本文關(guān)鍵詞： 股利分配 可持續(xù)增長(zhǎng) 回歸分析　出處：《湖南師范大學(xué)》2013年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：中小板企業(yè)由于外部經(jīng)濟(jì)環(huán)境的變化以及自身局限性,面臨著融資困難和財(cái)務(wù)資源較少的阻礙,企業(yè)要想擺脫困境,就必須從財(cái)務(wù)可持續(xù)增長(zhǎng)上花功夫,通過(guò)財(cái)務(wù)管理活動(dòng)促進(jìn)企業(yè)的可持續(xù)成長(zhǎng)。相對(duì)于許多外部不可控制因素而言,內(nèi)部影響因素更容易通過(guò)相關(guān)的活動(dòng)被管理者控制。因此,在謀求企業(yè)可持續(xù)增長(zhǎng)的過(guò)程中,要重點(diǎn)關(guān)注內(nèi)部相關(guān)因素,而最能直觀反映企業(yè)內(nèi)部相關(guān)影響因素的就是企業(yè)的財(cái)務(wù)指標(biāo)。投資決策、籌資決策以及利潤(rùn)分配政策是企業(yè)財(cái)務(wù)管理的三大核心內(nèi)容,而股利政策作為企業(yè)財(cái)務(wù)管理三大決策之一,它不僅關(guān)系到不同股東之間以及股東與債權(quán)人之間的利益權(quán)衡,還關(guān)系到上市公司的未來(lái)成長(zhǎng),進(jìn)而影響到整個(gè)資本市場(chǎng)的健康發(fā)展,所以上市公司的股利分配政策一直是國(guó)內(nèi)外學(xué)者關(guān)注研究的問(wèn)題。 本文選定中小板公司股利分配政策對(duì)財(cái)務(wù)可持續(xù)發(fā)展的影響進(jìn)行全面、系統(tǒng)和較深入的研究。文章首先對(duì)影響股利政策制定的因素以及可持續(xù)增長(zhǎng)理論進(jìn)行了系統(tǒng)的梳理,接著闡述了公司股利分配政策對(duì)可持續(xù)增長(zhǎng)影響的相關(guān)機(jī)理,主要包括股利分配政策對(duì)財(cái)務(wù)可持續(xù)增長(zhǎng)影響的途徑和影響因素分析。在此基礎(chǔ)上,本文選取了2010-2011年中小板上市公司的相關(guān)財(cái)務(wù)數(shù)據(jù),采用希金斯的可持續(xù)增長(zhǎng)模型,通過(guò)多元回歸分析等方法對(duì)財(cái)務(wù)可持續(xù)增長(zhǎng)與股利分配政策之間的關(guān)系進(jìn)行實(shí)證分析,得出的結(jié)論是：上市公司可持續(xù)增長(zhǎng)率與是否分配股利呈正相關(guān),發(fā)放現(xiàn)金股利的多少對(duì)可持續(xù)增長(zhǎng)率有顯著影響：上市公司可持續(xù)增長(zhǎng)率與轉(zhuǎn)增及送股方案不存在顯著相關(guān)性,故上市公司在制定股利分配政策時(shí),應(yīng)避免不分配政策以保持派現(xiàn)的持續(xù)性。最后,文中針對(duì)實(shí)證結(jié)果從企業(yè)所處生命周期階段提出了推進(jìn)我國(guó)中小板上市公司可持續(xù)發(fā)展的股利分配政策建議
[Abstract]:Due to the changes of external economic environment and their own limitations, small and medium-sized enterprises are faced with financing difficulties and less financial resources. To get rid of the difficulties, enterprises must spend their efforts on sustainable financial growth. Through financial management activities to promote the sustainable growth of enterprises. Compared with many external uncontrollable factors, internal factors are easier to be controlled by managers through related activities. In the process of pursuing the sustainable growth of enterprises, we should focus on the internal related factors, and the most intuitive reflection of the related factors within the enterprise is the financial indicators and investment decisions. Financing decision and profit distribution policy are the three core contents of enterprise financial management, and dividend policy is one of the three decisions of enterprise financial management. It is not only related to the interests of different shareholders and between shareholders and creditors, but also related to the future growth of listed companies, and then affect the healthy development of the entire capital market. Therefore, the dividend distribution policy of listed companies has been concerned by scholars at home and abroad. This article selects the small and medium-sized board company dividend distribution policy to carry on the comprehensive influence to the financial sustainable development. First of all, the paper makes a systematic analysis of the factors that affect dividend policy formulation and the theory of sustainable growth. Then it expounds the related mechanism of the impact of dividend distribution policy on sustainable growth, including the impact of dividend distribution policy on the financial sustainable growth and the analysis of the influencing factors. This paper selects the relevant financial data of the small and medium-sized board listed companies in 2010-2011, and adopts Higgins' sustainable growth model. Through the empirical analysis of the relationship between the financial sustainable growth and the dividend distribution policy, the conclusion is that the sustainable growth rate of listed companies is positively correlated with whether or not dividends are distributed. The amount of cash dividend has a significant impact on the sustainable growth rate: there is no significant correlation between the sustainable growth rate of listed companies and the conversion and stock delivery scheme, so the listed companies in the formulation of dividend distribution policy. The non-distribution policy should be avoided in order to maintain the sustainability of cash payments. Finally, based on the empirical results, the paper puts forward some suggestions on the dividend distribution policy to promote the sustainable development of Chinese small and medium-sized board listed companies from the life cycle stage of enterprises.
【學(xué)位授予單位】：湖南師范大學(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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