刍议我国上市公司股利政策与企业价值的关系

论文编号:KJ190 字数:14390,页数:13

摘要
 股利政策是上市公司核心财务政策之一，是企业融资决策不可分割的一部分。它关系到股东财富、福利水平和公司未来的发展。合理的股利政策可以降低平均资本成本，从而优化其资本结构，提高资本效率，提高公司价值。企业价值是对企业整体状况的真实反映，它也是理财领域的核心概念之一。股利政策是影响企业价值的重要因素，二者之间不论从外部还是内部都有千丝万缕的联系。股份制企业应从实际出发，选择适合本公司经济发展的股利政策。本文将从分析我国上市公司股利政策与企业价值的关系入手，分析股利分配现状，剖析其产生原因，提出解决方法：如何合理选择股利政策来提高企业价值。最后在以上分析的基础上，对规范我国上市公司的股利分配行为提出一些具体建议。
 
 
 关键词：股利政策；企业价值；政府监管
 

 Research on Relationship between Dividend Policy and Enterprise Value of Public Companies in China
ABSTRACT
 Dividend policy is one of the core financial policies in public companies and an inalienable part of the enterprise financing decision. It will relate the shareholder wealth, the welfare level and the company’s future development. Reasonable dividend policy may reduce the average capital cost, optimize its capital structure, enhance the capital efficiency and raise the company value. The enterprise value is the real reflection of the enterprise, and it is also one of the domain core concepts of financial management. Dividend policy is an important factor which affects the enterprise value. No matter, both have very complicated relationship. Joint-stock enterprise should make the decision on the reality and choose the right policy that adapts to the enterprise’s economic development.This article will analyze the present situation of dividend assignment from the relationship between dividend policy and enterprise value, analyze its reason and propose the solution: How to choose dividend policy to grow the enterprise value reasonably. Finally proposes some concrete proposals to our public company’s dividend policy as the foundation of the above analysis.
 
 
 Keywords：Dividend policy；Enterprise value；Governmental regulation
 

目录
一、股利政策、企业价值及其二者的关系……………………………………………………………………1
 （一）股利政策…………………………………………………………………………………………….1
股利政策的含义…………………………………………………………………………………….1
2．影响我国上市公司股利政策的因素………………………………………………………………..1
 （二）企业价值…………………………………………………………………………………………….2
1．企业价值的内涵…………………………………………………………………………………….2
2．评价企业价值的作用与意义……………………………………………………………………….2
 (三)股利政策与企业价值的关系………………………………………………………………………..3
股利政策与企业价值的内部相关性……………………………………………………………….3
股利政策与企业价值的外部相关性……………………………………………………………….3
二、我国上市公司股利政策的现状及原因……………………………………………………………………4
 （一）我国上市公司股利分配现状………………………………………………………………………4
1．股利支付率不高，不分配的公司逐年增多……………………………………………………….4
2．股利形式不断推陈出新…………………………………………………………………………….4
3．股利政策波动多变，缺乏连续性………………………………………………………………….4
4．股利分配行为极不规范…………………………………………………………………………….4
 （二）原因剖析…………………………………………………………………………………………..5
1．股权结构对股利政策的影响……………………………………………………………………….5
2．投资者对股利政策的影响…………………………………………………………………………..5
3．股市过度投机对股利政策的影响…………………………………………………………………..5
4．宏观金融环境对股利政策的影响…………………………………………………………………..6
5．会计制度对股利政策的影响………………………………………………………………………..6
6．市场监管手段对股利政策的影响…………………………………………………………………..6
三、合理选择股利政策的原则………………………………………………………………………………..6
四、规范我国上市公司股利政策、增加企业价值的建议和意见…………………………………………….7
 1．就政府监管部门来说……………………………………………………………………………….7
 2．就上市公司来说…………………………………………………………………………………….8
 五、结论………………………………………………………………………………………………………….8
参考文献………………………………………………………………………………………………………..9