题 目：上市公司股利政策的研究摘 要目前我国资本市场的投资者对于上市公司分红这一稳定回报渠道的进一步规范化呼声日益渐高，新任证监会主席刘士余对上市公司股利政策提出了进一步规范化的要求，在这样的背景下，上市公司的股利政策需要结合内外部环境进行科学合理的制定。本文对我国上市公司股利回报体系进行分析研究，首先论述了股利政策的不足之处，本文以沪州老窖股份有限公司作为案例研究，进一步提出了该公司股利政策科学设计制度。分析了泸州老窖近年经营业绩以及股利分配的问题，本文分析主要有：股利分配率较低，股利分配不均衡；股利分配政策连续性与稳定性差等等。其次分析问题的原因，研究认为主要是：代理问题严重、上市公司社会责任意识较弱、股利分配指导措施得不到有效落实。最后提出了进一步规范我国上市公司股利政策的对策：有效解决代理问题、上市公司树立回报股东意识，履行社会责任、提高股利决策的科学性、稳定性与持续性。希望本文研究能够对促进我国上市公司股利分配系统的完善有所裨益，并且上市公司更具有回报社会的意识。关键词：股利政策；企业价值；股价ABSTRACTAt present, investors in China's capital market are increasingly calling for further standardization of the stable return channel of listed companies'dividends. The new chairman of the SFC, Liu Shiyu, has put forward further standardization requirements for the dividend policy of listed companies. Under this background, the dividend policy of listed companies needs to be combined with internal and external circles. The situation is scientifically and rationally formulated. In this paper, the dividend return system of Listed Companies in China is analyzed and studied. Firstly, the shortcomings of dividend policy are discussed. Taking Shanghai Laojiao Co., Ltd. as a case study, the scientific dividend policy design system of the company is put forward. This paper analyzes the operating performance and dividend distribution of Luzhou Laojiao in recent years. The main problems are: low dividend distribution rate, uneven divid...
