中文摘要：

以2001—2011年A股上市公司为研究样本，分别对股改前后我国上市公司现金股利分配决策进行了比较研究。结果发现：股改后我国上市公司普遍不分配现象得到缓解，但派现水平仍然偏低；异常派现现象普遍存在，且较为严重；仍然存在普遍“群聚”现象；现金股利支付率有所降低；现金股利的连续性不强；现金股利的行业特征渐趋明显。

英文摘要：

Taking 2001 to 2011 A-share listed companies as research samples, the paper has carried on the comparative study respectively on the cash dividend distribution of listed companies in our country before and after the share reform decision-making. The results showed that： after share reform of listed companies in our country, the generally no distribution phenomenon is ease, hut cash dividend level is low; Abnormal cash dividend phenomenon is widespread, and serious. There is still common ＂cluster＂ phenomenon. Cash dividend payment rate has decreased. The continuity of cash dividend is not strong. Characteristics of cash dividend is obvious.