[摘要]公司金融理论三大核心内容之一的股利政策已经成为其日常经营活动的一项重大决策。股利政策也逐渐成为学术界的关注焦点。众所周知，一套良好、适合本公司的股份分配政策，可以使公司在投资者心中的形象提升，并有助于激发投资者对本公司的投资热情，提供公司的市场形象。总之，良好的股利政策奠定了企业健康发展的基础。76259

公司股利政策与公司的特征因素间息息相关，国外对两者的关系进行了详细的研究，并且都得到了验证。考虑到我国证券市场的不成熟、不同行业间的差异性及各上市公司的股利政策都结合自身公司特点等不同因素，我国在公司股利政策与公司的特征因素间的关系研究较少。两者之间的关系研究热点集中在以下方面：上市公司的股利政策的选择问题受到那几种特征因素的影响；对于一些具备鲜明特征的特殊行业，我国上市公司的股利政策影响因素是否与国外具备相似性。

医药行业是一种具备多重特点的高新技术产业，其多重特点包括高风险、高投入、社会福利行业等。医药行业无季节之分，因此其不具备周期性，且受市场宏观经济影响较小。上述特点及特征，导致医药行业具有很高的独特性。

本文首先分析一些相关理论，如股利政策理论、及其与公司特征因素间的关系。然后将理论运用到医药行业，并以我国某年医药公司作为研究对象，进行实证研究。最后结合上市医药行业现状，对其股利政策提出合理的建议。

[毕业论文关键词] 医药上市公司;政策;特征因素

An empirical study on the influencing factors of the pidend policy of the listing Corporation in the pharmaceutical industry

Abstract: Dividend policy, one of the three core contents of corporate finance theory, has become one of the important decisions in the daily business activities。 Dividend policy has gradually become the focus of academic attention。 As is known to all, a good fit for the company's shares distribution policy can enable the company to enhance the image in the minds of investors, and helps to stimulate investors to invest in the company's enthusiasm to provide the market image of the company。 In short, good pidend policy has laid the foundation for the healthy development of enterprises。

Corporate pidend policy is closely related to the characteristics of the company, the relationship between the two countries have been studied in detail, and have been verified。 Consider to China's securities market is not mature, differences between different industries and the listed company's pidend policy according to its own characteristics of the company and different factors, our country in the corporate pidend policy and corporate characteristic factor relationship research is less。 Study on the relationship between the two hot concentrated in the following aspects: selection of the pidend policy of listed companies by the influence of the several factors; for some have distinctive characteristics of the special industry, China listed companies pidend policy influence factor whether with foreign have similar。

The medicine industry is a kind of high and new technology industry, which has the characteristics of high risk, high investment, social welfare and so on。 The pharmaceutical industry is no season, lower than the points, so it does not have the periodicity, and the market is less affected by the macroeconomic impact。 The above characteristics and characteristics, leading to the pharmaceutical industry has a very high uniqueness。 It has far-reaching theoretical and practical significance to study the pidend policy of Chinese pharmaceutical listing Corporation。

In this paper, we first analyze some related theories, such as pidend policy theory, and the relationship between the pidend policy theory and its characteristics。 Then the theory is applied to the pharmaceutical industry, and the Medicines Co in China as the research object, empirical research。 Finally, combining with the status quo of listed pharmaceutical industry, it puts forward reasonable suggestions for its pidend policy。