股利优序分配初探

股利政策作为企业的核心财务问题之一,它的发放既关系到公司股东和债仅人利益,又关系到公司的未来发展。本文从我国上市公司的股利分配是非理性出发,提出要优化上市公司股利分配政策,使之树立为股东增加财富的思想,注重股利政策的连续性,给投资者带来现实的回报。最后在分析了制约上市公司股利分配政策的因素之后,创造性地提出了股利优序分配理论。作为对此理论的补充,进一步提出上市公司在不同发展阶段采取的优序股利分配政策以供上市公司借鉴,实现股东财富最大化,提高企业价值。这些理论对我国上市公司股利分配政策的制定和分析具有一定的现实意义。

Initial Research on The Pecking Order Distributing Theory

Dividend policy is regarded as one of the company's financial problems not only affects the'stockholders and creditors'interest but also affects the future of the company. This paper points out that Chinese listed companies' dividend policy is not rational Also, It analyses that the company should set up the idea to improve the stockholders' fortune and maintain the continuity of the dividend policy .At last, after the analysis of the influence of dividend policy, the author establishes the Pecking Order Distribution Theory. Also, the author goes step further to put forward the pecking policy of distributing dividend on the Life-cycle in the company in order to improve the stockholders' wealth and enhance the value of the company. These theories have some meanings in practice when company draws up and analyzes its policy of distributing dividend.