CAJ | 학술논문

使用权益资本就必须给予股东回报，而我国却有大量上市公司不分配股利。究竟是什么原因导致我国股市股利分配与西方成熟资本市场迥异的现象？本文以终极股东控股权的所有权差异为研究切入点，比较研究了国有上市公司与民营上市公司近七年来股利分配特点及影响因素，最终得出所有权的不同、负债水平及盈利水平的差异是决定企业股利政策的最为重要的因素，货币支付能力及累积盈利水平对企业股利分配虽有影响，但影响并不十分显著。
사용권익자본취필수급여고동회보，이아국각유대량상시공사불분배고리。구경시십요원인도치아국고시고리분배여서방성숙자본시장형이적현상？본문이종겁고동공고권적소유권차이위연구절입점，비교연구료국유상시공사여민영상시공사근칠년래고리분배특점급영향인소，최종득출소유권적불동、부채수평급영이수평적차이시결정기업고리정책적최위중요적인소，화폐지부능력급루적영이수평대기업고리분배수유영향，단영향병불십분현저。
The use of the equity capital should repay the shareholders, while no dividends are distributed for most lis- ted companies in China. What makes the significant differences come into being between the western mature markets and ours？ This paper begins with the ownership of the ultimate controlling shareholder, and studies the dividend distribution character and drives of dividend distribution of the state - owned listed companies and private listed companies in nearly seven years. It finally concludes that the differences of ownership, debt level and profitability are the most important fac- tors which decide the company＇s dividend policy. Currency paying ability, and accumulated profits of the enterprise have some effect on the dividend policy, but they are not vey important.