文档介绍：摘要
1956年哈佛大学教授约翰林特纳(John Lintner)第一次提出了股利分配的模型,Lintner的文章开启了微观金融领域研究股利政策的先河。之后陆续发展出了税收差别理论、代理成本理论、信号传递理论等,丰富了关于股利政策方面的研究。西方股利理论成果经历了西方发达市场的检验,对我国股利分配政策也起到一定的作用,但国情不同,证券市场所处的阶段有差异,用同样的理论方法来分析中国的资本市场,会出现许多不符合常理的怪现象。
当前正处于股权分置改革的最后阶段,改革的成败关系到中国资本市场能否健康稳定的发展。是否更好的协调大股东与小股东,企业法人和股民之间的同股不同价,同价不同权的现状,维护广大股民的利益,是股权分置改革的核心所在。因此,本文以实行股权分置改革后的近三年作为样本期间,选取了具有代表性的医药类上市公司为研究样本,通过实证方法,找出了影响股利分配与否的主要因素以及影响分配方式的主要原因,并检验了股权分置改革对股利分配的影响程度,进而为后股权分置改革提出自己的建议。
关键词:股利政策;资本市场;股利分配;股权分置改革
Abstract
1956 Professor John Lintner of Harvard University (John Lintner) for the first time the model proposed dividend, Lintner's article opens the field of micro-finance dividend policy precedent. Gradually developed after the tax differential theory, agency cost theory, signaling theory, enrich the research on dividend policy. Dividend theoretical results of Western developed markets experienced a test of the West, on the dividend distribution policy in China also played a role, but the different national conditions, there are differences in the stage of the securities market, with the same theoretical methods to analyze China's capital market will there were many do not meet mon sense of the strange phenomenon.
Better coordination is the major shareholder and minority shareholders, corporate, and investors with shares between the different price, with the price of the status of different rights, and safeguarding the interests of shareholders, the share reform is the , this article in order to implement post-split share structure reform during the last three years as a sample, select a representative pharmaceutical panies as samples, the empirical method to find out the impact of dividend distribution or otherwise affect the distribution of the main factors and the main mode and test the split share structure reform, the degree of influence on the dividend distribution, then the post-split share structure reform put forward their own proposals.
Key words: Dividend Policy; C