摘要：我国部分上市公司年终不分红，甚至十多年不分红，因此被称为股市“铁公鸡”。其股利分配政策也缺乏稳定性。对此，上市公司宣称年终盈亏，现金不足，企业需要资金扩大再生产。当然，这也与其内部治理结构不够完善、我国股票市场的有效性不高、上市公司股利分配政策有关。对此，证监会应当发挥一定的作用。上市公司应完善分红政策及决策机制、建立起公平、合理、透明的分红制度、完善信息披露制度、保持股权结构合理化。与海外市场相比，我国上市公司分红水平远低于西方，其原因主要与我国在国际分工的地位以及我国税收政策有关。对此，建议我国上市公司提高整体分红水平、优化分红主体结构、保持分红连续稳定。同时，国家应鼓励引导上市公司建立持续、清晰的现金分红政策和决策机制。创造良好的税收环境，促进上市公司的稳定分红。
关键词：上市公司 现金分红 股利政策4270
Listed Companies Do Not Pay Dividends
Abstract:  End of some listed companies do not pay dividends, or even ten years do not pay dividends, it is called the stock market "stingy." Its dividend distribution policy also lacks stability. In this regard, the listed company announced year-end profit and loss, cash shortage; companies need capital to expand production. Of course, this is also associated with the internal governance structure is not perfect, the effectiveness of China's stock market is not high, the listed company dividend distribution policy. In this regard, the Commission should play a role. Listed companies should improve the dividend policy and decision-making mechanisms, and establish a fair, reasonable and transparent bonus system, improve the information disclosure system, maintaining ownership structure rationalized. Compared with overseas markets, the level of dividends of listed companies is much lower than the West, mainly due to the country's position in the international division of labor as well as China's tax policy. In this regard, the proposed dividends of listed companies to improve the overall level of the main structure optimization of dividends, maintaining continuous and stable dividends. Meanwhile, the state should encourage and guide listed companies to establish continuous, clear cash dividend policy and decision-making mechanisms. Create a favorable tax environment, and promote the stability of dividends of listed companies.

Key Words: Listed Company share out bonus by cash dividend policies
目录
一、研究和解决上市公司“铁公鸡”现象目的和意义    1
（一） 研究上市公司“铁公鸡”现象的目的    1
（二） 研究上市公司“铁公鸡”现象的意义    1
1、 研究上市公司不分红现象有利于保护投资者的权益    1
2、 普及健康的股权文化，培育正确的价值投资理念    1
3、 加强市场的稳定性，吸引长期投资进入市场    1
二、我国上市公司“铁公鸡”现象现状及产生的原因    2
（一） 我国上市公司“铁公鸡”现象的现状    2
1、上市公司偏好赠送股本    2
2、上市公司不分红或少派现    2
3、上市公司股利分配政策缺乏稳定性    2
4、 与西方成熟的资本市场相比，我国上市公司的分红行为过少，融资行为过多    2
5、 境内外上市公司分红的差异    3
（二） 我国上市公司“铁公鸡”现象产生的原因    4
1、上市公司宣称业绩亏损，有红不分    4
2、上市公司对外号称现金不足，无法分红    4 我国上市公司“铁公鸡”不分红现象探究:http://www.youerw.com/kuaiji/lunwen_859.html