摘要:股利政策一直是上市公司财务管理的核心之一,因为股利分配既关系到公司股东的经济利益,又关系到公司的未来发展。上市公司股利政策的发放水平和发放方式也会对股东投资者投资收益的形式和水平产生决定性的影响。所以，合理适当而又稳定的股利政策的制定对上市公司良好形象的树立和投资者持续投资热情起到了不容小视的作用。因此，对上市公司股利政策的探讨与研究逐渐引起了许多金融界、财务界乃至经济学界人士的密切关注，同时也成为国内学者对公司理财研究的重要课题之一。

　　　本文主要研究我国上市公司股利政策的影响因素， 简单阐述了股利政策的基本内容，以及剖析了我国股利政策的现状和上市公司股利政策存在的问题，并从房地产行业的角度出发，通过50家上市房地产公司具体分析了我国股利政策的影响原因。从外部因素出发，即相关法律、经济环境、资本市场发展状况、国家政策、融资成本的角度探索股利政策的影响因素，从内部因素出发，即从盈利状况、变现能力、筹资能力股权结构方面验证了我国股利政策受到公司股权结构和公司治理因素以及财务状况等的影响，并提出优化我国上市公司股利政策的政策建议。

关键词 上市公司；股利政策；房地产行业；影响因素；因子分析

Abstract:Dividend policy is one of the core of a listed company financial management, because dividend policy is not only related to the economic interest of company shareholder, but also related to the company’s future development. Release level and mode of payment of the dividend policy of listed company also have a decisive impact on investment of shareholders. Therefore, reasonable and stable dividend policy of listed companies played no small role to establish good image of listed companies and the continued enthusiasm of investors. Therefore, research on dividend policy of listed companies to explore and gradually caused many financial, financial industry and even the economic academic circles pay close attention to, and at the same time become the domestic scholars on one of the important topics of corporate finance research. 

　　　This article mainly research the influence factors of dividend policy of listed companies in our country, simply elaborated the basic content of dividend policy, and analyzes the present situation of the dividend policy in our country and the problems of dividend policy of listed companies, and from the perspective of the real estate industry, with 50 home listed real estate companies analyzed the influence of dividend policy in China. Starting from external factors, namely the related legal and economic environment, capital market development situation, national policy, financing cost point of view to explore the influence factors of dividend policy, starting from the internal factors, namely from the profitability, cash ability, ability to raise funds ownership structure has verified the dividend policy in China by companies ownership structure and corporate governance factors and the impact of the financial status, etc, and puts forward policy Suggestions on optimization of China's listed companies dividend policy.

Keywords   Listed Company  Dividend Policy  The Real Estate Industry  Influencing Factors  Factor Analysis