摘  要:股利政策在企業(yè)經(jīng)營(yíng)決策中占有非常重要的地位，它是企業(yè)的核心財(cái)務(wù)問題之一，因而股份公司的利益相關(guān)者對(duì)股利分配政策一直十分關(guān)注。同時(shí)，隨著股份制改造的不斷推進(jìn)，證券市場(chǎng)的不斷發(fā)展和完善，對(duì)上市公司股利政策的研究便顯得越來越重要。但由于中國(guó)證券市場(chǎng)起步較晚，現(xiàn)代企業(yè)股份制實(shí)行的機(jī)制還不夠成熟，大部分上市公司還沒有制定明晰的股利政策，其股利政策的制定太過隨意，使得大股東常常隨意融資和惡意套現(xiàn)，這樣不僅扭曲了市場(chǎng)投資的理念，損害了中小投資者的利益，還導(dǎo)致股票的市場(chǎng)價(jià)格失真，給市場(chǎng)的運(yùn)行帶來了許多不良影響。本文在對(duì)股利分配政策理論的介紹基礎(chǔ)上，對(duì)影響股利政策的因素進(jìn)行了分析，并對(duì)各種股利政策進(jìn)行比較，通過分析我國(guó)上市公司股利政策的現(xiàn)狀，找出股利政策實(shí)施中存在的問題，并分析其原因，最后提出規(guī)范我國(guó)上市公司股利政策的建議。

關(guān)鍵詞：上市公司　股利政策　證券市場(chǎng)　股權(quán)結(jié)構(gòu)

ABSTRACT:Dividend policy plays an important role in decision-making in the joint-stock enterprises. It is the core of the financial problems of the enterprise, therefore the dividend policy is always concerned by stakeholders. With the advancement of shareholding system reform and the continuous development and improvement of the securities market, the research on dividend policy of listed companies is more and more important. But because of China's securities market started late, the implement mechanism of share-holding system of modern enterprise is not yet mature, the majority of listing Corporation have not been made clear dividend policy and the dividend policy is very arbitrary. The situation of big shareholders’ optional financing and malicious cash has occurred from time to time, it not only damages the interests of small and medium-sized investors and distorts the concept of market investment, but also leads to distortion of stock market prices and brings great negative impact to the operation of the market. In this paper, based on the introduction to theory of dividend distribution policy, the factors affecting the dividend policy is analyzed and the dividend policy is compared. Through the analysis of the present dividend policy situation of Chinese listing Corporation, we can find out the existing problems in implementation of the dividend policy and analyze the causes. Finally we can put forward suggestions to improve the dividend policy of listed companies in China. 

Keywords：listed company；dividend policy；stock market；Equity structure