浅析中国上市公司现金股利政策

浅析中国上市公司现金股利政策
 
摘  要：股利政策作为公司3大财务决策之1，1直是理论界的关注焦点。与国外成熟的资本市场相比，我国上市公司股利政策的制定存在着许多不合理也不科学的问题，上市公司的现金股利分配年度不均，部分公司存在超能力派现、融资派现、异常低派现行为，股利政策不稳定，现金股利支付率较低，股利收益率也很低。因此，在中国特定的制度背景下，研究我国上市公司现金股利政策的特点和产生原因具有重要的理论价值和现实意义。本文将从我国现金股利分配现状着手，研究现阶段现金股利分配的特点，分析现金股利分配行为极不规范的原因，最后在以上分析的基础上主要从以下几个方面提出了规范我国上市公司股利分配政策的建议，调整股权结构，规范上市公司现金股利分配的信息披露，加强对上市公司的监管，完善相关法律、法规，培育投资者。

关键词：现金股利；股权结构；信息披露

The simple analysis of China corporate cash dividend policy
 
Abstract: The stock dividend policy is one of the three important company finance decision-making and the focus of theory area all the time. Compared with the overseas mature capital market, our country’s company stock dividend policy is not so reasonable and scientific.  Such as, every year’s company cash dividend is not average, some company have bad stock dividend policy for special aim, stock dividend policy is unsteady, cash dividend payment rate and stock dividend profit rate are low.  So, in the background of Chinese special system, it has important theory value and reality meaning to research our country’s company cash dividend’s characteristic.  This paper will research the feature of cash dividend at present and analyze the reason that cash dividend is unregulated.  In the end, the paper raises some advice.  For example, adjusting stock structure, regulating the disclosure of company’s information, strengthening watch and control to the company, making related law perfect, improving capital market system, cultivating investor.

Keywords: cash dividend, stock structure, information disclosure （科教范文网http://fw.NSEAC.com编辑发布）