论中国上市公司的股利政策

【作者】 刘青；

【导师】 史代敏；

【作者基本信息】 西南财经大学 ， 工商管理， 2002， 硕士

【摘要】 筹资、投资、股利分配是现代公司理财活动的三大核心内容，股利政策数十年来一直是困扰经济学界的一个谜。费雪·布莱克在1976年称这为“股利之谜”，并说：“我们越是努力研究它，它就越像一个谜。”迄今为止，经济学家尚未能为这个谜找到一个被大家普遍接受的谜底。股利政策可看作是公司筹资、投资活动的逻辑延续，是其理财行为的必然结果。所以，恰当的股利分配政策，不仅可以树立起良好的公司形象，而且还能激发广大投资者对公司持续投资的热情，从而使公司获得长期、稳定的发展条件和机会。本文的目的是通过借鉴西方的股利理论，对我国上市公司股利政策的现状及影响因素进行探索，期望能对我国上市公司的股利分配提出一些有益的建议。全文分四章。第一章是绪论。重点讨论了股利、股利政策及相关的概念，指出了研究股利政策的重要性，阐述了研究股利政策的理论意义和实践意义。第二章重点讨论了股利理论、股利政策类型及其影响因素。综合评述了股利无关论和股利相关论，指出了二者最重要的区别在于应用前提不同；阐述了股利政策的四种类型，并对其影响因素作了认真分析，最后对现金股利、股票股利、财产股利、负债股利、股票回购进行了对比研究。第三章是本文最重要的一部分，这部份详细地描述、分析和评价了我国上市公司股利政策的现状、特点及成因，并对我国上市公司的股利政策的市场效应作了实证研究，再对比西方发达国家在股利分配上的选择，对比了中美两国在股票股利发放上的不同的处理方法，从<WP=3>而得出了一些有益的启示。通过大量的数据整理分析，指出了目前上市公司股利分配普遍存在的状况：（1）股利分配的形式多样化；（2）不分配的现象带有普遍性；（3）现金股利近年有逐渐上升趋势；（4）股利政策缺乏连续性、稳定性；（5）股利分配行为不够规范等。而我国上市公司特殊的股权结构、大股东对股权的乱用、代理人不道德的行为、上市公司再融资的泛滥及缺乏外部约束等因素是造成目前我国上市公司股利分配现状的诸多原因。第四章从规范我国上市公司股利分配的政策性建议、股利政策制定必须遵循的原则、股利政策的内容和股利支付形式及其选择四方面进行阐述。提出了规范上市公司的股利分配方案的制度和信息披露制度，改变大股东一股独大现象，实现同股同权，并提出了调整和完善股利分配的会计处理，提高投资者队伍素质和完善小股东的权益保护制度等一系列政策性建议。更多还原

【Abstract】 Financing, investment and dividends are three cores in financing activities of modern companies. For decades, dividend policy has always been a brain teaser puzzling economic circle. Black called it "a puzzle of dividends" in 1976, and he remarked, "When we made more attempts to study it, it is more like a puzzle." Up to now, economists haven’t found a widely acceptable answer to it. Dividend policy is regarded as a logical continuation of financing and investing activities conducted by companies, and an inevitable result of their financing activities as well. Therefore, an appropriate dividend policy can not only set up a good image for a company, but also inspire the investors to continuously invest in the company, which enables the company to obtain a steady and long-term developing condition and opportunity. By using western dividend theories for reference, the purpose of this article is to explore the actual situation and factors of the dividend policies practised by Chinese listed companies. The article is also expected to provide for dividend policy of listed companies in China with some suggestions.This article is divided into four chapters.Chapter 1 is an introduction. It mainly discusses the concepts of dividend, dividend policy and other related terms, and points out the significance of the study of dividend policy.<WP=5>It also puts forward that the goal of dividend policy must be obedient to the general goal of financial management, that is, the goal is to realize the maximal wealth of shareholders.Chapter 2 mainly discusses dividend theories, types of dividend policy, factors which affect dividends and how to select appropriate forms to distribute dividends. In this chapter, the author comprehensively comments on correlative dividend theory and irrespective dividend theory, and points out that the major difference between the two theories is applying different preconditions. The chapter also puts forward 4 types of dividend policy, and analyses the factors which affect dividends. Finally, it conducts a comparative study on cash dividend, stock dividend, property dividend, debt dividend and stock repurchase. Chapter 3 is the most important part of this article. The chapter describes, analyses and evaluates the actual situation, characteristics and causes of formation of dividend policy practiced by Chinese listed companies at length. It tries to conduct an evidence regarding study on market effects caused by the dividend policy of Chinese listed companies, and by comparing with the ways of distributing dividends in western developed countries, it lists the different ways of the distribution of dividends between China and America. Through a great deal of data analysis, the chapter points out the widely existing facts about the distribution of dividends: 1. The forms of the distribution of dividends are diversified; 2. The non-distribution phenomena<WP=6>are widely existent; 3. There are more and more cash dividends; 4. Dividend policy is short of consistence and stability; 5. The distribution behavior of dividends is not standardized, etc. Moreover, the actual situation of the distribution of dividends in China owes to the following reasons: the unique stockownership structure of Chinese listed company; some big shareholders’ misuse of authority; the immoral behavior of some agents; the refinancing of listed companies and being short of external restrictions.Chapter 4 discusses the following 3 aspects: First, Standardizes the distribution of dividends; Second, the principles that must be obeyed when listed companies make their dividend policy; Third, the content of dividend policy. The chapter puts forward the system of standardizing the distribution of dividends and the system of information exposure in order to alter the situation that some big shareholders dominate companies and realize that shareholders have the same right with the same shares. It also provides a series of suggestions on how to regulate and improve accounting measures of the distribution of dividends, on how更多还原