上市公司股利分配政策研究——以长虹美菱股份有限公司为例

Research on the Dividend Distribution Policy of Listed Companies——Taking Changhong Meiling Company Limited as an Example

近年来,我国的资本市场发展比较迅速,但是相比于西方资本市场,我国的资本市场仍不够健全。论文结合案例研究法和对比分析法,发现长虹美菱自上市以来一直采用低现金股利分配政策并且股利分配政策不连续、不稳定。一方面是因为企业增加投资额,投资项目占用资金过多,用于向投资者发放的现金股利随之变少;另一方面是因为企业的盈利能力不稳定。根据以上现状分析,论文对长虹美菱的股利分配政策提出相关建议,以期为长虹美菱股利分配政策以及企业的长远发展提供参考。

In recent years,China's capital market has developed rapidly,but compared with the western capital market,China's capital market is still not perfect.Combined with case study method and comparative analysis method,this paper finds that Changhong Meiling has been adopting low cash dividend distribution policy since its listing,and the dividend distribution policy is discontinuous and unstable.On the one hand,it is because the enterprise increases the amount of investment,the investment projects occupy too much funds,and the cash dividends paid to investors become less.On the other hand,it is because the profitability of the enterprise is unstable.According to the above analysis of the current situation,the paper puts forward relevant suggestions on the dividend distribution policy of Changhong Meiling,so as to provide reference for the dividend distribution policy of Changhong Meiling and the long-term development of the enterprise.