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本文利用中国A股上市公司股利分配现状及相关政策对股民投资收益的结构进行分析,研究发现中国股民投资收益以资本利得为主,现金股利和股票股利为辅。其中股利分配以现金股利和现金股利加转增股为主。中国虽然实施强制分红的股利政策,但是,上市公司整体盈利能力不强,公司治理有待完善以及股民的“投机行为”使得股民获得的股息红利较少。随着股息红利差别化征收政策的出台,现金股利在股民利润中所占比例会逐渐增加。本文对于培育高水平、持续稳定分红的上市公司也有一定的启示作用。
This paper analyzes the current situation of dividend distribution of Chinese A-share listed companies and relevant policies to analyze the structure of return on investment. The results show that the return on investment of Chinese investors is mainly capital gains, supplemented by cash dividends and stock dividends. Dividend distribution among them is cash dividend and cash dividend plus converting to shareholding. Although China enforces the dividend policy of compulsory dividend, the overall profitability of listed companies is not strong, the corporate governance needs to be improved and the “speculative behavior” of shareholders makes investors get less dividend. With the introduction of the policy of differentiating dividend dividends, the proportion of cash dividends in the profits of shareholders will gradually increase. This article also has a certain enlightenment on cultivating high-level, steady and stable dividend-paying listed companies.