如何确定企业股利政策 The Standardization Office was revised on the afternoon of December 13, 2020摘要随着我国上市公司股权分置问题的解决，上市公司的市场价值将更大程度的通过股票价格来直接反映。

股利政策作为公司的核心财务问题之一，一直受到利益相关者的密切关注。

因为股利的发放既关系到公司股东和债权人的利益，又关系到公司未来的发展。

公司股利政策是影响股票价格大幅波动的主要因素之一，因此它作为证券市场的炒作题材以来一直经久不衰。

如果支付较高的股利，一方面会提升公司股票价格，另一方面可增加股东的投资收益。

但是过高的股利，将使公司留存收益减少，增发新股所需资本增加。

最终将影响公司未来发展。

而支付较低的股利，尽管可以为公司留存较多的发展资金，但可能会与公司部分股东的愿望相背离，致使股票价格下跌，公司形象受损。

因此，如何制定股利政策，使股利的发放与公司的未来持续发展相适应，使公司在市场竞争中不断发展壮大，便成了公司管理层的终极目标。

本文首先详尽的对股利政策相关概念做了详细的解释，其次通过对不同类型股利政策以及上市公司和股份制企业股利政策的影响因素的深入剖析，阐述了企业必须结合自身实际情况来选择股利政策的观点，并给企业管理层特别是上市企业管理层如何制定股利政策提出了决策思路和建议。

关键词：股利政策；股利；持续发展AbstractAs the solution of the problem of non-tradable shares of listed companies in our country, the market value of listed companies will be more direct reflection by stock price. As one of the company's core financial problems, dividend policy has been paying close attention to by stakeholders. Because the dividend distribution is related to the interests of shareholders and creditors, and relationship to the company's future development. Company's dividend policy is one of the main factors affecting stock price fluctuations, so it is with the topics of the securities market speculation has been enduring. If pay higher dividends, on the one hand, will enhance the company stock price, on the other hand can increase shareholder returns. Dividend, but too high will reduce company's retained earnings, issuance required capital increase. Will eventually affect the company's future development. And pay a lower dividend, although can be retained more development funds for the company, but in May and the desire of the part of the company shareholders deviating, cause stock prices, the company image. Therefore, how to develop the dividend policy, the dividend distribution to adapt themselves to the company's future sustainable development, the company in market competition continue to grow stronger, and became the ultimate goal of company management.This paper detailed the concepts related to dividend policy to make the detailed explanation, secondly based on the factors affecting the dividend policy of listed companies and joint stock company, and in-depth analysis of different types of dividend policy, this paper expounds the enterprise must combine their own actual situation to select a dividend policy point of view, and how to develop and to the enterprise management especially listed companies management dividend policy decision-making ideas and Suggestions are put forward.Keywords: Dividend policy;Dividend;Sustainable development目录摘要.............................................................................................. 错误!未定义书签。

Abstract .......................................................................................... 错误!未定义书签。

1 股利政策的概述...................................................................... 错误!未定义书签。

股利政策的概念.................................................................... 错误!未定义书签。

股利政策的传统理论............................................................ 错误!未定义书签。

股利政策的现代理论............................................................ 错误!未定义书签。

2 股利政策的种类及优缺点...................................................... 错误!未定义书签。

剩余股利政策........................................................................ 错误!未定义书签。

固定股利政策........................................................................ 错误!未定义书签。

固定股利支付率政策............................................................ 错误!未定义书签。

正常股利加额外股利政策.................................................... 错误!未定义书签。

3 股利政策的影响因素.............................................................. 错误!未定义书签。

约束因素................................................................................ 错误!未定义书签。

契约约束........................................................................ 错误!未定义书签。

法律约束。

.................................................................... 错误!未定义书签。

现金充裕性约束............................................................ 错误!未定义书签。

投资机会................................................................................ 错误!未定义书签。

资本成本................................................................................ 错误!未定义书签。

偿债能力................................................................................ 错误!未定义书签。

信息传递................................................................................ 错误!未定义书签。

利益影响................................................................................ 错误!未定义书签。