股利政策及与企业价值的相关性研究.doc

摘要:股利政策作为公司的三大财务决策之一，一直是西方金融家关注的焦点。早在上个世纪30年代，就产生了“一鸟在手”的股利理论。米勒和莫迪格莱尼于1961年提出的“股利无关论”标志着现代股利理论的创立。在这一理论的基础上，学者们不断放宽该理论的假设前提，使其更接近市场的现实情况，从而发展创立了一系列的股利政策理论。股利政策是关于公司是否发放股利、发放多少股利以及何时发放股利等方面的方针和政策，股利政策在股份制企业经营决策占主要地位，并且对企业的市场价值有重要的影响。在当前我国建立现代企业的过程当中，随着上市公司的规模不断扩大，研究股利政策的制定及其对企业价值以及财务活动的影响，对于提高我国上市公司核心竞争力、促进股市健康发展、以及对提高资本资源的效率有重要理论意义和实践意义。

关键词：股利政策；股利理论；企业价值；财务指标

Abstract:Dividend policy is one of three major financial decisions of the company, which has been the focus of attention of the western financers. Early in the last century 30’s, had ‘a bird in the hand’ dividend theory. Miller and Modigliani in1961, the ‘dividend irrelevance’ marked the establishment of modern dividend theory. Based on this theory, scholars continue to relax the assumption of the theory, the reality is more close to the market, which created a series of dividend policy theory. Dividend policy is about whether the company pay off dividends distribution policy and how and when to pay a dividend, dividend policy plays an important role in the management of joint-stock enterprises, and has an important effect on the market value of enterprises. During the process of establishment in modern enterprises, it plays a real role in the effect of enterprise value and financial activities when researching on dividend policy, along with upgrading core competence of domestic listed companies, promoting sound development of stock market and uplifting efficiency of allocating capital resources.

Keywords：dividend policy   the theory of dividend policy   the enterprise value  financial index