上市公司现金股利政策的现状及影响因素分析

本文从保护投资者角度出发,分析了上市公司现金股利分配的现状和影响因素。研究发现,我国上市公司在利用证券市场融资的同时,为追求自身利益而不顾对广大投资者的回报,现金股利分配极不规范,存在现金股利支付率低以及超能力派现等不规范等问题。并从企业外部因素、企业内部因素以及股东意愿方面分析我国上市公司现金股利分配不规范的可能原因。

Present Situation and Affecting Factors of Cash Dividend Distribution in Listed Companies

This paper discusses the cash dividend distribution practice and the affecting factors of Chinese listed companies and analyzes the reasons. We find the listed companies seek their self-interest and ignore the return to numerous investors. So cash dividend distribution is very irregular, such as low distribute rate of cash dividend,low return rate.The paper analyzes the possible reasons of irregular cash dividend distribution policy from firms' exterior and interior factors and shareholders' inclination.