摘要：MM理论认为，股利政策与企业效益无关，但事实上这是在完美的资本市场之下的，在现实生活中，真正的完美市场假设是不存在的，市场总是会受各种因素的影响。所以有人提出了股利政策相关论，同时也通过各种方法假设并验证，以此得出股利政策与企业效益存在相关性这一结论。本文主要是选取了可以代表企业经济效益的财务指标做控制变量和因变量，从而进行回归分析，得出这些影响因素与企业股利政策的相关程度，然后运用到具体案例上。当然这是在以前学者研究的基础上，借鉴以前学者的相关研究结论，进一步假设验证股利政策与企业效益之间的相关性。结果表明，企业制定的股利政策并不是与企业效益所有的指标都存在显著相关性，而且正相关和负相关都存在。企业通过这方面的研究可以制定出更好的股利分配政策以获取更大的经济效益。

关键词：股利政策；企业效益；相关性

Analysis of Correlation between Enterprise Dividend Policy and Business Efficiency

Abstract：According to the MM theory, the pidend policy has nothing to do with the business efficiency, but in fact it is under the perfect capital market, in real life, the perfect market assumption does not exist, the market will always be affected by various factors. Therefore, some people put forward the pidend policy related theory, but also through  various methods of hypothesis and verification, in order to draw a conclusion that pidend policy and business efficiency are related. This paper mainly selected the financial indicators representing the economic efficiency of enterprises as control variables and dependent variables and regression analysis, the correlation factors and corporate pidend policy, and then applied to the specific case. Of course, this is based on the previous scholars' research, and draw on the previous research conclusions of the scholars, and further assume that the correlation between pidend policy and business efficiency is verified. The results show that the pidend policy formulated by the enterprise is not significantly related to the efficiency of the enterprise, but both positive and negative correlations exist. Through this study, enterprises can work out a better pidend distribution policy to obtain  greater business efficiency.

Keywords:pidend policy;business efficiency;relevance

目录

0引言 1

1绪论 1

1.1研究背景与意义 1

1.2国内外研究综述 2

1.3研究方法、内容和创新点 3

1.3.1研究方法 3

1.3.2研究内容 3

1.3.3创新点 4

2股利政策的概念体系及方法 4

2.1股利政策的概念体系 4

2.1.1股利政策无关论 4

2.1.2股利政策相关论（pidendrelevancetheory） 6

2.1.3税收差别理论 6

2.1.4现代股利政策理论 6

2.2股利政策的方法 7

2.2.1剩余股利政策（residualpidendpolicy） 8

2.2.2固定或持续增长的股利政策 9

2.2.3固定股利支付率政策 10

2.2.4低正常股利加额外股利政策 10

3我国股利政策现状