浅析我国上市公司股利分配政策-毕业论文（设计）.docVIP

PAGE PAGE 1 浅析我国上市公司股利分配政策 院 系：经济管理学院 专 业 班：财管 班 姓 名： 学 号： 指导教师： XXX 年5月 浅析我国上市公司股利分配政策 Analysis of Dividend Policy of Listed Companies PAGE I 摘 要 股利分配政策作为公司财务管理的三大政策之一，由于它是公司在利润再投资与回报投资者之间的一种权衡，关系到股东的现期收益与公司的未来发展，关系到不同股东群体之间的利益均衡，进而关系到上市公司和证券市场的健康发展，从而一直是公司财务管理中的一大难题：税后利润究竟作为股利分配给股东好还是留存在企业作为企业内部积累好；采用哪种形式支付股利更有利于公司发展？诸如此类的一系列问题至今未有统一的说法，我国股票市场经过数十年的艰苦努力，获得了长远的进步，但是与西方发达的资本市场相比，就上市股利分配政策来看长期处于不规范的状态。 股利分配政策作为公司经营行为和经营业绩的反映与折射，不仅会影响公司的形象还会引起公司的股价异常变动，我国上市公司非理性的股利分配政策，已影响到我国资本市场的发展，对中小投资者产生了严重的负面影响。本文从我国上市公司股利分配政策现状及特征入手，在分析我国上市公司股利分配现状成因的基础上，提出了健全完善我国上市公司股利分配政策的建议。 关键词：上市公司　股利分配政策　股利分配 Abstract As one of the three policies of the company’s financial management, dividend policy has always been a big difficult problem, since it weighs between using the profit to invest and returning the investors. Dividend policy will not only have an impact on the current profit of the stockholders and the company’s future development, but also influence the profit balance among different groups of the stockholders, thus relating to the healthy development of the listed companies and stock markets. Such series of questions as is it good for the after-tax profit to be distributed to the stockholders as dividend or be remained as the company’s internal accumulation and which means is better for the company’s development to pay the dividend haven’t been reconciled. Thanks to several ten years’ perseverance, our country’s stock market has improved greatly. Compared to the developed capital market, however, it has been a non-standard condition as to the listed dividend distribution policy. As the reflection of the company’s management behavior and operating performance, dividend policy not only influences the profile of the company but also makes unusual changes of the company’s stock prices. The irrational distribution policy of our country’s listed companies has influenced the development of the capital market which poses negative effects on the medium and smal