引言股利政策是股份制公司将税后收益在股东和留存收益之间进行合理分配的策略。股利政策不仅仅是一个利润分配的问题,它与债权人利益、股东利益、公司形象、公司的交易成本以及代理成本,乃至公司未来的发展都有着密切关系。现金股利作为股利政策的主要形式,是对股东进行利益回报的重要方式,合理的 Introduction Dividend policy is a strategy for joint-stock companies to allocate after-tax profits to a reasonable distribution between shareholders and retained earnings. Dividend policy is not only a problem of profit distribution. It has a close relationship with the interests of creditors, shareholders’ interests, company image, transaction cost of the company and agency costs, and even the future development of the company. As the main form of dividend policy, cash dividend is an important way to repay shareholders’ benefits. It is reasonable