上市公司政策研究研究报告.doc

毕业论文（设计） 题 目： 我国上市公司股利政策研究 我国上市公司股利政策研究 摘 要 股利分配是上市公司将企业盈利在留存股本与支付股利之间如何进行合理分配的抉择行为，它既反映了上市公司现实的经营状况和盈利能力，也反映了在保护投资者利益中是否执行了“公平、公正”的原则，同时，还考验了公司高层管理者的决策思维是否具有开阔的视野和长远的眼光。 股利分配的特征和重要性在于：它即是公司收益分配的一个阶段性终结，也是证券市场上引起股价波动的一个周期性时段的开始，它直接影响和导引着投资行为，进而影响着资本市场的健康发展。随着我国证券市场的建立和股份制企业的快速增长，股利分配的重要性日渐突出。但是我国的股利分配制度还存在不少弊端，本文正是针对这种状况展开了对我国上市公司股利分配制度的讨论和研究。 本文首先介绍了股利和股利分配政策，然后分析了我国上市公司股利分配的现状，深度挖掘这些现状产生的原因和不良影响，并对可能产生的后果做出科学评价，最后提出一系列完善现有股利分配制度的建议。建议的逻辑出发点是坚持实施长期稳定的现金股利分配政策。 在这里我提出了自己的创新性设计，即上市公司应有区别的发放以市场价格计算的现金股利，具体设计是，用沪深300指数的β系数和个别公司的β系数相比较，以二者的差距为基础，强制要求一些税后利润较高、盈利稳定的上市公司,按照其股票的市场价格或者市场价格折算发放现金股利。希望能对上市公司股利政策的进一步完善有所裨益。 【关键词】中国 股利分配 现状 建议 Abstract Dividend distribution is a choice behavior about the listed companies how to make a reasonable distribution between retained earnings and the payment of dividends,both reflect the reality of the listed company s operating condition and profitability , but also reflects the protection of investors interests whether executed fair and impartial principle , while also tested the company s senior management decision-making thinking whether a broader vision and a long-term vision . Characteristics and importance of dividend distribution is: it is the company that a phased end of income distribution , but also caused the beginning of a cyclical period of volatility on the stock market , it has a direct influence and guide the investment behavior , thereby affecting the capital the healthy development of the market. With the rapid growth of China s securities market to establish and joint-stock enterprises , the importance of dividend distribution have become increasingly prominent . But our dividend distribution system there are still many drawbacks, this article is for the situation to start a dividend distribution of listed companies on Chinas system of discussion and research. This paper introduces the dividend and dividen