【作者】 李瑞；

【导师】 陈晓坤；

【作者基本信息】 河海大学 ， 企业管理， 2004， 硕士

【摘要】 股利分配政策是上市公司财务管理中比较重要的问题，在公司经营中起着至关重要的作用。目前，我国上市公司的股利分配现状不容乐观：上市公司偏好送股、非良性分配公司的增多、分配政策的多变性等等，极大的损害了投资者的利益，不利于我国证券股票市场的健康发展。形成这一现象的内在原因是什么?应该如何规范上市公司的股利分配行为?本文根据近几年上市公司的分配状况对股利分配行为及其原因作了一些分析探讨，并提出一些对策思路。 内容根据题意逐层展开。首先，描述了我国上市公司股利分配的现状，并对目前现状进行了总体分析；其次，分析了造成这种现状的原因，从上市公司外部与内部两方面来进行分析；并且参考国外上市公司股利分配政策的启示，结合我国的具体实际来提出对策和建议：上市公司的分红行为理应取决于公司自身的经营状况与价值取向。但由于我国证券市场发育的不成熟性，决定了上市公司还难以依靠市场或自身的规律达到一个最佳境界。因而必要的制度与法规约束就成为一个必须的要求。 随着我国证券市场的逐步规范和不断完善，上市公司会真正从企业发展的战略角度制定股利分配政策，届时政府就可不必再对上市公司的股利政策进行干预，由上市公司根据所处行业特征、自身发展阶段和当时市场状况而选择合适的股利分配政策。更多还原

【Abstract】 Dividend policy is always the important part of listed company’s financial management. It plays a crucial place because it may affect company’s capital budget, capital structure and capital cost. At present, there are some actualities about dividend distribution of listed company: Dividend policy is changeable; Presenting shares is a general phenomena, etc. The study of the enterprise’s behavior is not only important to the management of the listed company, but also important to the healthy development of the whole market and the realization of the market functions through the improvement of the market efficiency. What is the inherent reason that forms this phenomenon? How to standardize the behavior of dividend policy of the listed company? The goal of dividend policy should be: The corporations should not only send bonus to stock holders and make them satisfied but also increase internal capital source and induce the cost of collecting funds. The dividend distribution of corporation is to transmit its profits in the future to the public.The paper is divided into four parts: Chapter 1 are some theories and researches on dividend policy. Chapter 2 has described the current situation of dividend distribution of listed company in China, and has pondered over the danger caused of the current situation. Chapter 3 has probed into the reason of the current situation: two causes of corporation inner and external environment. Chapter 4 puts forward the countermeasure and suggestion.Through this paper, the author hopes above-mentioned suggestions could contribute to standardize the operation of China’s capital market.更多还原