对上市公司不分配现象及股利政策观念的探讨

Exploration of phenomenon of listed companies non distribute and the idea of policy of dividend

上市公司不分配现象日益普遍 ,其主要原因除了宏观经济的影响和公司对股本盘子的考虑以外 ,还有公司流动资金紧张以及股利政策观念等因素的影响。其中股利政策观念是一个不容忽视的重要因素 ,股利政策与公司的价值相关 ,尤其在市场风险和不确定性增大的环境下。从长远的观点看 ,不分配政策对公司的发展不利 :首先是不利于上市公司的根本转制 ;其次 ,屡次不分配将使公司形象受损 ,并且不利于未来长期筹资环境的开拓。因此 。

An increasing number of listed companies don′t distribute profit. The chief reasons are the deficiency of current funds and the idea of dividend policy, besides the influence of macroeconomy and companies′ consideration on the stock scale. The dividend policy is an important factor not to be ignored, which has relations with the value of an company, specially on condition that the market risk and indefinitity increase. The non distribution policy is unfavorable to companies′ development from a long term point of view. First, it is disadvantageous to basically shifting the system of listed companies. Second, many non distributions will damage the image of companies and be unfavourable to investment enviroment in the future. So listed companies should pay more attention to the divident policy and make it reasonable.