中国上市公司分红现状与趋势研究

The Current Status and Development Trend of the Dividends of China Listed Companies

近年来,随着监管部门一系列鼓励上市公司分红政策的发布和实施,我国上市公司分红水平逐步改善,上市公司分红总额持续增加,上市公司透明、持续、稳定的分红机制初步形成;分红公司占比、分红净利润占比、股息率、分红持续性和集中度等指标趋近成熟市场水平。部分上市公司的持续分红机制成为蓝筹股投资价值的重要源泉,相对稳定的股息率水平成为财富保值投资选择。基于这些研究结论,本文建议积极倡导上市公司建立透明、持续、稳定的分红机制,进一步加强分红税收优惠政策支持,让公众投资者充分共享经济增长成果。

In recent years, with the release and implementation of a series dividend encouraging policies issued by authorities, the level of listed companies＇ dividends is gradually improved, the total amount of dividends is increasing, a transparent, continuous, stable dividends mechanism is initially formed. The proportion of companies with dividend, dividend over net profit ratio, dividend yield, dividend persistency and concentration are all close to the level of developed markets. The continuous dividend mechanism is an important source of blue-chip investment, and a relatively stable dividend yield level becomes wealth preservation investment option. Based on the research results, it is advised that companies should establish transparent, persistent and stable dividend mechanism, and the tax preferential policies to support dividend are to be strengthened, so that public investors can fully share the profit of the economic growth.