股利政策作为现代公司理财活动的三大核心内容之一，与融资决策、投资决策之间相互关联、相互影响。科学合理的股利政策不仅有利于公司的持续稳定发展，也有助于公司在证券市场上树立良好的形象，从而吸引更多的潜在投资者。 随着股权分置改革的完成，我国股市逐渐进入全流通时代。在全流通的股权结构下，上市公司的股利政策是否会表现出与全流通前不同的特点，是否会变得合理规范？股权结构及其他因素对上市公司的股利政策影响如何？基于此，本文以全流通为背景，展开对上市公司股利政策的研究。 首先，本文以全流通前后2002-2012年上市公司为研究对象，采用描述性统计分析法，通过对比分析全流通前与全流通后的股利政策，得出全流通下我国上市公司股利政策的特点，即不分配现象逐渐缓解、支付形式依然多样、支付水平仍较低、异常派现愈演愈烈、股利政策连续性略有提高等；其次，以全流通后2010-2012年上市公司为样本，运用Logistic回归与多元线性回归模型对上市公司股利政策的影响因素进行实证研究，结果表明盈利能力、长期偿债能力、管理层薪酬对股利政策的影响最大，股权集中度对股利政策的影响最小；最后，本文针对研究过程中发现的问题提出了提高上市公司盈利能力、优化股权结构、完善股权制衡机制、提升董事会监督效力、充分发挥机构投资者的公司治理作用等建议，以期为上市公司的科学决策、投资者的利益保护、资本市场的健康有序发展提供有价值的参考。

As one of the three core content of modern corporate finance activities, dividend policy interact with the financing decisions and investment decisions. Scientific and reasonable dividend policy is not only beneficial to the company's sustained and stable development, but also help the company establish a good corporate image in the stock market, so as to attract more potential investors. With the completion of the Equity division reform, Chinese stock market gradually enter into the era of full circulation. Under the full circulation of the equity ownership structure, whether the dividend policy of listed companies will exhibit different characteristics before the full circulation? Whether it will be more reasonable and standard? How do the ownership structure and other factors impact on the dividend policy of listed companies? Based on the background of full circulation, this paper expand the study of dividend policy of listed companies. Firstly, in this paper, we pick 2002-2012 before and after the full circulation of listed companies as the research object, using descriptive statistical analysis, through comparative analysis of the dividend policy before and after the full circulation, it is concluded that under the full circulation, dividend policy of listed companies in China has the following characteristics: no distribution phenomenon gradually ease, payment forms diversely, Pay level is still low, abnormal cash dividends intensified, increased dividend policy continuity, etc; Secondly, we pick 2010-2012 after the full circulation of listed companies as the research sample, conduct empirical research on the influence factors of the dividend policy of listed companies by using Logistic regression and multivariate linear regression model. The results show that profitability, long-term solvency, executive compensation had the greatest influence on the dividend policy, ownership concentration minimal impact on the dividend policy; Finally, in view of the problems found in the study, this article put forward the following recommendations: improve the profitability of listed companies, optimize the ownership structure, improve equity of check and balances mechanism, enhance the effectiveness of the board supervision, give full play to their role as the institutional investors of corporate governance. so as to provide valuable reference for the scientific decision-making of listed companies, investors' interests protection and the healthy and orderly development of capital markets.