中国上市公司股利政策的影响因素研究 在一个特定的证券市场中，应该采取什么样的股利政策才最合适，一直以来都是专家们研究的热点。恰当的股利政策，不仅可以在证券市场中树立起公司积极健康的正面形象，而且能增加广大投资者对公司的信心，甚至于可能使投资者因为看好公司发展前景而追加对公司的投资，从而使公司取得持续、稳定发展的条件和机会。
鉴于股利政策对我国上市公司有很重要的研究意义，本文首先以西方股利政策的理论作为切入点，介绍股利政策实现方式和类型、策略，并对我国上市公司股利分配的现状进行理论分析，分析表明我国上市公司股利政策存在不分配公司比率偏高，支付现金股利的公司比率和股利支付率水平偏低,送股、转增股等资本扩张行为“绑架”现金股利这几个问题。
本文以2009年至2011年我国沪深股市全部A股上市公司为研究对象，采用多元线性回归方法对上市公司是否分配股利进行实证分析，结果表明影响我国上市公司是否分配股利的主要因素，分别是公司的盈利能力、公司规模和负债水平。最后在研究结论的基础上作出对上市公司股利政策的优化建议，一方面上市公司从内部着手提高上市公司的盈利水平，优化公司资本结构，合理确定权益资金数额，另一方面，政府要健全市场退出机制，优化上市公司质量，只有内外合力，才能使我国上市公司股利政策更加合理，促进证券市场健康稳定发展。
关键词：上市公司，股利分配，股利政策，影响因素，实证分析
Abstract
It is a hot spot for specialist to research for proper dividend policy in a specific stock market.From than on ,the securities industry in China has gradually grow and has been an important part in our country's economy.
Measurable dividend policy not only can foster a postive and healthy company image, but also raise the broad investors’confidence in share-holding, then the listed corporation can get the condition and opportunity of the durative、steady development.
In view of the dividend policy has the important research significance , this paper firstly introduce western dividend policy as the breakthrough point ,following with the implemented way ，type and strategy of the dividend policy.After that ,the paper analyzes the present situation of the listed corporation’s dividend policy in China and studies manifests four problems: the ratio of the listed corporations which have no dividend distribution is still high;the ratio of the listed corporations which defray the cash dividend and the level of the dividend payout ratiois still low; the deed of capital expansion such as the bonus issue、increasing by transferring shares etc“kidnaps” the cash dividend.
The paper aims to discover it’s influence factor of the listed corporation’s dividend distribution of China from 2005 to 2009 and eventually figures out via empirical research that the profitability, the scale and the level of liabilities are the most important factor . On the basis of the result of the reseach , the listed corporation are suggested to strengthen the internal strength from the interior, optimize capital structure and improve the market exit mechanism to make the stock market to grow healthfully and stably.
Key word:the listed corporation ,dividend distributions ,dividend policy,
influencing factors, real example analysis
*若需了解更多与协助请咨询↓→[电脑QQ][手机QQ]【数据协助】
