股利政策作为上市公司经营状况成果的分配活动,一直是公众投资者关心的问题。合理的股利政策的运用,除了能给予投资者一定的回报,还能向市场传递有关企业的信息,投资者能据此做出合理的决策,因此,对上市公司股利政策及其效应的研究具有重要意义。本文通过分析对比CH股份与HD股份的股利政策及效应,得出上市公司应注重自身实际,合理制定适合本企业的股利政策,增强股利政策信号传递效应,使公司的经营管理更有效。 Dividend policy as the distribution of the results of the operating performance of listed companies has always been a public concern. Reasonable dividend policy, in addition to give investors a certain return, but also to the market to convey information about the business, investors can make a reasonable decision accordingly, therefore, the study of dividend policy and its effect on listed companies with Significance. By analyzing the dividend policy and effect comparing CH shares and HD shares, this paper draws a conclusion that listed companies should pay attention to their own reality, rationally formulate the dividend policy suitable for the enterprise, enhance the signal transmission effect of dividend policy and make the company’s management more effective.