浅析我国上市公司现金股利政策

^论文编号:KJ705  ^论文字数:9657,页数:18

摘 要

 自2001年起，中国证监会出台了一系列鼓励与强制性分红措施，而在股权分置改革中，不少上市公司也承诺股改后以可分配利润的一定比例对公司股东分红。本文先探讨我国上市公司现金股利政策的实施现状和存在的缺陷，着重分析产生这些问题的原因，提出合理建议。本文主要利用历年的数据，并根据图表和案例来对问题进行探索。
 股利政策是上市公司财务管理的核心内容之一，恰当的股利分配政策，可以激发投资者对公司持续投资的热情，为企业的长期稳定发展打下坚实的基础；同时也树立公司良好的形象，进一步创造了可持续发展的机会和条件；也因此促使上市公司管理层投入更多的精力努力工作，完成公司价值的实现。

关键词：现金股利，股权分置改革，大股东，上市公司
Abstract

 Since 2001, China Securities Regulatory Commission issued a series of incentive and mandatory dividends measures. After the share-reform plan, lots of listed companies made the commitments of a certain proportion of profit-sharing to the shareholders.
 This paper first gives the implementation status of the cash dividend policy in Chinese listed companies and discusses its defects, and then emphatically analyzes the causes of these problems, as well put forward some reasonable suggestions. This paper will explore the above issues by historical data, using relevant charts and cases.
 Dividend policy is one of the core financial management for listed companies. An appropriate dividend distribution policy can not only stimulate the continuously enthusiastic investment for the enterprise, and also lay a solid foundation for a long-term stable development. What’s more, it can help set up a good image for the company, which creates more opportunities and conditions for a sustainable development, and also prompt managers to put more effort and energy in work for the realization of company value.

Keywords: Cash dividend, the share-reform plan, big shareholders, listed companies

目录
2 现金股利概述 3
2. 1 现金股利的概念 3
2. 2 现金股利的重要性和特殊性 3
3 相关研究和文献综述 4
4 我国上市公司现金股利政策实施的情况 5
4. 1 不分配和高分配现金股利现象两极分化 5
4. 2 现金股利支付比率低、波动大 6
4. 3 股东套现现象严重 7
5 影响我国上市公司现金股利分配政策的因素分析 9
5. 1 我国法律法规制度的限制 9
5. 2 契约性约束 11
5. 3 股东的因素 11
5. 4 公司内部因素 11
6 针对我国上市公司现金股利政策的建议 13
6. 1 全面进行股权分置改革 13
6. 2 加强法律法规的建设 14
6. 3 提高上市公司的经营能力 14
7 总结 15
参考文献 16

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