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股利政策既是上市公司融资政策、投资政策的逻辑延伸,又对其融资政策和投资政策产生必然影响,同时又是上市公司利益关系的焦点,且直接影响到公司股东的切身利益。合理而又稳定的股利政策是树立上市公司良好形象和激励投资者持续投资热情的必要条件之一。因此,上市公司股利政策恰当与否,对于上市公司本身、广大股东和投资者以及整个证券市场的发展都有者重大的影响。本文概述了股利政策理论,探讨了影响上市公司股利分配政策的主要因素,在此基础上梳理了股利政策市场反应的理论研究。
Dividend policy is not only a logical extension of the financing policies and investment policies of listed companies, but also has an inevitable impact on the financing policies and investment policies. At the same time, the dividend policy is the focus of interest relations of listed companies and directly affects the vital interests of the shareholders. Reasonable and stable dividend policy is one of the necessary conditions for building a good corporate image of listed companies and motivating investors to continue their investment enthusiasm. Therefore, whether the dividend policy of listed companies is appropriate or not will have a significant impact on the listed companies themselves, the shareholders and investors, and the development of the entire securities market. This paper summarizes the dividend policy theory, discusses the main factors affecting the dividend distribution policy of listed companies, and then combs the theoretical research on the market response of dividend policy.