Abstract
As a listed company's dividend distribution of one of the core financial policy, both to the interests of shareholders and the level of benefits, but also related to the company's future development, and thus subject to the attention of investors. Reasonable dividend distribution policy in favor of the equity structure of listed companies stability, sustainable development and maximize the value of the company.
Dividend policy is now in the financial management of listed companies in China is a major problem: What after-tax profits distributed to shareholders as a dividend is good, or to stay in business as a good internal accumulation? How to pay dividends in the form that is more conducive to the development of the company? A series of questions such as these dividend policy, financial experts, theoretical and empirical research, it the development of an important position.
In this paper, the Chinese listed companies the Distribution of dividend policy, including the main types of dividend policy, dividend payments and characteristics. Dividend Policy of Listed Companies in China to Regulate distribution factors, and dividend policy of listed companies assigned proposals.
Keywords: Listed Companies; Dividend Policy; Dividend Distribution
目录
摘要 ................................................................................................................ I Abstract....................................................................................................... II 目录 ............................................................................................................. III 前言 ................................................................................................................ 1 1 股利分配概述............................................................................................ 2
1.1 股利分配的内涵.............................................................................. 2 1.2 股利政策 .......................................................................................... 2 1.3 股利支付方式.................................................................................. 2 2 我国上市公司股利分配现状分析 ........................................................... 4
2.1 我国上市公司股利分配政策主要类型 ......................................... 4 2.1.1 不分配政策 ............................................................................... 4 2.1.2 派发股利政策 ........................................................................... 4 2.1.3 转增股本政策 ........................................................................... 5 2.1.4 配股政策 ................................................................................... 5 2.2 我国上市公司股利支付方式 ......................................................... 5 2.2.1 现金股利 ................................................................................... 5 2.2.2 股票股利 ................................................................................... 5 2.2.3 股票回购 ................................................................................... 5 2.2.4 股票分割 ................................................................................... 6
2.3 我国上市公司股利分配特点 ......................................................... 6 2.3.1 上市公司普遍存在不分配现象 ............................................... 6 2.3.2 不具备派现能力的公司热衷分红 ........................................... 6 2.3.3 股利分配形式多样化 ............................................................... 7 2.3.4 股利政策波动多变，缺乏连续性 ........................................... 7 2.3.5 违反“同股同利”的分红原则 ............................................... 7 2.3.6 再筹资成为上市公司制定股利政策的标准 ........................... 7 2.3.7 我国上市公司股利分配政策受诸多因素的影响 ................... 8 3 影响我国上市公司股利分配政策的因素 ............................................... 9
3.1 公司因素 .......................................................................................... 9 3.1.1 公司股权结构对股利政策的影响 ........................................... 9 3.1.2 公司的经营业绩对股利政策的影响 ....................................... 9 3.1.3 企业规模对股利政策的影响 ................................................. 10 3.2 政策法规因素................................................................................ 10 3.2.1 政策引导 ................................................................................. 10 3.2.2 税收制度 ................................................................................. 10 3.2.3 会计制度 ................................................................................. 11 3.3 证券市场因素................................................................................ 11 3.3.1 市场监管偏重于行政手段 ..................................................... 11 3.3.2 弱势有效的股票市场环境下“信号”作用失灵 ................. 11 3.3.3 供求关系失衡 ......................................................................... 12 3.4 股东和管理者行为因素 ............................................................... 12 3.4.1 股东行为 ................................................................................. 12 3.4.2 管理者的行为 ......................................................................... 12
3.5 治理结构的外部制约.................................................................... 13 4 规范我国上市公司股利分配政策的建议 ............................................. 14
4.1 完善上市公司的股权结构 ........................................................... 14 4.2 完善相关法规制度........................................................................ 14 4.2.1 加强证券方面的立法工作 ..................................................... 14 4.2.2 建立、健全会计委派制度 ..................................................... 14 4.2.3 建立、健全股票退市制度 ..................................................... 15 4.3 强化对上市公司的监管并提高监管水平 ................................... 15 4.3.1 加强证券信息披露的透明度 ................................................. 15 4.3.2 审计单位的经济利益与被审计单位彻底分离 ..................... 15 4.4 发展资本市场和提高投资者队伍素质 ....................................... 16 4.4.1 大力发展资本市场，平衡不同融资手段的筹资成本 ......... 16 4.4.2 提高投资者队伍素质，抑制股市过度投机 ......................... 16 4.5 提高上市公司经营管理水平并优化其股利政策 ....................... 16 总结 .............................................................................................................. 17 致谢 .............................................................................................................. 18 参考文献 ...................................................................................................... 19