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由于我国的资本市场相对与西方而言起步晚,时间短,在国家监管、公司管理等方面发展得不成熟,因此在我国的证券市场中,股利政策具有支付率低、波动性大等特点。为了改变这种状况,我国证监会出台了多条政策以达到提高上市公司的股利支付率的目的。不幸的是,这些相关政策的出台虽然对我国上市公司不分配现金股利的现状有所改善,但与此同时,也引发了一些异常的派现现象,其中就包括超能力派现。本文英飞拓科技股份有限公司为研究对象,对其超能力派现的原因和动机进行深入的分析。
Because China’s capital market is relatively late and short in time with the West, the capital market in China is immature in terms of state regulation and company management. Therefore, in our country’s securities market, the dividend policy has the characteristics of low payment rate and large volatility. In order to change this situation, China’s Securities Regulatory Commission has issued a number of policies in order to achieve the purpose of improving dividend payout ratio of listed companies. Unfortunately, although the introduction of these policies has not improved the status quo of cash dividends for listed companies in our country, at the same time, they have also triggered some anomalies in the distribution of cash, including the distribution of super-capabilities. In this paper, Infineon Technologies Co., Ltd. as the research object, to analyze the causes and motives of its super-ability distribution.