论文总字数：25727字

摘 要

在1990年代，资本市场逐步形成。由于中国资本市场的建立较晚，国内对上市公司股利政策的研究还不成熟，相关理论尚未完善。我国目前上市公司的股利政策的理论研究大多是基于国外研究，再对中国上市公司的具体情况进行探索。公司制定股利政策仅从大股东利益出发，缺乏对小股东权益的保护，方式基本上是股票股息。尽管近年来，支付现金股利的公司数量逐渐增加，支付的金额也逐年增加，但仍远少于股票股利。与企业的税后可分配利润相比，分配额远远不够。

西方成熟的股利政策是以发放现金股利为主，而国内的股利却以股票股利为主。因此，中国上市公司的股利政策仍有很大的发展空间。

本文首先阐述了该课题的研究背景，研究意义和研究方法。然后，对国内外股息政策研究进行了简要的文献综述。国外主要分为传统股利政策理论和现代股利政策理论，国内研究主要分为财务因素和非财务因素对股利政策的影响。随后，本文简要介绍了股利政策的相关概念和基本理论，主要包括股利支付方式和股利政策的类型。股利政策是指上市么司按照国家的法律法规和企业的规章制度，在兼顾企业的股东、内部经营者以及企业债权人的情况下，分配企业的税后利润。股利分配方法主要有现金股利和股票股利。股息政策分为四种类型：剩余股息政策，固定或连续增长股息政策，固定股息支付率政策，低正常股息加附加股息政策。

紧跟着本文通过美的集团2013至2020年的案例，与同行业类型其他公司进行对比，具体分析和研究股利政策的变化。以小见大，从一个集团一类行业探索中国上市公司股利政策分配现状和问题，即我国上市公司目前股利政策多为发放股累股利和低派现股利的方式，缺乏连续性和稳定性。最后找出股利政策出现这些问题的原因，并针对这些问题提出了具体建议，主要可以通过健全有关法律法规、完善股权制度、上市公司内部治理机制以及提高证券市场主体素质等渠道进行改进。

关键词：股利政策；现金股利；股票股利；资本市场

A Case Study on The Dividend Policy of Listed Companies in China:Take Midea Group For Example

Abstract

In the 1990s, the capital market gradually formed. Due to the late establishment of China's capital market, the research on dividend policy of Listed Companies in China is not mature, and the relevant theories are not perfect. At present, the theoretical research of dividend policy of Listed Companies in China is mostly based on foreign research, and then explore the specific situation of Listed Companies in China. The dividend policy of the company is only based on the interests of the major shareholders and lacks the protection of the interests of the minor shareholders. The way is basically stock dividend. Although in recent years, the number of companies paying cash dividends has gradually increased, and the amount paid has also increased year by year, it is still far less than stock dividends. Compared with the after tax distributable profits of enterprises, the amount of distribution is far from enough.The mature dividend policy in the West should be based on cash dividend rather than stock dividend in China. Therefore, the dividend policy of Listed Companies in China needs further improvement.

The mature dividend policy in the west is to pay cash dividends, while the domestic dividend is to pay stock dividends. Therefore, the dividend policy of China's listed companies still has a lot of room for development.

This paper first describes the research background, research significance and research methods. Then, a brief literature review of dividend policy research at home and abroad is given. There are two kinds of dividend policy theories in foreign countries: traditional dividend policy theory and modern dividend policy theory. Then, this paper briefly introduces the relevant concepts and basic theories of dividend policy, mainly including dividend payment methods and types of dividend policy. Dividend policy refers to the distribution of after tax profits of Listed Companies in accordance with national laws and regulations and the rules and regulations of enterprises, taking into account the shareholders, internal operators and creditors of enterprises. The main methods of dividend distribution are cash dividend and stock dividend. Dividend policy can be divided into four types: residual dividend policy, fixed or continuous growth dividend policy, fixed dividend payout rate policy, low normal dividend plus additional dividend policy.

Following the case of Midea Group from 2013 to 2020, this paper makes a comparison with other companies of the same industry type, analyzes and studies the changes of dividend policy in detail. From a group industry to explore the current situation and problems of dividend policy distribution in China's listed companies, that is to say, most of the current dividend policies in China's listed companies are the way of issuing accumulated dividends and low dividend, which is lack of continuity and stability. Finally, the paper finds out the causes of these problems in the dividend policy, and puts forward specific suggestions for these problems, which can be improved mainly through improving the relevant laws and regulations, improving the equity system, the internal governance mechanism of listed companies and improving the quality of the main body of the securities market.

Key words: Dividend Policy; Cash Dividend; Stock Dividend; Capital Market

目 录

摘要 I

Abstract II

第一章 绪　　论 1

1.1 研究背景 1

1.2 研究意义 1

1.3 研究方法 1

1.4 研究创新点 2

第二章　股利分配政策相关文献综述 3

2.1 国外文献综述 3

2.1.1 传统股利政策理论 3

2.1.2 现代股利政策理论 3

2.2 国内文献综述 4

2.2.1 财务因素对股利政策影响综述 4

2.2.2 非财务因素对股利政策影晌综述 4

第三章 股利政策相关基本理论 5

3.1 股利政策的概念 5

3.2 股利支付方式 5

3.2.1 股票股利 5

3.2.2 现金股利 5

3.2.3 其他方式 5

3.3 股利政策的类型 5

3.3.1 剩余股利政策 5

3.3.2 固定或持续增长股利政策 6

3.3.3 固定股利支付率政策 6

3.3.4 低正常股利加额外股利政策 6

第四章 美的集团具体股利分配政策研究分析 7

4.1 美的集团发展简况 7

4.2 美的集团股本构成和股权结构变化分析 7

4.3 同行业类型企业股利分配政策对比 10

4.4 影响美的集团股利分配的因素 10

4.4.1 外部宏观环境 10

4.4.2 公司内部因素的影响 11

4.5 解决办法 12

4.5.1 完善相关法律制度 12

4.5.2 优化股权结构 12

第五章 上市公司股利政策发展现状及普遍问题 13

5.1 上市公司股利政策制度的变迁 13

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