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一般而论，在成熟的市场上，选择不分配股利的公司往往是少数。股票是一种高风险的金融资产，作为对投资者承受高投资风险的补偿，给投资者超过储蓄收益率的较高的投资回报，是上市公司的责任。但是，中国的上市公司却大多缺乏这种应有的责任感，说明投资公司股票很难从相当一部分公司中取得投资红利回报。

Generally speaking , in a mature market, the company chose not to distribute dividends tend to be the minority. The stock is a high -risk financial assets , as investors subject to high investment risk compensation to investors than savings yield higher return on investment , is a listed company 's responsibility. However, China 's listed companies , but most lack the proper sense of responsibility , and it illustrates a considerable part of the company's stock is very difficult to obtain investment company dividend return .

异常高派现是指每股现金股利大于每股收益，或者大于每股经营性净现金流量。这种派现行为说明上市公司不仅将本年的净利润全部用于发放现金股利，而且还动用了以前年度的未分配利润。大股东通过上市公司实施高派现的行为把上市公司的可分配利润分尽，或者一方面实施高派现，另一方面又向流通股股东进行再融资。因此，现金分红也常常成为大股东掏空上市公司的一种手段。
Abnormally high school now refers to earnings per share cash dividend is greater than , or greater than net operating cash flow per share . To illustrate this faction existing listed companies net profit this year, not only for the payment of all cash dividends , but also spent the undistributed profits of previous years . Major shareholders of listed companies through the implementation of the behavior of high school is now a listed company's distributable profits points to make, or the one hand, the implementation of high school now , on the other ED also tradable shareholders to refinance . Therefore, the cash dividends often become major shareholders of listed companies as a means of emptying .

派现金额在平均水平1倍以上的上市公司逐渐增多，2004年达到88家。而更令人费解的是，在这些支付高现金股利的上市公司中，有相当一部分如航天信息这样上市时间很短且具有很大的业务增长空间的公司。
Cash dividends in the amount of times higher than the average level of a listed company gradually increased, in 2004 reached 88 . And even more puzzling is that in these high- paid cash dividends of listed companies, a considerable portion of space information such as time to market is very short and has a lot of business growth of the company.

2001 partial loss or profit distribution plan of the Company proposed a more generous dividend program , more than 60 listed companies were now completely splitting profits eaten , more than 30 listed companies to draw on accumulated profits from previous years , more than 20 companies dividends in excess of distributable profits that year , a number of the company's capital is less than the carrying amount of dividends . New Steel and Vanadium as the end of 2001 , the carrying amount of money is only 78.85 million yuan , 204.66 million yuan has proposed discovered gold ; Xiamen Road & Bridge ( 000905 ) 2002 final monetary amount of funds 76.15 million yuan , while the total amount of 147.5 million yuan is now proposed , final monetary total capital is less than cash dividends . These listed companies net cash flow even when capital accumulation is insufficient to cover the high monetary dividends , why are we still put out huge amounts of cash allocation problem is worth our serious consideration .
                                
In general, the listed company 's dividend policy should be smooth, continuous , which is conducive to the transmission of information to play a di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。