【摘要】：現(xiàn)金分紅是是投資者真正獲得收益的主要形式，是培育資本市場(chǎng)長(zhǎng)期投資理念、增強(qiáng)資本市場(chǎng)活力和吸引力的重要途徑。我國(guó)上市公司長(zhǎng)期以來(lái)偏好送股輕視現(xiàn)金分紅，不注重對(duì)股東的回報(bào)，相當(dāng)一部分上市公司長(zhǎng)年充當(dāng)鐵公雞的角色，只融資少分紅甚至不分紅的現(xiàn)象早已成為人人皆知的事實(shí)。這樣的股市氛圍不僅不利于投資者投資感情的培養(yǎng)和投資信心的增強(qiáng)，而且嚴(yán)重阻礙成熟資本市場(chǎng)的構(gòu)建和良好股市文化的形成。 本文試圖通過(guò)對(duì)我國(guó)2001—2011年十一年間所有主板上市公司（A股）現(xiàn)金分紅情況進(jìn)行統(tǒng)計(jì)分析，從現(xiàn)金分紅公司占比、現(xiàn)金分紅數(shù)額、股息率、派息率和行業(yè)現(xiàn)金分紅情況五個(gè)指標(biāo)入手，展現(xiàn)我國(guó)上市公司在這十一年間在政府的號(hào)召和鼓勵(lì)下現(xiàn)金分紅狀況的改善，呈現(xiàn)主板上市公司現(xiàn)金分紅的新舊特征變化，深入分析并揭示新特征所暴露的問(wèn)題及出現(xiàn)的原因，針對(duì)新特征反映的問(wèn)題和出現(xiàn)原因，從交易費(fèi)用理論、國(guó)家干預(yù)理論和制度變遷理論三個(gè)理論角度提出相關(guān)對(duì)策和建議來(lái)完善上市公司現(xiàn)金分紅制度的演進(jìn)趨勢(shì)，促使上市公司提高回報(bào)股東意識(shí)，使股東能夠真正享受到上市公司的勝利果實(shí)，，從而達(dá)到完善我國(guó)資本市場(chǎng)、增強(qiáng)資本市場(chǎng)活力、保護(hù)投資者合法利益、培養(yǎng)積極主動(dòng)回報(bào)投資者的股市文化的目的。
[Abstract]:Cash dividend is the main form of real income for investors and an important way to cultivate the long-term investment concept of capital market and enhance the vitality and attractiveness of capital market. For a long time, the listed companies in our country have preferred to give shares and despise the cash dividends and pay no attention to the return to the shareholders. Quite a number of listed companies have been playing the role of iron rooster for many years, and the phenomenon of only financing less dividends or even no dividends has become a well-known fact. This kind of atmosphere is not only not conducive to the cultivation of investors' investment sentiment and investment confidence, but also seriously hinders the construction of mature capital markets and the formation of good stock market culture. This paper attempts to make a statistical analysis of the cash dividends of all main board listed companies (A shares) from 2001 to 2011, from the proportion of cash dividend companies, the amount of cash dividends, the dividend rate. Starting with the five indicators of dividend payout and the cash dividend situation of the industry, the paper shows the improvement of the cash dividend situation of the listed companies in China during the past 11 years under the call and encouragement of the government, and presents the new and old characteristics of the cash dividend distribution of the main board listed companies. This paper analyzes and reveals the problems exposed by the new features and the causes of their appearance, aiming at the problems and causes reflected by the new features, from the perspective of transaction cost theory, The state intervention theory and institutional change theory put forward the relevant countermeasures and suggestions to improve the evolution trend of cash dividend system of listed companies, and promote the listed companies to enhance the consciousness of return shareholders. So that the shareholders can really enjoy the success of the listed company, so as to improve our capital market, enhance the vitality of the capital market, protect the legitimate interests of investors, and cultivate the positive return to investors of the stock market culture.
【學(xué)位授予單位】：蘭州商學(xué)院
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F275;F832.51

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