随着我国证券市场的发展和上市公司的壮大,对上市公司的企业行为选择研究越发显得重要,股利政策研究开始得到我国学者的重视。人们逐渐认识到:股利政策不仅仅是一个利润分配的问题,它与股东财富、公司在市场上形象、公司的交易成本以及代理成本等都有密切的关系。 With the development of China’s securities market and the growth of listed companies, the research on the choice of corporate behavior of listed companies becomes more and more important. The research of dividend policy has attracted the attention of Chinese scholars. People gradually realized that the dividend policy is not only a problem of profit distribution, but also has a close relationship with shareholder wealth, the company’s image in the market, the transaction cost of the company and the agency cost.