我国创业板上市公司股利政策的研究详细分解.doc

摘 要 股利政策是现代公司理财活动的三大核心内容之一，股利政策既能折射出公司的经营行为和业绩，同时又对公司的利益相关主体有很大的影响，甚至关系到公司的生存和发展。本文从股利政策出发，结合实际状况，对我国政府为了扶持新兴中小企业尤其是高成长性中小企业的发展设立的创业板，进行了分析研究。由于我国创业板市场上市时间不长，仍处于发展的初级阶段,市场发展不成熟,也还没有形成系统、完善的制度规范。本文通过对2011年到2013年65家创业板上市公司股利分配的数据进行统计研究，发现创业板上市公司目前存在股利分配方式多种多样、高比例派现、高比例转赠股本等现状，提出了完善创业板上市公司的发行条件和审核制度、健全完善创业板退市机制、严格规范超募资金使用计划、优化创业板上市公司的治理结构等优化策略。 关键词：创业板上市公司；股利政策；策略ABSTRACT Dividend policy is one of the three core contents of Modern Corporation financing, dividend policy can not only reflects the companys operating performance and behavior, also have a great impact on companys stakeholders, and even related to the survival and development of the company. In this paper, starting from the dividend policy, combining the actual situation, for our government to support emerging small and medium-sized enterprises especially the development of the gem high growth SMEs are established, analyzed. Since Chinas GEM listed time is not long, is still in the initial stage of development, market development is not mature, also has not formed the system, perfect legal system. This paper through the statistical research on 2011 to 2013 65 GEM Listing Corporation dividend distribution data, found that the growth enterprise market of listing Corporation at present dividend distribution in various ways, a high proportion of school, high proportion of capitalization of present condition, puts forward the strategy of optimizing the perfect condition of issuing the growth enterprise market of listing Corporation and audit system, perfecting the delisting mechanism, venture board strict governance structure ultra raised funds use plan, optimization of the growth enterprise market of listing Corporation. Key Words: GEM Listing Corporation; Dividend policy; Optimization 第一章 绪 论 1.1 研究背景 2009年10月30日创业板市场正式开市交易备受市场关注。创业板市场又可以称之为二板市场、小盘股市场或中小企业市场，与主板市场相对应，但是独立存在的一个证券交易系统。创业板相对于主板上市公司而言其股本结构没有国家股，股权结构较为分散，且企业规模较主板上市公司小。创业板上市公司是民营企业，实际控制人为自然人。我国创业板市场上市门槛低、信息披露监管严格，其上市公司具有前瞻性、高成长性、高风险性、明显的高科技导向等特点