格力公司的股利政策研究

格力公司的股利政策研究摘要公司的红利分配意愿其表现形式就是股利政策，它与股东们的切实收益相关，并使国内专家和公众投入更多关注。自05年开始国内资本市场已经对股权分置进行改革创新，从那以后证券市场就进入了高速发展阶段，从2008年国内证券市场监管部门对上市公司的再融资行为提出规划，并继续加大力度对上市企业的现金分红进行监察管理，我国资本市场日益发展下，公司的股利政策越来越引起部分市场投资者和上市企业的关注。格力公司是早期第一梯队加入到国有制公司改革的企业，自上市以来先后进行了几十次对股利的分配，同时用较高的现金股利引起市场上投资者的关注与信赖。不过这几年受国家宏观政策和同行业竞争压力的影响，格力公司正面对着多元化转型升级的难题，而大环境下的股利政策也发生了一定的改变，其变动中也隐藏着许多难题。以中断股利分配的2017年作为时间分割点，对比2017年格力公司股利政策变动前后的发展情况。我针对格力公司对外发布的财务报告分析了格力公司的股利政策分配特征，并分析了其发展过程中存在的股权结构不合理，股利支付方式单一，股利分配政策缺乏灵活性的问题。并分析了不同要素对股利分配政策的影响，并就存在的问题提出了合理性对策：保证股利分配政策的平稳运行：优化股权结构拓宽融资渠道：多种方式结合分配股利：股东大会网络化：强化投资者投资知识的教育：谨慎对待投资机会，提升产品核心竞争力。并由此得出，格力公司需要参考目前市场内的具体情形和公司自身的经营分配情况调整政策。在确保公司各股东权益的最大化的同时，科学降低公司有关财务方面的风险，采取多种股利支付手段，保证股利政策的灵活性和稳定性，并且在公司逐步发展的情况下采用合理的股利政策。通过从格力公司股利政策变动角度出发，以公司未来发展为主要立足点，对公司的股息政策进行了分析，指出了存在的问题和有待完善的地方，具有一定的独创性：但由于研究能力的限制，对股利分配问题进行分析时可能存在不足之处。关键词：格力电器；股利分配政策；影响因素分析-I-Research on Dividend Policy of Gree CompanyAbstractThe company's dividend distribution will in the form of dividend policy,it is relatedto the actual income of shareholders,and make domestic experts and the public to investmore attention.Since 2005,the domestic capital market has carried out the reform andinnovation on the split-share structure.Since then,the securities market has entered thestage of rapid development.From 2008,the domestic securities market supervisiondepartment has put forward plans on the refinancing acts of listed companies,andcontinued to intensify the supervision and administration on the cash dividends of listedenterprises.Under the development of the capital market of our country,the company'sdividend policy has increasingly attracted the attention of some market investors and listedenterprises.Gree Company is one of the first companies to join in the reform ofstate-owned companies.It has distributed dividends dozens of times since it was listed onthe stock market.At the same time,the high cash dividend attracts the investors'attentionand trust.But in recent years,Gree is facing the problem of diversification and upgrading,and the dividend policy has also undergone some changes,and many problems are hiddenin the changes.Take the year 2017 when the dividend distribution was interrupted as thetime partition point,and compare the development of Gree's dividend policy before andafter 2017.Based on the financial reports issued by Gree,this paper analyzes thecharacteristics of dividend policy distribution of Gree,and analyzes the unreasonableownership structure,single dividend payment method and lack of flexibility in dividendpolicy,and puts forward reasonable countermeasures for the existing problems:(1)ensuring the smooth operation of dividend distribution policy;(2)Optimize equitystructure and widen financing channels;(3)Combine multiple methods for dividenddistribution;(4)Network shareholders'general meetings;(5)Strengthen education forinvestors on investment knowledge (6)Treat investment opportunities prudently andimprove core competitiveness of products.And from this,Gree Company needs to refer tot