I题目：广济药业“低派现”股利政策研究目录一、分红政策.............................................................2（一）分红机制.......................................................2（二）分红比例.......................................................3二、广济药业公司分红的案例简介...........................................3（一）广济药业基本情况介绍............................................3（三）公司现金分红情况...............................................4三、广济药业“低分红”股利政策分析.......................................7（一）广济药业现金分红的匹配性分析....................................71.盈利能力与现金分红的匹配性分析...................................72.现金流量与现金分红的匹配性分析.................................123.偿债能力与现金分红的匹配性分析.................................15（二）广济药业现金分红政策的影响分析.................................181.资金使用效率分析................................................183.股权结构分析...................................................203.对公司筹资的影响................................................22四、广济药业“低派现”股利政策存在的问题及对策...........................22（一）存在问题.......................................................221.股利派现率与企业主要财务指标不匹配..............................222.股利支付方式单一................................................22II3.忽视投资者的利益................................................23（二）对策建议.......................................................231.合理匹配现金分红能力............................................232.采取稳定的股利政策..............................................233.改善公司治理结构................................................244.创新融资手段，改善融资环境......................................24参考文献.............................................................251广济药业“低派现”股利政策研究摘要：股利政策作为企业三大财务活动之一，一直受到国内外学者们的密切关注。上市公司获得盈余之后，不仅应该考虑企业再投资，还应该考虑对投资者的股利回报。本文以医药制造类公司广济药业为研究对象，对其过去长达十年不分红的动因进行分析，通过对其股利政策和财务指标的匹配性分析，通过该企业盈利能力、现金流量、偿债能力与现金分红情况是否匹配来判断其是否属于“低派现”股利政策，再从企业的资金使用效率、股权结构、筹资情况的角度来研究其“低派现”股利政策会给企业带来的消极影响。最后，总结上述分析中企业存在的问题并提出提出相应对策，也为上市公司的股利政策制定提供借鉴。关键词：股利政策；低派现；分红能力Abstract：Asoneofthethreemajorfinancialactivities,dividendpolicyhasbeenpaidcloseattentionbyscholarsathomeandabroad.Afterearningearnings,listedcompaniesshouldconsidernotonlyreinvestment,butalsodividendreturntoinvestors.ThispapertakesGuangjipharmaceutical,apharmaceuticalmanufacturingcompany,astheresearchobject,analyzesthereasonsforitsnondividendinthepasttenyears.Throughthematchinganalysisofitsdividendpolicyandfinancialindicators,itjudgeswhetheritbelongstothe"lowdividend"dividendpolicybywhethertheenterprise'sprofitability,cashflow,solvencyandcashdividendmatch,andthenfromtheperspectiveoftheenterprise'scapitaluseFromtheperspectiveofefficiency,ownershipstructureandfinancingsituation,thispaperstudiesthe2negativeimpactoflowcashdividendpolicyonenterprises.Finally,thispapersummarizestheproblemsexistingintheaboveanalysisandputsforwardthecorrespondingcounter...
