有色金属行业上市公司股利政策实证分析

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1、AbstraetAbstraetDividendPoliey15alistedeomPanyintheaeeountingPeriodthedeeideshowtoalloeateitsineome，15thescoPeoffinaneingdecision，whichrelatedtothenumberofPre一Profithaveaceumulatedeanbeusedforre一investmentcomPanies，beeausenextyeartheretainedProfitoftheeomPany15

2、amajorPartofinvestmentfunds.HowthelistedeomPanydireetlyaffeetsthedistributionofbenefitsforthedeveloPmentandgrowthoflistedeomPanies.Howdividenddistributionandthetrade一offsbetweenretained，what15takenDividendPolicy，15animPortantPartofdeeision一makingoflistedeomPani

3、es.Sofar，althoughtherearemanyresearehondividendPolicyandemPiriealanalysisoftheresultsintheWestemdeveloPedeountries，theseeonelusionsarenotanagreement.Fisher(1976)sawthedividendPolieyasa”dividendPuzzle，，，andBrealeyandMyers，ete.listedthedividendPolieyasoneofthetoP

4、tenfinaneialProblems.Morcover，theseconclusionsarebasedonthematUremarketsofwesterndeveloPedeountries.ThelatestartinChina，5eaPitalmarket，desPitetherapidpaeeofdevelopment，butexPerieneedonlyashortPeriodoftwodeeades，thereremainmanydrawbaekscomParedwithdeveloPedeount

5、ries，oureaPitalmarket15notmatureenough，notPerfeet，andthusthisPaPer，westudythefaetorsthataffeetourdividendPolicybasedontherealityofoursituationandthePartieularmarket.Ontheotherhand，wefindtherearesomesimilarfactorsondividendPolicyaffeetingalistedeomPany，50thisart

6、ielefromthenon一ferrousmetalsindustrythisPersPective，toexPloretheimPaetofdividendPolieyofthefactorslistedcomPanieS.ThereaS0nseleetingnon一ferrousmetalsindustry15thatitalthoughnotassteel，eoalindustryThee一nPiriealresearchondi访del记polieyoflistedeolllPaJliesi一INon刁b袱

7、〕usmetalsindustry15thePillarindustryofnationaleeonomy，butasastrategiematerialandProduetionmaterialsarebasiematerialsfornationaleeonomiedeveloPment.TostUdythiseffeetfromthefollowingsixehaptersoflistedcomPaniesinChinaNonferrousMetalIndustryFactorsAffeetingDividen

8、dPoliey:Thefirstehapterineludesfourseetions，seetionl，summarizestheresearchbackgroundandsignifieanceofthis;Section11describestheframeworkofthisartiele:Seetion111，deseribesthe