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股利分配政策作为现代公司理财三大核心内容之一,一直是公司内外部利益相关者关注与分歧的焦点之所在。公司股利政策反映了公司、股东、债权人、公司管理者等各利益相关主体之间的利益分配关系。对于公司来说,既需要收益留存、增加积累、满足扩大再生产的需要;又要满足投资者的需要,为其未来资金筹集提供来源。相对于债权人而言,需要公司将收益留存、增加企业盈利能力,满足其本金偿还的需要。相对于公司管理者而言,股利支出越少,可供管理者支配的闲置现金流量相对越多,实现其个人利益支出的机会越大,公司管理者需要操纵股利分配政策,满足其业绩评价和个人利益最大化的需要。本文选取上海某钢铁股份有限公司为例对我国钢铁行业上市公司股利政策进行探讨。文章通过了解我国钢铁行业上市公司的股利政策的现状,结合公司各项财务指标,确定了该公司现阶段应该采取的股利政策,从而对公司的股利政策提出合理建议。
Dividend distribution policy, as one of the three core contents of modern corporate finance, has always been the focus of attention and disagreement of internal and external stakeholders. The company’s dividend policy reflects the distribution of benefits among the various stakeholders such as the company, shareholders, creditors, and company managers. For the company, both need to retain earnings, increase accumulation, to meet the needs of expanding reproduction; but also to meet the needs of investors, to provide a source of funding for the future. Relative to the creditors, the company needs to retain the proceeds, increase corporate profitability, to meet the needs of its principal repayment. Relative to the manager of the company, the less the dividend, the more idle cash flow available to the manager, the greater the chances of realizing their personal benefits. The manager of the company needs to manipulate the dividend distribution policy to meet its performance evaluation and The need to maximize personal interests. This paper selects Shanghai Iron and Steel Co., Ltd. as an example to discuss the dividend policy of listed companies in iron and steel industry in our country. By understanding the status quo of the dividend policy of listed companies in the iron and steel industry in our country and combining with the financial indicators of the company, the article determines the dividend policy that the company should adopt at this stage and makes reasonable suggestions on the dividend policy of the company.