摘 要：企业股利政策作为公司财务管理的重要组成部分，对股东价值最大化具有深远影响。本研究基于现代金融理论，探讨了不同股利政策对企业价值及股东利益的作用机制，并结合中国资本市场特点分析其适用性。研究采用实证分析方法，选取2010年至2022年间A股上市公司数据，构建多元回归模型以检验股利支付率、股利稳定性与企业市场价值之间的关系。结果表明，合理的股利政策能够显著提升股东价值，而过高的股利支付水平可能因削弱企业再投资能力而产生负面影响。此外，研究发现股利稳定性能增强投资者信心，从而间接促进企业价值增长。本研究的创新点在于引入动态视角评估股利政策的长期效应，并结合行为金融学理论解释投资者对股利信号的反应机制。研究为优化企业股利分配策略提供了理论支持和实践指导，同时为企业在复杂市场环境中实现股东价值最大化目标提供了重要参考依据。
关键词：股利政策；股东价值最大化；企业市场价值
Abstract：Corporate dividend policy, as a critical component of corporate financial management, plays a profound role in maximizing shareholder value. Based on modern financial theory, this study investigates the mechanisms through which different dividend policies affect firm value and shareholder interests, while also analyzing their applicability within the context of China's capital market characteristics. An empirical analysis approach is employed, utilizing data from A-share listed companies between 2010 and 2022 to construct a multiple regression model that examines the relationships among dividend payout ratios, dividend stability, and firm market value. The results indicate that a well-structured dividend policy can significantly enhance shareholder value; however, excessively high dividend payouts may negatively impact firms by weakening their reinvestment capabilities. Additionally, the study finds that dividend stability can strengthen investor confidence, indirectly promoting firm value growth. A key innovation of this research lies in its introduction of a dynamic perspective to evaluate the long-term effects of dividend policies, combined with insights from behavioral finance theory to explain investor responses to dividend signals. This study provides theoretical support and practical guidance for optimizing corporate dividend distribution strategies, offering important reference for firms aiming to achieve the goal of shareholder value maximization in complex market environments.
Keywords: Dividend Policy；Shareholder Value Maximization；Firm Market Value
目 录
引言 1
一、股利政策理论基础与框架 1
(一)股利政策的基本概念 1
(二)股利政策的理论发展 2
(三)股利政策与股东价值的关系 2
二、股东价值最大化的实现路径 3
(一)股东价值的核心内涵 3
(二)股利分配对股东价值的影响 3
(三)实现股东价值最大化的策略 4
三、企业股利政策的决策因素分析 4
(一)宏观环境对企业股利政策的影响 4
(二)微观因素在股利决策中的作用 5
(三)股利政策与公司治理结构的关系 5
四、股利政策优化与股东价值提升实践 6
(一)股利政策优化的理论依据 6
(二)股利政策调整的实际案例分析 6
(三)提升股东价值的政策建议 7
结论 7
参考文献 9
致谢 9
关键词：股利政策；股东价值最大化；企业市场价值
Abstract：Corporate dividend policy, as a critical component of corporate financial management, plays a profound role in maximizing shareholder value. Based on modern financial theory, this study investigates the mechanisms through which different dividend policies affect firm value and shareholder interests, while also analyzing their applicability within the context of China's capital market characteristics. An empirical analysis approach is employed, utilizing data from A-share listed companies between 2010 and 2022 to construct a multiple regression model that examines the relationships among dividend payout ratios, dividend stability, and firm market value. The results indicate that a well-structured dividend policy can significantly enhance shareholder value; however, excessively high dividend payouts may negatively impact firms by weakening their reinvestment capabilities. Additionally, the study finds that dividend stability can strengthen investor confidence, indirectly promoting firm value growth. A key innovation of this research lies in its introduction of a dynamic perspective to evaluate the long-term effects of dividend policies, combined with insights from behavioral finance theory to explain investor responses to dividend signals. This study provides theoretical support and practical guidance for optimizing corporate dividend distribution strategies, offering important reference for firms aiming to achieve the goal of shareholder value maximization in complex market environments.
Keywords: Dividend Policy；Shareholder Value Maximization；Firm Market Value
目 录
引言 1
一、股利政策理论基础与框架 1
(一)股利政策的基本概念 1
(二)股利政策的理论发展 2
(三)股利政策与股东价值的关系 2
二、股东价值最大化的实现路径 3
(一)股东价值的核心内涵 3
(二)股利分配对股东价值的影响 3
(三)实现股东价值最大化的策略 4
三、企业股利政策的决策因素分析 4
(一)宏观环境对企业股利政策的影响 4
(二)微观因素在股利决策中的作用 5
(三)股利政策与公司治理结构的关系 5
四、股利政策优化与股东价值提升实践 6
(一)股利政策优化的理论依据 6
(二)股利政策调整的实际案例分析 6
(三)提升股东价值的政策建议 7
结论 7
参考文献 9
致谢 9
