上市公司股利政策问题探讨

摘　要
股利政策是关于收益分配的策略，它涉及到多方相关者的利益，对投资者、市场以及上市公司本身都会产生重大的影响。持续、稳定的股利分配政策不仅有利于实现股东财富最大化的目标，而且有利于资本市场和上市公司自身的健康发展。然而，通过对我国上市公司近几年股利分配情况的分析发现，我国上市公司股利分配政策缺乏连续性和稳定性，短期行为严重，对投资者、市场以及上市公司本身都产生了严重的影响。针对这种状况，本人认为，认识事物的本质就要抓住导致事件产生的根本原因。因此，本文主要是通过对我国上市公司股利分配状况的分析，采用定量分析和定性分析相结合的方法来研究影响股利分配的关键因素，目的在于为上市公司制定股利分配政策时提供一些建议，同时为规范上市公司股利分配行为、完善对上市公司的监管提供一定的参考。本论文分六个部分进行了阐述：
第一部分是现代股利政策相关理论概述；第二部分是我国上市公司股利分配政策的现状分析；第三部分是本文的重点，主要对我国上市公司股利政策影响因素进行多层次的分析；第四部分是股利分配的现状所产生的负面影响；第五部分是针对这一系列的原因和现状的分析，提出规范我国上市公司股利政策的对策和建议；第六部分是本文的结论部分。

关键词：股利政策; 上市公司; 股票股利; 股票回购.
ABSTRACT
The dividend policy is about the earning distribution strategy, it involves to in every way correlation benefit, to the investor, and it has the significant influence to the investors and corporations. The stable dividend policy not only is important to the goal of wealth maximization, but also benefits to the development of the company and the capital market. While, through the analysis of facts of our dividend policies, we find the company dividend is not stable and continuous, and gives the bad effects on the investors, companies and market. So, this article uses the qualitative method and quantitative method to analyze the factors that influence the dividend policy. Moreover, our analysis can give some advises to the companies’ dividend decisions and the supervision of companies.
 This paper includes six parts. The first part presents the theory about the modern dividend policy. The second part analyzes the fact of our company dividend policy. The third part also the most important one focus on the multi-level analysis of the factors the influence the dividend decision. The fourth one involves the negative influence of present situation of dividend distribution. The fifth part gives some suggestion about the company dividend policy. The last one is the conclusion of the paper.
Key Words: The dividend policy； The listed company； The stock dividend； The stock payback.

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