本文關(guān)鍵詞：金杯汽車長期不進行現(xiàn)金分紅原因分析　出處：《內(nèi)蒙古農(nóng)業(yè)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 現(xiàn)金分紅 董事會特征 高管薪酬 企業(yè)自由現(xiàn)金流

【摘要】：現(xiàn)金分紅是上市企業(yè)將獲得的利潤回報給投資者的方式之一,同時也涉及到流動性最強的資產(chǎn),所以一直受到各界關(guān)注。如果上市企業(yè)長期不分紅,就會使投資者出現(xiàn)投機心理,導(dǎo)致證券市場的混亂。所以為了維護證券市場穩(wěn)定,對上市企業(yè)現(xiàn)金分紅政策進行分析有很重要的意義。本文主要工作是以金杯汽車上市以來從未實施過現(xiàn)金分紅政策為背景,結(jié)合上市企業(yè)實施現(xiàn)金分紅的條件對金杯汽車的分紅能力進行分析。然后從財務(wù)狀況和公司治理兩個角度對金杯汽車進行全面剖析,發(fā)現(xiàn)導(dǎo)致金杯汽車長期不進行現(xiàn)金分紅的原因主要是負債過重,使企業(yè)一直承擔(dān)著較大的財務(wù)風(fēng)險;而且市場環(huán)境的變化使金杯汽車的市場份額被剝奪,加上企業(yè)頻繁的重組,管理者不能及時的了解到企業(yè)內(nèi)部具體情況,所以使企業(yè)陷入了一定的財務(wù)困境。另外從公司治理角度來講,金杯汽車一直都存在"一股獨大"現(xiàn)象,政企不分家現(xiàn)象突出,而且董事會成員之間的紐帶關(guān)系復(fù)雜,加上金杯汽車在高管激勵方面積極性不高,使高管們?yōu)榱俗约豪媲终计髽I(yè)資金,進行過度投資,導(dǎo)致企業(yè)資金短缺。通過對金杯汽車長期不分紅的原因進行分析,發(fā)現(xiàn)現(xiàn)金分紅并不是適用于每個企業(yè),而且現(xiàn)金分紅也并不是越多越好,上市企業(yè)和投資者都不能盲目的推崇現(xiàn)金分紅政策。對于監(jiān)管機構(gòu)來講,應(yīng)該"因企制宜",針對不同企業(yè)的具體情況,采取多樣的現(xiàn)金分紅政策約束條件進行區(qū)別對待。
[Abstract]:Cash dividend is one of the ways for listed companies to give profit return to investors, but also involves the most liquid assets, so it has been concerned by all walks of life. If listed companies do not pay dividends for a long time. Investors will appear speculative psychology, leading to the securities market chaos. So in order to maintain the stability of the securities market. It is of great significance to analyze the cash dividend policy of listed enterprises. The main work of this paper is based on the background that the golden cup car has never implemented the cash dividend policy since it was listed. Combined with the listed enterprises to implement the conditions of cash dividend to the Jinbei automobile dividend ability analysis. Then from the financial situation and corporate governance of the two aspects of the overall analysis of the golden cup car. It is found that the main reason why the gold cup automobile does not carry out the cash dividend for a long time is that the debt is overweight, which makes the enterprise bear the bigger financial risk all the time; And the change of the market environment deprives the market share of the golden cup automobile, plus the frequent reorganization of the enterprise, the managers can not understand the specific situation of the enterprise in time. In addition, from the point of view of corporate governance, the golden cup car has always been "a unique" phenomenon, the phenomenon is prominent. And the complex ties between board members and the lack of incentives for senior executives by Golden Cup cars make executives encroach on corporate funds and overinvest for their own benefit. Through the analysis of the reasons why the gold cup car does not pay dividends for a long time, it is found that the cash dividend is not suitable for every enterprise, and the more cash dividends are, the better. Listed companies and investors should not blindly promote the cash dividend policy. For regulators, should "suit the situation", according to the specific conditions of different enterprises. Take a variety of cash dividend policy constraints for different treatment.
【學(xué)位授予單位】：內(nèi)蒙古農(nóng)業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F426.471;F406.7;F832.51

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