我国上市公司现金股利政策异象研究要要基于股权分置改革前后的比较分析

Abstract Taking 2001 to 2011 A-share listed companies as research samples the paper has carried on the comparative studyrespectively on the cash dividend distribution of listed companies in our country before and after the share reform decision-making. Theresults showed that after share reform of listed companies in our country the generally no distribution phenomenon is ease but cashdividend level is low Abnormal cash dividend phenomenon is widespread and serious. There is still common " cluster" phenomenon. Cashdividend payment rate has decreased. The continuity of cash dividend is not strong. Characteristics of cash dividend is obvious.院现金股利 异象 股权分置Key words cash dividend vision equity division中图分类号院F830.91 文献标识码院A 文章编号院1006-4311（2014）01-0012-030 引言现金股利作为企业对股东的投资回报，同时也导致企业的现金流出，对股东的收益和企业的长远发展都将产生重要的影响。然而由于我国特殊的经济制度背景，致使我国上市公司一直以来普遍存在着现金股利不分配或少分配，异常低派现，超能力高派现，高盈利低派现，分配的连续性和稳定性差 股利低聚集等异常的股利分配现象。尽管2007 年底股权分置改革的基本完成，成功解决了十几年来上市公司国有股和法人股不能流通造成的流通股股东与非流通股股东利益分离的问题，改变了上市公司股权结构和融资环