【论文】郑州宇通客车股份有限公司股利分配政策分析.pdfVIP

郑州宇通客车股份有限公司股利分配政策分析 摘 要 股利分配是公司将企业的盈利在留存和支付股利之间进行分配的行为，它是公 司三大财务决策之一。股利分配的合理与否不仅影响到与企业相关各方面的利益， 而且关系到公司的筹资和资本结构合理性问题，更涉及到企业的长远发展。如何选 择一个合理的股利分配政策使公司价值最大化，是上市公司财务管理中需要解决的 一个重要问题。 本文选取郑州宇通客车股份有限公司作为上市公司的代表，通过宇通客车 1997～2008 年的股利分配情况可以看出：该公司的股利分配方式以现金股利为主， 股票股利为辅，同时伴有配股和转增股；多年来股利分红比例较大，频度密，股利 分配浮动不大，具有一定的稳定性，较接近固定股利或稳定增长股利政策。横向对 比其他企业，宇通客车的股利分红高于同行业其他上市公司。文章从股利政策相关 理论出发，结合我国上市公司股利政策的现状以及宇通客车各项财务指标和各阶段 的股利政策特点，分析其选用的股利政策成因及宏观和微观方面的影响因素，为其 股利政策的改善提出合理建议，为宇通客车和其他上市公司提供参考。 关键词：宇通客车，股利政策，股票股利，现金股利 - I - 郑州宇通客车股份有限公司股利分配政策分析 Abstract Dividend distribution policy is the behaviour that corporate puts its profits at the retention and payment of dividend , it is corporation’s one of the three major financial decision-making. Distribution of dividends is reasonable or not affects not only with all aspects of business-related benefits, but also related to the reasonableness of companys financing and capital structure, but more related to the corporation’s long-term development. How to adopt a reasonable dividend policy to make corporations value maximize is an important problem needing solving in company’s finance and management. In this paper, we select the Zhengzhou Yutong Bus Co., Ltd. as representatives of listed companies, through Yutong Bus’s dividend distribution from 1997 to 2008 can be seen: cash dividends is the main type of the distribution, stock dividend as a supplement, accompanied by the Share matching Lettings and the extension increases the stock; for many years the company implemented a large proportion of dividends, freque