上市公司股权结构

目录

摘要 (2)

Abstract (3)

一、上市公司股权结构与股利理论的理论基础 (4)

（一）股权结构 (4)

（二）股利政策 (5)

二、上市公司股权结构与现金股利分配的现状分析 (5)

（一）股权结构的现状 (5)

（二）现金股利分配的现状 (6)

三、上市公司股权结构对现金股利的影响分析 (7)

（一）从股权集中度角度分析 (8)

（二）从股权属性角度分析 (9)

四、完善我国上市公司现金股利分配的对策建议 (11)

（一）实施国有股减持计划 (11)

（二）使非流通股流通 (11)

（三）积极培育规范的机构投资者 (12)

（四）提高广大流通股股东的素质 (12)

参考文献 (14)

摘要

越来越多的金融专家投入到现金股利政策的理论和实证研究，显示出现金股利政策在公司发展中的重要地位。近年来关于股权结构的研究逐渐成为公司财务研究的热点，因为股权结构问题一直是证券市场中最基本的问题，也是影响现金股利政策的最重要因素之一。而且我国上市公司的股权结构复杂，特殊的股权结构在很大程度上造成了我国上市公司现金股利分配的不合理现象。如何认识股权结构对现金股利分配政策的影响己经成为当前人们越来越关注的焦点问题。

文章主要通过实例分析方法来研究股权结构对现金股利政策选择的影响。我国的股权结构非常特殊，这种特殊性造成了我国上市公司的现金股利分配的非理性化程度较高。从股权结构角度研究我国上市公司现金股利政策无论是对于公司管理者制定合理的股利政策，还是对于普通投资者研究公司合理的投资价值都具有现实的指导意义。

文章在对股权结构和现金股利政策的定义进行诠释的基础上，分析了我国股权结构和现金股利的现状，并对上市公司从股权集中度和股权属性两方面探讨了股权结构对现金股利政策选择的影响。最后从股权结构角度提出了完善我国上市公司现金股利分配的对策建议。

关键词：上市公司，股权集中度，股权属性，现金股利

Abstract

More and more financial expert subscribes into the cash dividend policy theory and the research of real diagnosis, it demonstrates that the cash dividend policy plays an important status in the growth of corporations. In recent years the research of stockholder's rights structure gradually became hot in corporate finance research, because the question of the stockholder's rights structure is always the basic problem in the stock market. Moreover it is one of the most important factors that impacts on the cash dividend policy. Moreover the stockholder's rights structure of our country seems to be complex, and to a large extent, the special stockholder's rights structure created the unreasonable cash dividend assignment phenomenon , in our country. In the current year, people pay more and more attention to the problem which is how the stockholder's rights structure affected to cash dividend assignment policy.

This paper mainly studies the influence of stockholder's rights structure to cash dividend policy through examples of analysis methods. Our country's stockholder's rights structure is extremely special, this particularity created non-rationalization in cash dividends listed companies in our country. It is significant not only for company superintendents to make a cash dividend policy but also has reality guiding sense for ordinary investor to research reasonable investment of companies.

On the base of definition of stockholder’s rights and the cash dividend , the paper analyzes the present situation of stockholder's rights and the cash dividend in our country, moreover it discusses the effects that stockholder's rights have on the cash dividend policy, on the topic of the stockholder's rights concentration ratio and attributes of listed corporations. Finally, the paper proposes the consummate suggestions about the assignment of cash dividends of listed corporations in our country.

Key words:listed corporations, concentration ratio of shareholders’ rights,attribute of shareholders’ rights, cash dividend