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上市公司股利分配有现金股利和股票股利(又称红股、送股)两种。无论上市公司制定何种股利政策,均需要兼顾公司未来发展对资金的需要和股东对本期收益的要求,作出有利于实现股东财富最大化的决策。在西方,上市公司通常将其盈利的很大一部分用于支付股利,且派现一直是公司最主要的股利支付方式。因此为简化研究,本文仅以现金股利作为研究对象。
Dividend distribution of listed companies have cash dividends and stock dividends (also known as bonus shares, bonus shares) two. No matter what kind of dividend policy the listed companies make, they need to take into account the future development of the company’s capital needs and shareholders of the current income requirements, make decisions conducive to the maximization of shareholder wealth. In the West, publicly traded companies typically spend a large portion of their profits on dividend payouts, and disbursements have been the company’s main dividend payout. Therefore, in order to simplify the research, this paper only takes the cash dividend as the research object.