从股权结构看国有企业“所有者缺位”问题及对策

The Problem of Owned-absent in State-owned Enterprise and the Countermeasure on the Basis of Stock Option Structure

股利政策是公司重要的财务政策,关系着公司的报酬率和风险,并对公司的长远发展有着极大的影响。本文通过对国有企业中现金股利和股票股利之间的博弈,以及为什么本应偏爱于现金股利的国有企业却更多地选择了股票股利的现象的分析,对国有企业股权失衡的问题和处理建议进行了探讨。

Dividend policy is an important financial policy of enterprise, having relations with risk and rate of return, further influencing on enterprise development. Through analysis of the game of cash dividend and stock dividend of State-owned Enterprise, and analysis of an phenomenon, which State-owned Enterprise select stock dividend although it prefer cash dividend to stock divided , this paper discuss about the problem of unbalance of stock option and proposes some constructive suggestions.