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本文试图通过对我国上市公司股利支付现状的研究分析,总结我国股利分配的特性和弊病,并对此提出改进意见和建议。针对现金股利与企业经营业绩之间是否存在线性关系,笔者选取小样本进行了实证研究。实证研究的结果表明,企业的现金股利与净资产收益率、每股收益、经营净利率之间存在较强的相关性。在中国,大部分上市公司基于投资和扩张的目的而倾向于少派现金股利。所以,在现实中企业每股现金净流量与企业现金股利的发放之间存在不确切的关系,对此,笔者提出改进建议。
This article tries to summarize the characteristics and disadvantages of the dividend distribution in our country through the research and analysis of the present situation of the dividend payout of the listed companies in our country and put forward the suggestions and suggestions for improvement. For the existence of a linear relationship between cash dividend and business performance, the author selected a small sample for an empirical study. The result of empirical research shows that there is a strong correlation between cash dividend and net assets return, earnings per share and net operating margin. In China, most listed companies tend to pay less cash dividends for investment and expansion purposes. Therefore, in reality, there is an inexact relationship between the net cash flow per share of a company and the payment of cash dividends by the enterprise. In this connection, the author proposes improvements.