影响我国上市公司股利政策的因素分析.doc

PAGE PAGE I 影响我国上市公司股利政策的因素分析 姓　　名 学　　号 专　　业 指导教师 2008 摘　要 股利政策是上市公司将税后收益在股东所得股利和留存收益之间进行合理配置的策略，它既是现代公司财务的难点之一，也是现代公司理财活动的三大核心内容之一。然而上市公司是否分配、如何分配、分配多少都受到各种因素的影响，如公司的盈利能力、股票价格、融资能力等。因此上市公司应综合考虑多种因素，制定出合理的股利政策，从而提升公司的价值，使上市公司获得长期、稳定的发展条件和机会。 本文主要从上市公司股利分配现状入手，全面客观地对我国的股利政策影响因素进行分析，并为公司今后制定出合理的股利政策提出相关建议。分析主要从理论和现实因素两个方面进行，理论上影响我国上市公司股利政策的因素主要有法律性限制、契约性限制、公司内部因素、股东因素及其它因素；而现实因素又可以具体分为外部因素和内部因素两个方面，其中内部因素居于核心地位，如公司的股本规模、盈利能力、股票价格等。公司盈利能力强、每股收益多，则分配的可能性越大，反之，则分配的可能性越小；而上市公司的股本规模则有着反方向的影响，股本规模越小，其不分配的比例越大，反之越小。因此上市公司应综合考虑各方面因素，制定出合理的股利政策，与公司的目标保持一致。 关键词：上市公司；股利政策；影响因素 ?MACROBUTTON NoMacro [Click and type abstract text here.] ?MACROBUTTON NoMacro [Click and type abstract text here.] ?MACROBUTTON NoMacro [Click and type abstract text here.]Abstract The dividend policy is the strategy which is used by the listed companies to dispose the net income between the shareholder and the income remained. it is not only one of modern corporate finance difficulties, but also is one of three big core contents of modern company finance activities. However the dividend policy is influenced by many factors in whether assigns, how assigns, assigns how many, like companys profit ability, stock price, financing ability and so on. Therefore the listed companies should considerate many kinds of factors to formulate the reasonable dividend policy, so that can promote the companys value and obtain the stable and long-term development condition and the opportunity. This article starts from present situation of the listed companies’ dividend policy, and comprehensively analyzes the influential factors of the dividend policy, and puts forward a proposal for the company to formulate the reasonable dividend policy. The analysis mainly carries on from the two aspects of the theory and the realistic factor, theoretical factors mainly have the law limit, the contractual limit, the company internal factor, the shareholder factor and other factors; The realistic factors can be divided into exte