基于股东财富最大化现金分红问题研究  

On the Issues of Cash Dividend according to the Principle of Shareholder Wealth Maximization

作　　者：黄照强 HUANG Zhao-qiang(Audit Office,Hezhou University,Hezhou Guangxi 542899)

机构地区：[1]贺州学院审计处,广西贺州542899

出　　处：《贺州学院学报》2020年第2期118-122,共5页Journal of Hezhou University

摘　　要：通过对我国公司现金分红现状分析,从利润从来不分配、利润全部分配、分配部分利润三种不同分红比例对比出对股东收益影响的差异,经过市盈率、机会成本、净资产收益率以及除权(息)的四种影响因素分析,得出现金分红未必有助于股东财富最大化。如果上市公司净资产收益率可以维持在一个较高的水平,那么对于投资者来说不进行现金股利的分配对自身财富提升更有利。Based upon the actuality of corporate cash dividends in China,there are three kinds of cash dividends:Profits are never distributed,all profits are distributed,and some profits are distributed.The impact of three different dividend ratios on shareholder return is analyzed in the following aspects:PE ratio,opportunity cost,ROE and ex-dividend.It is found that cash dividends might not be necessarily helpful for the maximization of shareholder wealth.If ROE of listed companies can be maintained on a higher level,the distribution without cash dividend is more beneficial to increase wealth for investors.

关 键 词：现金分红 净资产收益率 股息率 除权处理 

分 类 号：F275[经济管理—企业管理]