上市公司高派现股利政策动因及经济后果研究  

Research on the Reasons and Economic Consequences of High Dividend Policy of Listed Companies

作　　者：鞠成晓 李春雨 JU Chengxiao;LI Chunyu(School of Bussiness,Dongguan City University,523419,Dongguan,Guangdong,China)

机构地区：[1]东莞城市学院商学院,广东东莞523419

出　　处：《特区经济》2023年第8期64-67,共4页Special Zone Economy

基　　金：广东省教育厅2020年“创新强校工程”建设项目(第三批)省级质量工程项目:“财务管理”特色专业(156R106870)。

摘　　要：股利政策是上市公司的一项重要的财务决策,而现金分红政策更是受到股东的追捧和市场的重视,高派现股利政策能反映上市公司的整体经营状况和发展潜力。上市公司实施高派现股利政策的动因主要有基于公司稳定向好的财务状况,公司股权集中程度高,公司已进入成熟期的发展阶段,公司缺乏理想的投资机会,半强制分红政策的影响等。高派现行为带来的经济效应包括:向公众传递公司利好价值、提升公司价值;有利于提高公司投资效率;有利于抑制恶意并购行为,但同时也会带来一些不良后果,比如股利政策单一而导致资产负债率上升;投资部分与分配部分失衡,增加融资成本;少数大股东获益多而有损中小股东权益。上市公司可以采用发放股票股利,使得股利分配政策多样化;均衡留存收益的投资和分配,满足企业稳定长期发展需要;适时调整股权结构,保护中小股东权益等策略适当减少持续高派现股利政策的不良影响。Dividend policy is an important financial decision of listed companies, and the cash dividend policy is more sought after by shareholders and the attention of the market. Behind the high dividend policy can reflect the overall operating status and development potential of listed companies. The motivation of the high cash dividend policy is mainly based on the stable financial situation of the company;the high concentration of equity;the company has entered the mature development stage;the company lacks the ideal investment opportunity;the impact of the semi-compulsory dividend policy, etc. The current economic effects of the high distribution include improving the positive value of the company, improving the investment efficiency of the company, but also causing some adverse consequences, such as the single dividend policy, which increases the asset-liability ratio;the imbalance between the investment and the distribution part increases the financing cost;the minority major shareholders benefit the interests of minority shareholders. Listed companies can adopt the distribution of stock dividends to diversify the dividend distribution policy,balance the investment and distribution of retained earnings to meet the needs of stable and long-term development of the enterprise, and timely adjust the equity structure and protection of minority shareholders to appropriately reduce the adverse effects of continuous high cash dividend policy.

关 键 词：上市公司 高派现 股利政策 现金分红 

分 类 号：F830.59[经济管理—金融学]