Generally speaking , when the high - tech enterprises is in their expansion stage , they have achieved primary success in the technology r & d aspect , have formed primary market and have preparation to expend it ; however they are weak in marketing , are eager to get capital support . at that time , net cash inflow comes into being in business operation ; they are still faced with particular growth risks in spite of lowering risks 處于成長期的高新企業(yè),技術(shù)研發(fā)已基本取得成功;市場已形成并開始擴張,但企業(yè)的營銷力量較為薄弱;對資金的需求在急劇增加;財務(wù)經(jīng)營方面開始出現(xiàn)正的現(xiàn)金流;風(fēng)險開始降低,但面臨著獨特的成長性風(fēng)險。
This paper analyzes the characters and forming of cash dividend policy in china listed companies . the dividend policy situation , characterized by instability , tiny amount but higher net cash inflow , relates with the behavior of different parties in corporate governance 本文分析了我國上市公司現(xiàn)金股利政策的特征以及形成原因,指出我國股利政策的不穩(wěn)定、數(shù)額偏小以及分配數(shù)額超過凈現(xiàn)金流入的現(xiàn)象與我國公司治理中的各方行為有關(guān),并指出公司內(nèi)部的委托代理關(guān)系是股利政策決定不規(guī)范的根本原因。