Abstract: The Decision of the Central Committee of the Communist Party of China on Major Issues Concerning Comprehensively Deepening the Reform was published after the Third Plenary Session of the 18th CPC Central Committee, which says that the ratio of stateowned capital revenues giving to public finance will be raised to 30% in 2020. At that time, the stateowned enterprises dividends issue has been widely concerned again. To study the benefit from the stateowned enterprises dividends, based on the dividend theory development and from a new angle, the relation between stateowned enterprises dividends and overinvestment is analyzed. Based on the dividend theory, stateowned enterprises dividends can hinder overinvestment. Finally, based on the study conclusion, related suggestions are put forward.

Key words: dividend theory, stateowned enterprises dividend, overinvestment

摘要： 十八届三中全会发布了《中共中央关于全面深化改革若干重大问题的决定》，规定国有资本收益上缴公共财政比例至2020年提高到30%，国企红利问题再次引起了社会民众的广泛关注。为研究国企分红带来的企业管理效益，从股利分配理论的制度演进入手，基于股利分配理论的视角对国企分红与过度投资的关系进行理论剖析，发现国企分红能够抑制过度投资，并提出对策建议。

关键词: 股利分配理论, 国企分红, 过度投资