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中文摘要：
运用案例研究方法，从沧州明珠高额现金股利分配入手，对我国一些上市公司高额现金股利政策进行了深入剖析。研究发现，从利润流和现金流角度分析，沧州明珠均属于非理性派现，但派现后市场反应平淡，既没有热捧，也没有负面反应。公司派发高额现金股利根源在于限售股股东放弃一些对于非限售股股东而言净现值大于零的项目，从而发放高额现金股利，达到加快回收其投入资金的目的。
英文摘要：
Using case study of CANGZHOU MINGZHU Corporation, the large amount of cash dividend policy of some listed corporations were researched. It is found that both from angle of the profit flow and the cash flow, cash dividend payment of CANGZHOU MINGZHU Corporation is irra- tional. But stock markets response to the payment was not intense, neither catering nor negative reac- tion. The reasons why the corporation distribute large amount of cash dividends stems from shareholders with limitation in selling the stock who forfeit some projects whose NPV is positive for tradable share and distribute cash dividends to realize their purpose of speeding up recycling the funds that they have invested in the corporation.
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