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我国上市公司的分红政策与国际上通行的贯例有很大差异。本文旨在结合介绍国际上通行的一些股利理论和股利政策,分析我国上市公司的分红政策,以求使其更加合理化和规范化。 一、一般股利理论和股利政策 下述三种股利理论对指导上市公司的股利分配政策有较大的影响。 1.股市无足轻重论。该理论认为:股利政策与公司价值无关。公司价值由企业各种资产的获利能力和风险组合决定,因此它取决于公司资产投资政策而与各年利润在股利同留存收益
The dividend policy of listed companies in our country is very different from that of the international ones. The purpose of this paper is to analyze the dividend policy of listed companies in our country in order to make it more reasonable and standard by introducing some international dividend theory and dividend policy. First, the general dividend theory and dividend policy The following three kinds of dividend theory to guide the listed company’s dividend distribution policy has a greater impact. Stock market insignificant The theory holds that the dividend policy has nothing to do with the company’s value. The value of a firm is determined by the combination of profitability and risk of the various assets of the firm, so it depends on the company’s asset investment policy and is associated with the retained earnings of each year’s dividends