capital markets and corporation, corporate structure, agency and their relations. The dividend policy was mainly involved in company size, company profitability, cash position, governance structure, industry, on the basis of analyzing the internal capital market and dividend distribution policy literature, this paper has the hope of finding the theoretical basis of the internal capital market which affects the company＇s dividend distribution policy. This is significant to the study of internal capital markets and dividend policy.