本文關(guān)鍵詞： 股票回購(gòu) 股票分紅 連續(xù)性 代理成本 馬太效應(yīng)　出處：《西南民族大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：本文主要是對(duì)上市公司股票回購(gòu)和分紅進(jìn)行研究，進(jìn)而研究股票回購(gòu)和分紅與公司的盈余質(zhì)量之間的關(guān)系。在對(duì)股票回購(gòu)和分紅兩個(gè)概念和理論進(jìn)行梳理的基礎(chǔ)上，提出了股票回購(gòu)和股利分配都是盈余質(zhì)量信號(hào)的假設(shè)。然后通過對(duì)A股（上證A和深證A）上市公司股票回購(gòu)進(jìn)行統(tǒng)計(jì)，選出有效樣本，并以有效樣本為基礎(chǔ)，我們對(duì)這些公司所屬的行業(yè)進(jìn)行統(tǒng)計(jì)，并重點(diǎn)分析這些公司在2005.1.1-2012.12.31之間的股票回購(gòu)次數(shù)以及股票回購(gòu)連續(xù)性，找出這些公司回購(gòu)的規(guī)律和特點(diǎn)。最后再?gòu)墓蓶|角度對(duì)這些上市公司進(jìn)行了分紅次數(shù)、分紅連續(xù)性及分紅質(zhì)量指標(biāo)的統(tǒng)計(jì)。統(tǒng)計(jì)發(fā)現(xiàn)，在75家樣本公司中94%的公司在最近的兩年都進(jìn)行過股票回購(gòu)，這些參與過股票回購(gòu)的公司，百分之百有過分紅歷史，這75家上市公司的平均分紅次數(shù)為4.28次/期間，期間包含2005.1.1-2012.12.31上市公司數(shù)據(jù)。當(dāng)然，盈余質(zhì)量不僅和股票回購(gòu)次數(shù)、連續(xù)性以及分紅次數(shù)、連續(xù)性相關(guān)，也和分紅質(zhì)量有一定關(guān)系。我們的結(jié)論是，有股票回購(gòu)歷史的公司都具有較好盈余質(zhì)量。同時(shí)需要指出，，還有很多盈余質(zhì)量不錯(cuò)的上市公司沒有股票回購(gòu)歷史但是有多次分紅歷史，同樣是不錯(cuò)的上市公司。本文只是從股票回購(gòu)這一個(gè)角度進(jìn)行分析，希望對(duì)于進(jìn)行長(zhǎng)線投資的投資者有一定參考價(jià)值。
[Abstract]:This paper mainly studies the relationship between stock repurchase and dividend, and the relationship between stock repurchase and dividend and earnings quality of the company, on the basis of combing the concepts and theories of stock repurchase and dividend. The assumption that both stock repurchase and dividend distribution are earnings quality signals is put forward, and then through the statistics of A share (Shanghai Stock Exchange A and Shenzhen Stock Exchange A) listed companies, the valid sample is selected and based on the valid sample. We analyzed the number of share repurchases and the continuity of stock repurchases between January 1 and December 31, 2011. Find out the rules and characteristics of these companies' repurchase. Finally, from the perspective of shareholders, the statistics of the number of dividends, the continuity of dividends and the quality index of dividends are given to these listed companies. Of the 75 sample companies, 94% of the companies have conducted share buybacks in the last two years. These companies that have participated in the stock buybacks have a history of dividends in 100%. The average number of dividends of these 75 listed companies is 4. 28 times per period. Of course, earnings quality is related not only to the number of stock buybacks, continuity and times of dividends, but also to the quality of dividends. Companies with a history of share buybacks all have better earnings quality. At the same time, it should be pointed out that many listed companies with good earnings quality have no history of share repurchase but have a history of multiple dividends. It is also a good listed company. This paper only analyzes from the angle of stock repurchase, hoping that it will have some reference value for the investors who invest in the long term.
【學(xué)位授予單位】：西南民族大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51

【參考文獻(xiàn)】

相關(guān)期刊論文 前7條

1 黃虹;;美國(guó)股票回購(gòu)對(duì)中國(guó)投資者的啟示[J];財(cái)會(huì)學(xué)習(xí);2006年08期

2 薛斐;公司股利理論及新發(fā)展[J];管理科學(xué);2004年03期

3 張貢生;關(guān)于上市公司回購(gòu)本公司股票問題的探討[J];經(jīng)濟(jì)問題;1999年11期

4 呂長(zhǎng)江,王克敏;上市公司股利政策的實(shí)證分析[J];經(jīng)濟(jì)研究;1999年12期

5 朱天;公司治理、國(guó)企改革與制度建設(shè)[J];經(jīng)濟(jì)研究;1998年01期

6 魏剛;我國(guó)上市公司股利分配的實(shí)證研究[J];經(jīng)濟(jì)研究;1998年06期

7 呂子廣;;淺談股票增持與回購(gòu)的區(qū)別及會(huì)計(jì)處理[J];會(huì)計(jì)之友(上旬刊);2009年08期

本文編號(hào)：1516900