中国上市公司股利分配问题研究

摘要

股利分配是现代公司财务管理活动核心内容之一。股利分配政策是以公司股东利益最大化为目标,在考虑公司长远发展,平衡公司内外部相关者利益的基础上,对利润剩余进行分配而采取的基本方针策略。合理的股利分配政策,不仅可以树立良好的公司形象,而且能激发广大投资者对公司持续投资的热情,从而能使公司获得长期、稳定的发展条件和机会。西方国家早在二十世纪五十年代开始对股利政策理论研究,经过五十多年的发展己取得了巨大成果,为公司财务管理和政府制定有关法规提供了有益的帮助。我国随着股票市场的发展,上市公司越来越多,其股利分配政策各有差异。但总的来说,在我国尚不完善的股票市场中,股利分配很不稳定、随意性大并且未能遵循股东利益最大化目标。股利分配的不规范,损害了广大投资者获得股利的权利,制约了上市公司的长期发展,不利于股票市场的规范发展,股利分配不规范的问题亚待解决。

【关键词】 股利分配现金股利股权结构股东利益对策

Study of dividend policy China listing Corporation

Abstract

Dividend distribution is one of core content of financial management of Modern Corporation. Dividend distribution policy is to maximize the interests of shareholders as the goal, in consideration of the long-term development of the company, the basic balance of internal and external stakeholders, the allocation of profits and take as the basic strategy of surplus. Appropriate dividend distribution policy, not only can establish a good corporate image, but also can inspire the investors to continuously invest in the company, which can make the company long-term, stable development opportunities and conditions. The western countries in early twentieth Century fifty’s theory of dividend policy on, after 50 years of development has made great achievements, is helpful for the financial management of the company and the government to formulate relevant laws and regulations. With the development of stock market, more and more listing Corporation, its dividend policies are very different. But in general, in our country is still not perfect in the stock market, dividend distribution is very unstable, arbitrariness and fails to comply with the goal of maximizing shareholder interests. Dividend distribution is not standard, damaged the interests of investors obtain the dividend rights, restricts the long-term development of the listing Corporation, specification is not conducive to the development of the stock market, the dividend distribution of non-standard problems to solve.

【Keywords】 dividend distribution of cash dividend policy interests equity structure