摘要:股利政策作为现代公司理财活动的三大核心内容之一，是关于企业是否发放股利、发放多少股利和何时发放股利等内容的方针和政策。股利政策制定的合理与否不仅仅涉及到企业自身的发展和投资者的利益，更会对我国证券市场的运行和宏观经济环境产生影响。股利政策的选择不是一劳永逸的事情，需要企业理性分析各种可能的影响因素，权衡利弊做出最科学有效的决策。

本文在归纳总结最近五年国内外关于上市公司股利政策研究现状的基础之上，选取了中小板市场上70家2011-2014年中连续四年分配股利的上市公司为样本，利用SPSS软件做出描述性统计分析和线性回归分析，研究影响现金股利政策选择的财务指标因素,利用EXCEL软件研究影响股票股利政策选择的因素和不同股利政策下的股价特点，初步得出结论。最后根据实证研究的结果，对中小板上市公司股利政策提出可行性建议。69894

关键词：股利政策;股价;现金股利;股票股利;中小板

Dividend Policy Choice of Listed Companies and Its Impact on Share Prices

Abstract：the pidend policy as one of the three core content of financial management of modern companies, is about how much pidend, issuing enterprise when pidends and pidend principles and policies, etc.Dividend policy is reasonable or not involves not only the development of the enterprise itself and the interests of investors, are more likely to run in China securities market and macroeconomic environment impact.The choice of pidend policy is not once and for all things, need to enterprises to rational analysis of possible influencing factors, weigh the pros and cons to make the most scientific and effective decision-making.

    This article sum up nearly five years at home and abroad based on the present situation of research on pidend policy of listed companies, select the small and medium-sized board market four consecutive years 70, 2011-2014 years paying pidends of listed companies as samples, using SPSS software to descriptive statistical analysis and multivariate linear regression analysis, studies the factors affecting cash pidend policy choice of financial indicators, using EXCEL software study of factors affecting stock pidend policy choices under different pidend policy and share price characteristics, preliminary conclusions.Finally, according to the results of the empirical research of small and medium-sized boards of listed companies pidend policy put forward feasible Suggestions.

Key Words: pidend policy； stock prices； cash pidends； stock pidends； small and medium-sized plate

目    录

摘要 I

Abstract II

目    录 III

一、 绪论 1

（一）研究背景及意义 1

（二）研究现状 1

（三）研究方法及内容 2

二、股利政策的相关理论 4

（一）股利支付形式 4

（二）股利政策类型 4

（三）影响因素 4

三、 实证分析 6

（一）现金股利政策选择影响因素研究 6

 (二）股票股利政策分析 12

（三）股利政策下的股价分析 12

四、 结论和建议 15

（一）结论