摘 要:股利政策在企业经营决策中占有非常重要的地位，它是企业的核心财务问题之一，因而股份公司的利益相关者对股利分配政策一直十分关注。同时，随着股份制改造的不断推进，证券市场的不断发展和完善，对上市公司股利政策的研究便显得越来越重要。但由于中国证券市场起步较晚，现代企业股份制实行的机制还不够成熟，大部分上市公司还没有制定明晰的股利政策，其股利政策的制定太过随意，使得大股东常常随意融资和恶意套现，这样不仅扭曲了市场投资的理念，损害了中小投资者的利益，还导致股票的市场价格失真，给市场的运行带来了许多不良影响。本文在对股利分配政策理论的介绍基础上，对影响股利政策的因素进行了分析，并对各种股利政策进行比较，通过分析我国上市公司股利政策的现状，找出股利政策实施中存在的问题，并分析其原因，最后提出规范我国上市公司股利政策的建议。
关键词：上市公司 股利政策 证券市场 股权结构
ABSTRACT:Dividend policy plays an important role in decision-making in the joint-stock enterprises. It is the core of the financial problems of the enterprise, therefore the dividend policy is always concerned by stakeholders. With the advancement of shareholding system reform and the continuous development and improvement of the securities market, the research on dividend policy of listed companies is more and more important. But because of China's securities market started late, the implement mechanism of share-holding system of modern enterprise is not yet mature, the majority of listing Corporation have not been made clear dividend policy and the dividend policy is very arbitrary. The situation of big shareholders’ optional financing and malicious cash has occurred from time to time, it not only damages the interests of small and medium-sized investors and distorts the concept of market investment, but also leads to distortion of stock market prices and brings great negative impact to the operation of the market. In this paper, based on the introduction to theory of dividend distribution policy, the factors affecting the dividend policy is analyzed and the dividend policy is compared. Through the analysis of the present dividend policy situation of Chinese listing Corporation, we can find out the existing problems in implementation of the dividend policy and analyze the causes. Finally we can put forward suggestions to improve the dividend policy of listed companies in China.
Keywords：listed company；dividend policy；stock market；Equity structure
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