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法律环境对股利支付水平具有很大的影响。包括立法状况与执法质量在内的整个法律环境，对公司的股利政策具有至关重要的影响。从最近哈佛大学与芝加哥大学的四位学者对全球33个国家4000多家上市公司股利政策所作的比较分析来看，法律环境对股利政策的影响主要体现在以下几个方面：

Legal environment for the dividend payment has great influence . Including legislative status and quality of law enforcement , including the entire legal environment , the company's dividend policy has a crucial impact. From a recent Harvard University and the University of Chicago 's four scholars from 33 countries worldwide more than 4,000 listed companies in the comparison made dividend policy analysis, legal environment, the impact on the dividend policy is mainly reflected in the following aspects :

一些国家为了激励投资者积极参与股票市场，从立法上对公司的股利政策作出了严格规定。如美国“国内税收法”就禁止企业无限度地保留盈余。这些带有强制性的法律措施，既保护了外部股东的利益，同时也界定了企业的最低股利支付水平；

( 1 ) a number of countries in order to encourage investors to actively participate in the stock market , from the legislation on the company's dividend policy has strict provisions . Such as the U.S. , " Internal Revenue Code " to ban corporate indefinitely retained earnings. These legal measures with mandatory , both to protect the interests of outside shareholders , but also defines the minimum dividend payment level enterprise ;

在英、美等实行“普通法”的国家中，法律对投资者提供的保护要好于法国等实行“大陆法”的国家。因此，在实行“普通法”的国家，上市公司的股利支付率也明显高于实行“大陆法”的国家；

( 2 ) In the United Kingdom , the United States and other implementation of " common law " countries , the law provides for the protection of investors, better than France, the implementation of " civil law " countries . Therefore, the implementation of " common law " countries, the dividend payout ratio of listed companies was also significantly higher than the implementation of " civil law " countries ;

( 3 ) When the law can provide better protection to shareholders , the company has good investment opportunities can usually choose low dividend payout policy . Conversely , when the law can only provide poor protection for investors , even if the company has good investment opportunities , they will usually be considered for the maintenance of reputation , and the choice of a high dividend payout policy ;

( 4 ) has a good legal environment in the country , investors are more likely to use legal weapons to obtain dividends from the company , especially when the company lacks the better investment opportunities , even more so ;

( 5 ) Shareholders can actually get much bonus from the company , not that they are still the largest shareholder of small shareholders , but rather whether they dare to use legal weapons to resist from the "internal " pressure. In the UK , USA, Canada , Australia and other countries , a large company's equity is relatively decentralized, large companies are largely controlled by the company 's managers , while in other countries, some family firms, companies usually manipulated by a few major shareholders . Managers of the companies or major shareholders and other " insiders " under the control of , the greatest victims tend to be the majority of the minority shareholders . Thus, small shareholders are usually more preferred dividends , and, in order to make their fortune not to be " insiders " of the control of arbitrary deprivation of small shareholders often use legal weapons to prot本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。