基于资产专用性视角的股利政策研究评述与启示

已有的股利政策研究都是建立在资产同质的前提之下，并没有关注资产异质带来的专用性影响，考虑到目前企业资产的专用性投资已经成为企业普遍拥有的特征之一，本文在对近年来国内外关于股利政策以及资产专用性的主要研究成果进行系统的评述与分析的基础上，提出了公司在制定股利政策的时候有必要将公司资产投资的专用性特点纳入考虑范围的观点，以期为我国学术界对股利政策相关理论和实证研究提供一个崭新的视角，同时推动我国上市公司在制定股利政策时做出符合自身资产专用性状况的决策。

Commentary on and Inspiration from Dividend Policy Literature Based on the Visual Angle of Asset Specificity

Existing research on dividend policy are under the premise of asset homogeneity, which is not in consistent with the reality that asset specificity has become a universal characteristic of modern enterprises. In this paper, we take a review and analysis of the recent research results of dividend policy and asset specificity. Basing on these, we put forward the standpoint that asset specificity should be taken into consideration when making dividend policy, in order to provide the research of dividend policy with a brand-new angle, and to promote listed company to make optimal dividend decision in accordance with its asset specificity status.