本文關(guān)鍵詞：中小板上市公司股利政策影響因素研究　出處：《遼寧大學(xué)》2013年碩士論文　論文類(lèi)型：學(xué)位論文

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【摘要】：2004年5月27日中小板在我國(guó)深圳證券交易所正式建立。中小企業(yè)板塊的建立代表我國(guó)多層次資本市場(chǎng)框架建設(shè)的開(kāi)始，它增加了中小企業(yè)的融資途徑，是我國(guó)資本市場(chǎng)發(fā)展的里程碑。與我國(guó)主板上市公司常年實(shí)施不分配股利或者支付較低水平股利的股利政策不同，中小板開(kāi)板以來(lái)，該板塊的上市公司非常重視投資者的回報(bào)，連年實(shí)施“高送轉(zhuǎn)、高派現(xiàn)”的股利政策，其高回報(bào)性引起了廣大投資者的關(guān)注。截止2012年12月31日深圳中小板已經(jīng)走過(guò)了8年的風(fēng)雨歷程，上市公司的數(shù)量已達(dá)702家，在中國(guó)證券市場(chǎng)中己經(jīng)具有舉足輕重的地位。中小板上市公司在這8年發(fā)展良好，而且其整體上一直保持較高的股利支付水平，為投資者帶來(lái)了豐厚的投資回報(bào)。中小板上市公司將來(lái)如何取得進(jìn)一步的發(fā)展，如何制定合理的股利政策以實(shí)現(xiàn)公司自身的發(fā)展成長(zhǎng)和股東的財(cái)富最大化，這將成為我們研究的焦點(diǎn)。 本文選取中小板上市公司股利政策作為研究對(duì)象，一方面有助于廣大投資者提高風(fēng)險(xiǎn)意識(shí)和投資意識(shí)，透過(guò)股利分配情況分析中小板上市公司的內(nèi)在投資價(jià)值，挖掘出中小板中具有發(fā)展?jié)摿Φ墓�，從而為投資者帶來(lái)豐富的投資收益。另一方面，可以幫助公司根據(jù)自身發(fā)展需要，制定科學(xué)合理的股利政策，穩(wěn)定公司股價(jià)，保證公司的長(zhǎng)遠(yuǎn)發(fā)展。最后，從長(zhǎng)遠(yuǎn)角度分析，有利于國(guó)家和廣大投資者對(duì)證券市場(chǎng)未來(lái)發(fā)展速度、質(zhì)量進(jìn)行預(yù)測(cè)，制定合理的投資策略，優(yōu)化市場(chǎng)資源配置，進(jìn)而能夠促進(jìn)主板市場(chǎng)乃至整個(gè)資本市場(chǎng)建設(shè)的不斷完善。 本文的研究思路：首先在回顧總結(jié)了國(guó)內(nèi)外有關(guān)股利政策現(xiàn)有研究成果的基礎(chǔ)上，分析歸納了中小板上市公司股利分配現(xiàn)狀，并對(duì)其影響因素進(jìn)行定性分析。其次，選取中小板上市公司2007-2011年相關(guān)指標(biāo)作為樣本，提出研究假設(shè)，構(gòu)建多元線性回歸模型，借助統(tǒng)計(jì)軟件進(jìn)行實(shí)證分析，得出研究結(jié)論并提出相關(guān)建議。 本文內(nèi)容包含以下幾部分： 緒論部分：闡釋本文的選題背景及其研究現(xiàn)實(shí)意義，歸納整理國(guó)內(nèi)外有關(guān)股利政策的研究現(xiàn)狀，然后介紹本文的研究思路、研究方法，簡(jiǎn)明扼要地闡明研究?jī)?nèi)容，最后說(shuō)明本文的創(chuàng)新之處。 正文部分：首先，簡(jiǎn)要總結(jié)股利政策的相關(guān)理論，包括股利政策的基本內(nèi)容和類(lèi)型，西方傳統(tǒng)股利政策理論和現(xiàn)代股利政策理論；其次，與主板上市公司股利分配情況比較，分析中小板上市公司股利分配的現(xiàn)狀；再次，理論分析中小板上市公司股利政策影響因素；最后，對(duì)中小板上市公司股利政策進(jìn)行了實(shí)證研究，選取中小板上市公司2007年-2011年相關(guān)財(cái)務(wù)指標(biāo)作為樣本，以相關(guān)理論為依據(jù)提出假設(shè)，構(gòu)建多元線性回歸方程，，借助SPSS18統(tǒng)計(jì)軟件進(jìn)行實(shí)證分析。 結(jié)論部分：根據(jù)前文的實(shí)證研究結(jié)果總結(jié)本文研究結(jié)論，即影響中小板上市公司股利政策的因素主要有盈利能力、償債能力、股權(quán)集中度、現(xiàn)金充裕程度、公司規(guī)模、資產(chǎn)流動(dòng)性（按影響程度由高到低排列），并據(jù)此對(duì)中小板上市公司股利政策的制定提出相應(yīng)的建議。
[Abstract]:Small plates in May 27, 2004 formally established in China's Shenzhen stock exchange. The small and medium-sized enterprises board to establish a representative framework for the construction of China's multi-level capital market, it increases the financing of small and medium-sized enterprises, is a milepost in China's capital market development. With China's main board listed company perennial implementation of distribution of dividends or low level of dividend payment the dividend policy is different, since the opening of the SME board, board listed company attaches great importance to investors in return, in recent years the implementation of the "gaosongzhuan, high cash dividend" dividend policy, the high returns attracted the attention of investors. By the end of December 31, 2012, the Shenzhen SME board has gone through 8 years, the number of listed companies has reached 702, in the Chinese stock market already has a pivotal position. The SME Board Listed Companies in the 8 years of development, and the whole of a straight To maintain a high level of dividend payment, huge investment returns for investors. The SME board listed companies how to achieve further development in the future, how to maximize the reasonable dividend policy to achieve the growth and development of the company's own shareholder wealth, it will become the focus of our research.
