摘 要
中国股市现金分红一直以来就是一个富有争议的话题，新任证监
会主席到位之后，强制分红政策可能推出的消息充斥整个市场，同时
中国证监会主导对资本市场深化改革正在拉开序幕，因此在新时期资
本市场建设的大环境下，本文试图通过对中国股市分红现状的介绍，
在中国上市公司分红数据研究的基础上，对影响中国上市公司现金分
红的关键因素进行实证分析，同时对构建与资本市场改革同步的分红
约束机制提出建议。

关键字：股利支付率 分红约束 强制分红政策 资本市场改革
ABSTRACT
Cash dividend distribution has always been a controversial topic in
China stock market. After the new chairman of the SFC took office, the
mandatory dividend policy is popular around the market. The capital
market reforms led by the SFC is kicked off, so in the new era of capital
market construction environment, we attempt to empirically analysis the
key factors affecting the cash dividend distribution of China stock market
basing on the latest data from listed company, and recommend the cash
dividend constraint mechanism synchronized with the capital market
reform.
KEY WORDS: Cash dividend payout ratio, Cash Dividend constraint,
Mandatory dividend policy, Capital market reforms