我国民营上市公司的现金股利支付存在象征性派现与少数公司高派现并存的现象,并且公司现金股利政策的短期行为较重。从内部因素来讲,资质欠佳的上市公司意图通过发放大量现金股利以满足再融资资格;一些希望走多元化道路的上市公司通过象征性派现,既可保留配股资格,又保留了后续扩张的资金;而一些上市公司的大股东则希望通过高派现收回投资。从外部环境来看,第一, The cash dividend payment in China’s private listed companies has the phenomenon that the symbolic faction and the minority faction are both coexisting, and the short-term behavior of the company’s cash dividend policy is heavier. In terms of internal factors, poorly qualified listed companies intend to meet the refinancing eligibility criteria by issuing large cash dividends. Some listed companies that wish to diversify can retain their rights to dividends and retain their follow-up expansion Of the funds; while some of the major shareholders of listed companies want to withdraw their investment through high school. From the external environment, the first,