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毕业论文I┊┊┊┊┊┊┊┊┊┊┊┊┊装┊┊┊┊┊订┊┊┊┊┊线┊┊┊┊┊┊┊┊┊┊┊┊┊摘要融资是上市公司生存和发展的前提条件，我国作为新兴市场，上市公司有很强烈的融资欲望，把握一切融资机会，发行债券，IPO，增发以及配股等，且其偏好股权融资。然而上市公司在快速发展的同时对股东回报是不可回避的话题。股东掏钱，投资企业，承担经营风险，分享发展红利，这也是股份制企业的基本逻辑，也是证券市场的致简原理。但是，在我国，这个基本逻辑长期未能很好的体现，上市公司重融资、轻回报，致使中国的证券投资者承担风险有余、享受红利不足。然而股利政策不但关系到股东的现期收益和公司的未来发展，还关系到不同股东群体之间的利益均衡，对股市能否长久健康发展有重要意义。因此，很有必要深入探讨“重融资、轻回报”的原因。本文主要从上市公司的融资和回报有关现象入手，运用定性分析与定量分析相结合，研究总结上市公司融资和回报情况，分析重融资、轻分红的影响因素，得出结论与建议，促进中国股市的健康发展。关键词：上市公司，融资，回报，派现，股权融资偏好毕业论文II┊┊┊┊┊┊┊┊┊┊┊┊┊装┊┊┊┊┊订┊┊┊┊┊线┊┊┊┊┊┊┊┊┊┊┊┊┊AbstractFinancingisaprerequisiteforlistedcompaniestosurviveanddevelop，China，asanemergingmarket,listedcompanieshaveaverystrongdesireoffinancing,theyseizeallthefinancingopportunitiestoIssueofbonds,theIPOandallotment.Whatismore,theypreferredequityfinancing.However,returntoshareholdersisanunavoidabletopicduringtherapiddevelopmentoflistedcompanies..Shareholdersinvesttotheenterpriseandbearthebusinessrisk,，itisthebasiclogicofthejoint-stockenterprisesaswellasthesimpleprincipleofthesecuritiesmarket.However,inourcountry,thebasiclogicoflong-termisnotwellreflected,listedcompaniesonlyfocusonfinancingresultinginChina'ssecuritiesinvestorstotakerisksmorethanandenjoybonus。However,thedividendpolicyisnotonlyrelatedtothecurrentincomeoftheshareholderandthecompany'sfuturedevelopment,butalsorelatedtothebalanceofinterestsbetweenthedifferentshareholdergroups,itisalsoimportantforstockmarket.tokeeplong-termhealthydevelopment.Therefore,itisnecessarytofurtherexplorethereasonofFinancingPreference.Inthispaper,itstartsfromrelatedphenomenaoflistedcompaniesfinancingandrewardthenusesqualitativeanalysisandquantitativeanalysistostudythefinancingandreturnoflistedcompanies,analysistheinfluencingfactorsofFinancingPreference，atlast，Conclusionandrecommendationsareputforwardtopromotethestockmarket'shealthydevelopmentofchina.Keywords:Finance,Reward,Cashdividend,Equityfinancingpreference,Policy毕业论文III┊┊┊┊┊┊┊┊┊┊┊┊┊装┊┊┊┊┊订┊┊┊┊┊线┊┊┊┊┊┊┊┊┊┊┊┊┊目录一、绪论....................................................................................................................................................I（一）研究背景................................................................................................................................11.研究背景.................................................................................................................................12.研究意义.................................................................................................................................1（二）文献综述................................................................................................................................21.融资理论.................................................................................................................................22.股利政策理论.........................................................................................................................4（三）研究思路................................................................................................................................6二、我国上市公司及其融资与回报的形成与发展................................................................................7（一）我国上市公司的发展............................................................................................................7（二）我国上市公司的融资............................................................................................................91融资的方式.............................................................................................................................92我国上市公司的融资发展.....................................................................................................9（三）我国上市公司的回报..........................................................................................................151.回报相关概念.......................................................................................................................152.我国上市公司分红的相关管理办法...................................................................................153.我国上市公司回报的发展...................................................................................................16三、我国上市公司融资与回报的具体分析..........................................................................................17（一）我国上市公司融资与回报整体情况..................................................................................171.派现面在扩大.......................................................................................................................172.派现额仍然较少...................................................................................................................183.派现率低...............................................................................................................................204.股息率低...............................................................................................................................215.上市公司缺乏明晰的分红政策...........................................................................................23（二）我国上市公司融资和回报现状进一步分析..........................................................