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摘要
一直以来，股利政策都是国内外学者重要的研究对象，上市公司的股利政策在投融
资决策中具有重要作用，是反映其对投资者回报水平的重要指标之一。股利分配政策关
系到上市公司的股东、债权人以及社会公众等的相互利益，对上市公司自身的公众形
象、股价波动、企业价值和可持续发展都会产生重要的影响，也对我国证券市场长期健
康稳定的发展有着深远影响。长城汽车公司作为民族品牌，是汽车行业的领军企业，其
财务分配政策，尤其是股利分配政策的实施对其长远发展尤其是股东利益有着深远的影
响而受到投资者的关注，这要求公司做出更加科学的股利分配决策。
本文基于经典股利理论，收集了长城汽车公司2011-2021年上市11年间财务数据进
行分析，得出长城汽车公司股利政策实施情况，定性、定量的探讨影响其派现的因素实
施效果，期待为长城汽车公司和同行业其他公司合理制定现金股利政策提供参考，也为
中小投资者提供参考，使其更理性的看待公司派现行为，选择更优的投资策略以及为监
管机构制定、调整法规条例提供一定参考。
研究发现，长城汽车基本保持较为稳定的现金股利分配政策，且设定了股利支付率
最高上限和下限，充分考虑了自身的财务业绩状况的同时向市场投资者传递公司的利好
信息，吸引众多投资者；长城汽车公司的现金股利政策并非每次都能产生积极的市场反
应，在派现金额低于往年时市场反应会较为平淡甚至带来负面影响，合理的股利政策有
利于长城汽车提升公司价值，但长城汽车的股利政策制定中也存在一些问题，如股利支
付方式单一、每股股息有时下降幅度较大等。
本文创新点在于研究方法和内容的创新。在现有股利政策的研究中多为大样本数据
分析，且在案例研究里选取的案例多为白酒或家用电器行业，乘用车行业研究案例相比
较少，本文选用乘用车行业连续十一年现金派现的长城汽车公司为研究对象，代表性较
强，能够充实乘用车行业该领域的案例研究，且理论与案例相结合，定量探究长城汽车
公司现金股利政策的实施效果，使得结果更具有说服力。
关键词：
长城汽车；股利政策；政策效果
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Abstract
Dividend policy has long been an important object of research for scholars at home and
abroad. The dividend policy of a listed company plays an important role in investment and
financing decisions and is one of the important indicators reflecting its level of return to
investors. The dividend distribution policy is related to the mutual interests of shareholders,
creditors and the public of the listed company, and has an important impact on the public image,
share price fluctuation, enterprise value and sustainable development of the listed company itself,
and also has a profound impact on the long-term healthy and stable development of China's
securities market. As a national brand, Great Wall Motor Company is a leading enterprise in the
automobile industry. Its financial distribution policy, especially the implementation of dividend
distribution policy, has a profound impact on its long-term development, especially on the
interests of shareholders, and is of concern to investors, which requires the company to make
more scientific dividend distribution decisions.
Based on the classical dividend theory, this paper collects financial data of Great Wall
Motor Company during the 11 years of listing from 2011 to 2021 for analysis, and discusses
qualitatively and quantitatively the effect of the implementation of factors affecting its payout,
expecting to provide a reference for Great Wall Motor Company and other companies in the
same industry to formulate a reasonable cash dividend policy, as well as a reference for small
and medium-sized investors, so that they can look more rationally at It is also expected to
provide a reference for small and medium-sized investors to take a more rational view of the
company's payout performance, choose a better investment strategy and provide some reference
for regulators to formulate and adjust regulations.
The study found that Great Wall Motor Company has basically maintained a relatively
stable cash dividend distribution policy, and has set a maximum ceiling and a minimum limit for
the dividend payout rate, fully taking into account its own financial performance while
conveying positive information to market investors and attracting many investors; Great Wall
Motor Company's cash dividend policy does not always generate positive market reactions, and
when the cash payout amount is lower than previous years, the market reaction will be
lukewarm or even negative. A reasonable dividend policy is conducive to the enhancement of
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