自Miller and Modigliani(1961)开创性地提出“股利无关论”以来,股利政策一直都是国内外学者关注和研究的问题.股利政策、投资决策和融资决策并称为企业三大财务决策,基于当期收益的股利政策关系到企业、投资者、债权人和其他利益相关者的切身利益,因此,企业制定合理的股利政策对于公司治理具有重要意义.长期以来,我国资本市场普遍吝啬发红,政府虽为改善这一现状频繁颁布与股利政策有关的规定,但其效果并不佳(李常青、魏志华、吴世农,2010).所以,探究上市公司股利政策的影响因素一直都是学者们研究的焦点,因此,本文主要基于前人研究的基础上系统梳理影响股利政策因素并试图从另外一个视角非财务利益相关者(供应商与客户)来分析其对股利政策的影响.%Since Miller and Modigliani (1961) proposed the pioneering theory of "dividend irrelevance",dividend policy has always been the concern of scholars at home and abroad.Dividend policy,investment decision and financing decision are called the three financial decisions of enterprises,and the dividend policy based on the current earnings is related to the interests of enterprises,investors,creditors and other stakeholders.Therefore,that enterprises make reasonable dividend policy has a important significance to corporate governance.For a long time,China's capital market is generally stingy with bonus,and although the government has frequently promulgated regulations relating to dividend policy in order to improve the status quo,the effect is not good (Li Changqing,Wei Zhihua,Wu Shinong,2010).Therefore,the study of influencing factors of dividend policy of listed companies has always been the focus of scholars.This paper on the basis of the previous research systematically sorts factors influencing the dividend policy,and attempts to analyze the impact on dividend policy from another perspective of the non-financial stakeholders (suppliers and customers).
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