股利政策既是上市公司融资政策、投资政策的逻辑延伸，又对其融资政策和投资政策产生必然影响。同时，上市公司股利政策的发放方式和水平也直接决定了股东投资者投资收益的形式和水平，因此，合理而又稳定的股利政策是树立上市公司良好形象和激励投资者持续投资热情的必要条件之一。论文在这样的背景下对我国传媒上市公司的股利分配现状以及影响因素进行了分析，最后根据存在的问题给出了解决对策。
对我国传媒上市公司股利分配现状以及存在的问题分析主要包括鼓励分配缺乏连续性和稳定性；股利支付率低；派现水平较低，股利分配行为欠规范。
对我国传媒上市公司股利分配政策的动因进行分析，主要包括：传媒公司盈利水平与盈利稳定性、传媒公司资本结构与资金成本、股权结构、宏观经济与政策变化影响传媒上市公司股利分配政策、股权结构不合理，股利政策内部人控制严重、证券市场不成熟，监管滞后扭曲了股利分配政策。
完善我国传媒上市股利分配政策给出了具体的建议主要包括：优化股权结构、提高盈利能力的稳定性、优化资本结构、加强对股利政策制定实施和相关信息披露的监管、抑制证券市场过度投机。
关键词：传媒公司；股利分配政策；影响因素；完善对策
Dividend policy is listed company financing policy a logical extension of the investment policies, and to its financing policies and investment policy produce will inevitably affect and at the same time, the listed company dividend policy the release of the way and level also directly determine the shareholders in the form of investment income investors and level, therefore, reasonable and stable dividend policy is to establish a good image and incentive listed company investors continued investment enthusiasm one of the essential requirements of papers in this context of the listed companies of China’s media of dividend distribution status and influence factors are analyzed according to the problems existing in the countermeasures are given
On China’s media their dividend distribution analysis of the current situation and existing problems of the main including encourage distribution lack of continuity and consistency; Dividend payment rate is low; Send now level is low, dividend distribution behavior lacks criterion
On China’s media their dividend distribution policy influence factor analysis mainly includes: media company profit and profit stability media company capital structure and the cost of capital ownership structure and the policy change macro economic influence media their dividend distribution policy equity structure is unreasonable, dividend policy insider control severe stock market not mature, lagging regulation distorts the dividend distribution policy
To perfect our media listed dividend distribution policy give a specific advice mainly include: optimizing stock ownership structure increase profitability stability of optimizing the capital structure to strengthen dividend policy implementation and the related information disclosure of the securities market supervision inhibit excessive speculation
Key words: Listed company; Dividend distribution policy; Factors; Perfect response
ABSTRACT……………………………………………………. 2
1.4 研究路径…………………………………………….. 10
2 我国现阶段上市公司的股利政策现状及动因——以传媒行业为例………. 10
2.1我国现阶段上市公司股利政策的现状……………………….. 10
2.1.1 不分配现象突出………………………………….. 10
2.1.2 传媒上市公司股利分配形式…………………………. 11
2.2上市公司股利政策存在的问题…………………………….. 12
2.2.1股利分配缺乏连续性和稳定性………………………… 12
2.2.2 股利支付率低……………………………………. 13
2.2.3派现水平较低，股利分配行为欠规范…………………… 13
2.3上市公司的股利政策的动因………………………………. 14
2.3.1传媒上市公司股利分配内部影响因素…………………… 14
（1）公司盈利水平与盈利稳定性………………………….. 15
2.3.2传媒上市公司股利分配外部影响因素…………………… 16
（1）宏观经济与政策变化影响传媒上市公司股利分配政策………. 17
（2）股权结构不合理，股利政策内部人控制严重……………… 17
（3）证券市场不成熟，监管滞后扭曲了股利分配政策………….. 17
3上市公司股利政策改良的建议………………………………….. 18
3.1优化传媒上市公司股利政策的内部环境……………………… 18
3.1.1优化股权结构…………………………………….. 18
3.1.2提高盈利能力的稳定性……………………………… 19
3.1.3优化资本结构…………………………………….. 19
3.2优化传媒上市公司股利政策的外部环境……………………… 19
3.2.1加强对股利政策制定实施和相关信息披露的监管………….. 20
3.2.2抑制证券市场过度投机……………………………… 20