This paper selects the SME board listed companies dividend policy as the research object, on the one hand helps investors to enhance risk awareness and awareness of investment, through the dividend distribution analysis of small and medium plate internal investment value of listed companies, to dig out the potential small plates in the company, so as to bring rich investment returns for investors. On the other hand that can help the company according to their own development needs, formulate scientific and rational dividend policy, stock price stability, to ensure the long-term development of the company. Finally, the analysis from the long-term perspective, is conducive to the country and the investors of the future stock market development speed, quality prediction, formulate a reasonable investment strategy, optimize the allocation of market resources, and to promote the construction of the main market and the capital market continues to improve.
Firstly, based on the review summarized the dividend policy on the results of existing research, analysis of the present situation of dividend distribution of Listed Companies in SME board, and its influencing factors are qualitative analysis. Secondly, select the small board listed company 2007-2011 index as a sample, puts forward the research hypothesis, construct multiple linear regression model, empirical analysis using statistical software, draws the research conclusion and puts forward relevant suggestions.
The contents of this article include the following parts:
The introduction part explains the background and practical significance of the topic, summarizes the research status of dividend policy at home and abroad, then introduces the research ideas and research methods, and briefly explains the research contents, and finally, explains the innovation of this paper.
The text part: first, a brief summary of related theories of dividend policy, including the basic contents and types of dividend policy, dividend policy theory and the traditional western modern dividend policy theory; secondly, compared with the motherboard of the dividend distribution of listed companies, the status of dividend distribution of Listed Companies in the analysis of small and medium plate; thirdly, the theoretical analysis of factors influencing the dividend policy of SME board listed companies; finally, the SME Board Listed Companies Dividend Policy for the empirical research, selection of small plates -2011 years related financial indicators of Listed Companies in 2007 as samples, on the basis of the relevant theory hypothesis, construct multiple linear regression equation, empirical analysis using SPSS18 statistical software.
Conclusion: according to the empirical research results are summarized and the conclusion of this study, the effect of small and medium-sized board factors of dividend policy of listed companies is mainly the profitability, solvency, equity concentration, cash rich, company size, asset liquidity (according to the influence degree from high to low order), put forward the corresponding suggestions according to small board listed company dividend policy.

【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F275;F832.51

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