以水泥行业为例分析上市公司治理规范

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1、以水泥行业为例分析上市公司治理规范上市公司股利分配政策历来是证券市场经久不衰的炒作题材。从经济学的角度看，上市公司决定现金分红，合理的原因只应有一个：股东们相信这部分利润放在各股东的手中较之记在公司的名下更能发挥作用。但是，由于多方面原因，我国上市公司股利政策并不规范。以水泥行业为例,我们选取了24家上市的水泥公司，对其自上市以来的股利分红进行了研究。一、水泥行业各上市公司分红比较分析表1水泥行业各上市公司的每股收益与每股分红统计表（1996年—2011年）冀东水泥年份2011201020092008200720062005200420032002

2、2001每股收益1.2351.1530.8180.40.3780.2180.13270.14850.1670.120.1303每股分红0000.10.120.100.10.10.10.1ST当代每股收益-0.1150.03-0.219-0.430.02-0.25-0.790.010.0140.0790.085每股分红00000000000江西水泥每股收益1.2760.3870.1670.12370.09490.0281-0.4004-0.140.1240.0460.089每股分红0.260.080000000.080.0350.05天山股份每股收益

3、2.911.391.120.60.50380.21270.0229-1.33150.38750.38950.3476每股分红0.70.40.30.1700000.050.10.2同力水泥每股收益0.95330.50880.44830.30860.260.2-0.3741-0.5210.1568-0.4936-1.424每股分红00000000000四川双马每股收益0.260.390.660.17-0.9891-0.330.0267-0.24490.02340.10260.1603每股分红0000000000.060.07塔牌集团每股收益0.690.

4、370.540.540.460.270.23每股分红0.220.080.050.12000西部建设每股收益0.530.510.720.620.610.5414每股分红0.100.2000柘中建设每股收益0.450.30.510.470.510.33每股分红0.150.10.03500.250.2875卧龙地产每股收益0.190.370.230.310.364-0.208-0.583-0.0850.0060.0140.161每股分红00.070.10.090000000.1ST秦岭每股收益-0.25050.458-0.456-0.5090.02-0.

5、43-0.20990.070.150.110.145每股分红000000000.0500.06375西水股份每股收益0.02450.05490.92950.08390.1084-0.690.050.29000.30.220.16每股分红00000000000.035巢东股份每股收益1.20.270.02-0.380.09-0.04-0.930.090.050.080.16每股分红0.10000000000.08宁夏建材每股收益1.8112.9892.2791.550.610.250.420.450.2870.3380.333每股分红0.4500.2

6、0.2250.180.150.150.150.1200ST狮头每股收益-1.210.00510.00360.00860.010.040.040.110.10.10.16每股分红0000.020000.02000.02海螺水泥每股收益2.191.161.00331.551.71.190.320.80.590.220.21每股分红0.350.30.350.300.20.070.130.10.050.05尖峰集团每股收益0.7810.3860.210.090.12-0.210.010.070.130.140.15每股分红0.1200.050.030000

7、0.100.1*ST金顶每股收益0.0998-1.7215-1.64960.06490.07370.05630.060.0820.078-0.3430.075每股分红000000.03300000祁连山每股收益0.71.030.940.450.0140.0180.0150.070.1140.120.1514每股分红0.150.150.150.150.0500000.050.05华新水泥每股收益1.310.711.180.880.470.190.450.210.090.070.05每股分红0.150.20.150.120.060.060.060.06

8、0.040.0350.04福建水泥每股收益0.3270.021-0.2520.0130.14180.05720.010.1