制度规制下的中国上市公司股利政策选择

Dividend Policy Choice of China's Listed Companies Under the Background of Institutional Regulations

以我国上市公司股利分配的制度规制变革为脉络,通过对制度规制下分红上市公司数量变化、分红形式选择、现金分红水平以及分红持续性的描述统计,客观揭示了我国上市公司股利政策选择的行为特征。从外部监管政策的阶段性滞留效应、制度背景下的异质性股权结构和投资者缺乏长期投资意识三个方面对我国上市公司股利政策选择成因进行分析,针对描述统计和成因分析结果提出了规范上市公司分红机制的政策建议。

Taking the institutional regulation reform of the dividend distribution of listed companies in China as the context,this study objectively reveals the choice characteristics of dividend policy of listed companies in China by describing the statistics of the number of dividend-listing companies,the choice of dividend forms,the level of cash dividends and the persistence of dividends.From the three aspects of the external regulatory policy's stage retention effect,the heterogeneous ownership structure in the institutional context and the lack of long-term investment awareness of investors,this paper analyzes the causes of the dividend policy choice of listed companies in China and based on this,it proposes policy suggestions for the standardization of the dividend mechanism of listed companies.