我国上市公司股利分配政策研究

摘  要

所谓股利政策是指企业关于发放股利与否、发放多少股利、何时发放股利等方面的税后利润分配政策。股利分配政策不仅关系到股东的经济利益，而且关系到公司的发展前景。目前我国上市公司的股利分配政策存在着普遍不分配，股利分配形式重派股低派现，股利政策缺乏连续性和稳定性等问题。究其原因在于我国上市公司股权结构不合理，证券市场和中小股东投资理念不成熟，许多上市公司经营业绩不佳，过分强调筹资功能,忽视企业机制转换等。为规范我国上市公司的股利分配政策，我们应采取积极的措施，如制定相应政策法规，限制不分配的公司行为，保持股利政策的持续长期稳定性，加强对上市公司股利分配的监管等，使我国上市公司股利分配政策趋向合理、成熟。
  

关键字：上市公司；股利分配；股权结构
Abstract

So-called dividend policy is issued, or dividend about how dividend, when issued aspects of dividend distribution policy after-tax profits. Dividend distribution policy is not only related to the economic interests of the shareholders, and in relation to the prospect of a company. Listed companies in China at present the dividend distribution policy exist generally not allocate, dividend distribution form sent low weight, dividend policy stability and lack of continuity. Investigate its reason lies in the Chinese listed companies, unreasonable structure of equity securities market and investment in small and medium shareholders not mature, many listed companies operating performance, emphasize the financing function, mechanism of enterprises. For regulating listed companies in China, we encourage distribution policy should take active measures, such as making relevant policies and regulations, the company limited not allocate, keep continuous long-term stability of the dividend policy, to strengthen the supervision of dividend distribution of listed companies listed companies in China, so as to make reasonable distribution of encouraging policy trend, mature.

Keywords:  Listed companies；Dividend distribution； Equity structure

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