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股利政策影响上市公司对盈利进行分配、留存用与再投资的决策,在公司经营中起着至关重要的作用,现阶段我国上市公司股利政策存在的主要问题包括股利分配率低,不分配现象普遍;在股利形式上轻现金股利,现金回报率低;股利政策的连续性和稳定性不够,缺乏透明度等等。其成因有并不唯一,主要包括有经济环境影响,公司外部约束机制不健全,公司盈利能力不强,现金流量状况不佳,股东非理性行为等方面。故必须从优化上市公司股利政策现状中存在的问题入手,加以完善。
Dividend policy affects the listed company’s profit distribution, retention and reinvestment decision-making, plays a crucial role in the company’s operation. At present, the main problems in the dividend policy of listed companies in our country include low dividend distribution and non-distribution Common; light cash dividends in the form of dividends, low cash returns; inadequate continuity and stability of dividend policy, lack of transparency and so on. Its causes are not unique, mainly including the impact of economic environment, the company’s external constraint mechanism is not perfect, the company’s profitability is not strong, poor cash flow, shareholders irrational behavior and so on. Therefore, we must start from the problems existing in the current situation of the dividend policy of listed companies and improve them.