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淺析中國上市公司現(xiàn)金股利政策
畢業(yè)論文
淺析中國上市公司現(xiàn)金股利政策
摘 要：股利政策作為公司3大財(cái)務(wù)決策之1，1直是理論界的關(guān)注焦點(diǎn)。與國外成熟的資本市場相比，我國上市公司股利政策的制定存在著許多不合理也不科學(xué)的問題，上市公司的現(xiàn)金股利分配年度不均，部分公司存在超能力派現(xiàn)、融資派現(xiàn)、異常低派現(xiàn)行為，股利政策不穩(wěn)定，現(xiàn)金股利支付率較低，股利收益率也很低。因此，在中國特定的制度背景下，研究我國上市公司現(xiàn)金股利政策的特點(diǎn)和產(chǎn)生原因具有重要的理論價(jià)值和現(xiàn)實(shí)意義。本文將從我國現(xiàn)金股利分配現(xiàn)狀著手，研究現(xiàn)階段現(xiàn)金股利分配的特點(diǎn)，分析現(xiàn)金股利分配行為極不規(guī)范的原因，最后在以上分析的基礎(chǔ)上主要從以下幾個(gè)方面提出了規(guī)范我國上市公司股利分配政策的建議，調(diào)整股權(quán)結(jié)構(gòu)，規(guī)范上市公司現(xiàn)金股利分配的信息披露，加強(qiáng)對(duì)上市公司的監(jiān)管，完善相關(guān)法律、法規(guī)，培育投資者。
關(guān)鍵詞：現(xiàn)金股利；股權(quán)結(jié)構(gòu)；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
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