股利政策的比较与选择--以万科集团为例

论文总字数：14866字

摘 要

股利政策是现代公司经营活动主要围绕的一大核心，股利政策制定的好坏与否会影响公司股利的发放、影响投资者对公司未来收益的预期、影响公司在同行业中的名声及他人的信任程度。然而不同的股利政策有其各自的特点和适用情况，企业应根据自身的经营状况，结合市场环境、国家政策等选择合适的股利政策来适应和促进企业的发展。

本文以上市公司的股利政策为主要研究对象，运用理论与案例结合研究方法，先阐述关于股利政策的一些理论知识和一些专家的见解，然后从股利政策的现状、存在的问题及成因开始分析，提出解决问题的一些可行方法。接着以万科集团为例，用数据深入分析股利政策的不同特点及企业不同时期应选择的股利政策。

经研究发现，企业发展有初创、成长和稳定发展的时期，每个时期都有对应的股利政策，但由于政策影响和企业自身经营状况和发展预期，可能对股利政策有所调整。对于股利分配方式，大多数的上市公司都会采取分配现金股利或股票股利的方式。企业应制定相应管理机制和发展目标来促进企业的发展，而监管部门也应制定相关规章制度并加大监管力度来维护市场的稳定发展。

关键词：股利政策；上市公司；万科集团；政策影响；稳定

Comparison and Choice of Dividend Policy

─ ─ Vanke as an example

Abstract

As one of the three core parts of the modern financial management activities, the dividend policy not only affects the company"s business activities, but also has an important impact on the investor"s enthusiasm for investment in establishing a good corporate image and long-term and stable development. Different dividend policies have different characteristics. Enterprises should adapt and promote the development of enterprises according to their own development conditions, market conditions, national policies and other appropriate dividend policies.

This article takes the dividend policy of listed companies as the main research object. By combining the research methods with theory and case, this paper first elaborates some theoretical knowledge about dividend policy and some experts" opinions, then analyzes the status quo, existing problems and causes of dividend policy, Put forward some feasible ways to solve the problem. Followed by the Vanke , for example, with the data in-depth analysis of the different characteristics of the dividend policy and enterprise should choose the different periods of dividend policy.

The study found that the development of enterprises with a start-up, growth and stable development of the period, each period has a corresponding dividend policy, but because of policy implications and the company"s own business conditions and development expectations, the dividend policy may be adjusted. For dividend distribution, most listed companies will adopt the method of distributing cash dividends. Enterprises should develop appropriate management mechanisms and development goals to promote the development of enterprises, and regulators should also develop relevant rules and regulations and increase supervision to maintain the stable development of the market.

Keywords: Dividend Policy; Listed Company; Vanke; Policy Implications; Stability

目 录

摘 要 I

Abstract II

第一章 绪 论 1

1.1研究背景 1

1.2 研究目的及意义 1

1.3 研究内容及方法 1

1.4 论文框架 2

第二章 文献综述及相关理论 3

2.1文献综述 3

2.2相关理论 3

第三章 股利政策的现状及存在的问题 5

3.1我国上市公司股利分配现状 5

3.2我国上市公司股利政策存在的问题 5

3.3我国上市公司股利政策现状成因分析 6

第四章 解决上市公司股利政策问题的对策 8

4.1加强机制建设，把好选人用人关 8

4.2拓宽市场融资渠道 8

4.3健全保护投资者的法律制度 8

4.4上市公司树立回报股东意识 9

4.5选择合适的股利政策 9

第五章 案例分析 10

5.1万科公司简介 10

5.2万科集团股利分配情况 10

5.3万科股利政策分析 11

结论 13

致谢 14

参考文献（References） 15

第一章 绪 论

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