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上市公司股利分配是股东实现投资回报的重要方式,它关系到股东的现期收益与公司的未来发展,关系到不同股东群体之间的利益均衡,进而关系到上市公司和证券市场的健康发展。由于上市公司缺乏有效的内部监督,大股东滥用职权,使得上市公司对于股利政策不够重视,很少考虑中小股东利益,而主要以大股东利益最大化或融资最大化角度出发制定股利政策。本文主要针对股利政策分配中的短期行为和“一股独大”等问题,运用股权理论和财务理论,探索完善上市公司治理结构、制定稳定股利政策、规范上市公司分配方案等问题,以期解决上市公司股利分配的政策问题。
Dividend distribution of listed companies is an important way for shareholders to realize their return on investment. It relates to the current earnings of shareholders and the future development of the company. It relates to the balance of interests among different groups of shareholders, which in turn relates to the healthy development of listed companies and securities markets. Due to the lack of effective internal supervision of listed companies and abuse of power by major shareholders, listed companies pay less attention to dividend policy and seldom consider the interests of minority shareholders. However, dividend policy is mainly formulated in the view of maximizing the interests of major shareholders or maximizing financing. This paper mainly focuses on the short-term behavior of dividend policy distribution and “one single dominant ” and other issues, using the theory of equity and financial theory, to explore and perfect the governance structure of listed companies, the development of stable dividend policy, regulate the allocation of listed companies and other issues, Solve the policy of dividend distribution of listed companies.