股利政策是公司财务的重要要万科集团股利政策分析摘同时也是上市公司理财的三大活动之一。

一方面组成部分它是公司进行筹资、投资活动的延伸。

另一方面适当的从而激发广大投资者股利政策可以树立公司良好的形象最终使公司获得长期、稳定的发展机会。

因对公司的关注对于这一问题的探讨具有十分深远的理论和实践意此义。

本文试图通过对上市公司股利政策的探讨研究股利政提出自己的观点以期对策对上市公司股票价格的影响第上市公司股利政策的制定有所帮助。

本论文分为四章。

一章阐述股利政策理论基础。

每个理论都有各自合理的地方人们又发展出一些同时也有它的不足之处。

在此基础上新的理论。

这些理论为我们研究股利政策提供了理论依据。

第二章阐述了股利政策的内涵、目标。

公司在制定股利政策才能制定出符合自身特点的最时必须考虑各种影响因素第三章为股利实务章节。

本文选取万科这一佳股利政策。

老牌上市公司作为研究的对象。

对其股利政策与中国上市公第四章为结论部分。

通过对司的共性与差异作研究分析。

提出对股利政策理论的回顾以及万科的实际分析之后万科:于中国上市公司在制定股利政策时的建议。

关键词上市公司股利政策I万科集团股利政策分析ABSTRACT Dividend policy is one of core content of financial management in listed companies. On the one hand it is the logic extension and inevitable outcome of financial and investment activities on the other hand appropriate dividend policy can set up good company reputation arouse enthusiasm of many investor to continuous invest and acquire long and stable development opportunities and conditions. Probing the issue has profound theory and practical significance. With the development of securities market there are more and more listed companies in our country and their dividend policies are very different. On the basis of probing many kinds of dividend policy theory using the empirical research method to probe the effect of dividend distribution on the stock price in listed companies I put out my own view and hope it available to decision making of dividend policy in listed companies. This dissertation is divided into four sections: the first section introduces some basic theories of dividend policy and their further research results which is thetheory base of this dissertation. People have studies the dividend policy for long time and formed some basic theories. Meanwhile with the change of economic environment and the development of subject people probe it from wider fields and make some new study achievement such as clientele effect theory signaling hypothesis agency cost hypothesis. Section two I set forth implications and objectives of dividend distribution which not only affect practical benefit of share holds but also affect future development of company. The objective of dividend policy is to achieve balance between them and realize the last objective of financial management. Section three chooses Vanke a listed company and a leader in Real Estate industry as an example analyzed its common place and variation in dividend policy. Section four analyzes the dividend policy characters and change in Chinese security market. Then it gives suggestions about how to standardize the dividend policy correspondingly. Key word: 万科集团股利政策Vanke listed Company Dividend Policy II分析目录前言................................................................................................... ........................1 第一章股利政策理论基础...........................................................................................2 1.1 股利政策相关概1.2 股利政策基础理论 (3)第二章股利分配动因和影响因素...............................................................................6 2.1 股利分配动...................................................................................................因．.6 2.2 上市公司选择不同股利政策的内部因素........................................................6 2.3 上市公司选择不同股利政策的外部因素........................................................7 第三章万科股利政策分析...........................................................................................9 3.1 万科简介................................................................................................... .........9 3.2 发展之路................................................................................................... .........9 3.3 股本结构及股东情况......................................................................................12 3.4 历年业绩................................................................................................... .......14 3.5 万科股利分配方3.6万科股利分配方案评析...................................................................................15 第四章总结................................................................................................... ..........23 4.1 启示和思考...................................................................................................优化股利政策建...23 4.2 ..........................................................................................23 议文参考...................................................................................................献致. (25)...................................................................................................谢声.. (26)...................................................................................................明融资政前言........................27 III万科集团股利政策分析策、投资政策和股利政策是现代公司理财活动的三大核心内股利政策是公司筹资政策、投资政策的逻辑延伸容。