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1、装订线 毕业论文摘要融资是上市公司生存和发展的前提条件，我国作为新兴市场，上市公司有很强烈的融资欲望，把握一切融资机会，发行债券，IPO，增发以及配股等，且其偏好股权融资。然而上市公司在快速发展的同时对股东回报是不可回避的话题。股东掏钱，投资企业，承担经营风险，分享发展红利，这也是股份制企业的基本逻辑，也是证券市场的致简原理。但是，在我国，这个基本逻辑长期未能很好的体现，上市公司重融资、轻回报，致使中国的证券投资者承担风险有余、享受红利不足。然而股利政策不但关系到股东的现期收益和公司的未来发展，还关系到不同股东群体之间的利益均衡，对股市能否长久健康发展有重要意义。因此，很有必要深入探讨“重融资
2、、轻回报”的原因。本文主要从上市公司的融资和回报有关现象入手，运用定性分析与定量分析相结合，研究总结上市公司融资和回报情况，分析重融资、轻分红的影响因素，得出结论与建议，促进中国股市的健康发展。关键词：上市公司，融资，回报，派现，股权融资偏好 IV AbstractFinancing is a prerequisite for listed companies to survive and develop，China，as an emerging market,listed companies have a very strong desire of financing, they seize
3、 all the financing opportunities to Issue of bonds,the IPO and allotment.What is more,they preferred equity financing.However, return to shareholders is an unavoidable topic during the rapid development of listed companies .Shareholders invest to the enterprise and bear the business risk,，it is the
4、basic logic of the joint-stock enterprises as well as the simple principle of the securities market. However, in our country, the basic logic of long-term is not well reflected, listed companies only focus on financing resulting in Chinas securities investors to take risks more than and enjoy bonus。
5、However, the dividend policy is not only related to the current income of the shareholder and the companys future development, but also related to the balance of interests between the different shareholder groups, it is also important for stock market. to keep long-term healthy development. Therefor
6、e, it is necessary to further explore the reason of Financing Preference. In this paper, it starts from related phenomena of listed companies financing and reward then uses qualitative analysis and quantitative analysis to study the financing and return of listed companies, analysis the influencing
7、factors of Financing Preference，at last， Conclusion and recommendations are put forward to promote the stock market s healthy development of china.Keywords: Finance, Reward ,Cash dividend ,Equity financing preference , Policy目录一、绪论I （一）研究背景11.研究背景12.研究意义1（二）文献综述21.融资理论22.股利政策理论4（三）研究思路6二、我国上市公司及其融资与
8、回报的形成与发展7（一）我国上市公司的发展7（二）我国上市公司的融资91融资的方式92我国上市公司的融资发展9（三）我国上市公司的回报151.回报相关概念152.我国上市公司分红的相关管理办法153.我国上市公司回报的发展16三、我国上市公司融资与回报的具体分析17（一）我国上市公司融资与回报整体情况171.派现面在扩大172.派现额仍然较少183.派现率低204.股息率低215.上市公司缺乏明晰的分红政策23（二）我国上市公司融资和回报现状进一步分析241.股权融资偏好和派现影响因素242.进一步分析24四、我国上市公司融资与回报案例分析28（一）AH股融资和回报差异的案例分析（以中石油为例
9、）281.中石油简介282.中石油融资和回报发展283.中石油A股和港股融资和回报的差异29（二）常年高派现的上市公司的案例分析（以贵州茅台为例）31（三）有能力分红而常年不分红的上市公司案例分析（以英特集团为例）32五、结论与建议33（一）结论33（二）建议34六、结束语36致 谢37参考文献38附录40Contents1.IntroductionI 1.1.Background11.1.1 Rackground of research11.1.2 Significance of research11.2.Literature reviews21.2.1 Finance theory21.2
10、.2 Theory of dividend policy41.3 Research ideas62.Chinas listed companies and the formation and development of their financing and return 72.1 The development of securities market72.2 The financing of Chinas listed companies92.2.1Way of financing92.2.2The financing development of Chinas listed compa
11、nies92.3 Returns of Chinas listed companies152.3.1 Related concepts of returns152.3.2 Measures for the Administration of the dividends of Chinas listed companies152.3.3The development of the returns of Chinas listed companies163.The specific analysis of the financing and the returns of Chinas listed
12、 companies 173.1 The overall situation of the financing and the returns of Chinas listed companies173.1.1 Dividend scale is increasing173.1.2 Amount of cash dividends is still small183.1.3 Cash dividends rate is low203.1.4 Dividend rate is low。213.1.5 Listed companies lack a clear dividend policy233
13、.2 Further analysis for the status of the financing and returns of Chinas listed companies243.2.1 Equity financing preferences and factors which affect cash dividends243.2.2Further analysis 244.Case studies of the financing and the returns of Chinas listed companies284.1 Case studies of the differen
14、ce between the financing and the returns of AH share284.1.1 Brief introduction of China Petroleum Natural Gas Group Company284.1.2 The development of the financing and the returns of SNPC284.1.3 The difference of the financing and the returns between A share and H share issued by SNPC 294.2 Case Studies of listed companies which pay cash dividends annually314.3 Case Studies of listed companies which have the ability to pay dividends but not to325.Conclusion and advice335.1 conclusion335.2 Advice346.Closing remarks36Thanks37References38Appendix40一 、绪论(一)研究背景1.研究背景 股东掏钱，投资企业
