本文關(guān)鍵詞： 高派現(xiàn) 股利政策 財(cái)務(wù)狀況 股權(quán)結(jié)構(gòu) 股利信息傳遞效應(yīng)　出處：《石河子大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：在當(dāng)前市場(chǎng)經(jīng)濟(jì)環(huán)境下,財(cái)務(wù)政策主要包括:風(fēng)險(xiǎn)管理政策、信用管理政策、融資管理政策、資金投資政策以及股利政策,其中股利政策對(duì)企業(yè)經(jīng)營(yíng)狀況、企業(yè)未來(lái)的發(fā)展有顯著地影響,然而企業(yè)制定、實(shí)施股利政策過(guò)程中存在著大量的問(wèn)題。股利政策也直接影響投資者的利益,因此合理引導(dǎo)上市公司的股利政策,保護(hù)投資者的利益,已成為我國(guó)資本市場(chǎng)經(jīng)濟(jì)研究的重要課題。其中現(xiàn)金股利分配政策對(duì)上市公司的未來(lái)業(yè)績(jī)具有一定的信號(hào)傳遞作用,并對(duì)其公司的長(zhǎng)遠(yuǎn)發(fā)展具有顯著影響,近幾年,受國(guó)家政策以及市場(chǎng)經(jīng)濟(jì)的影響,我國(guó)上市公司股利政策派現(xiàn)金額不斷提高,從而高派現(xiàn)現(xiàn)象引起了企業(yè)股東、投資者、中國(guó)證監(jiān)會(huì)的高度關(guān)注。因此,本論文以處于我國(guó)家電行業(yè)的格力電器為研究對(duì)象,采用案例分析和理論研究相結(jié)合的方法,分析影響上市公司高派現(xiàn)股利政策的因素。本文首先對(duì)國(guó)內(nèi)外文獻(xiàn)進(jìn)行了總結(jié)和歸納,其次對(duì)高派現(xiàn)股利政策的相關(guān)理論進(jìn)行分析,之后將股利政策理論與現(xiàn)實(shí)高派現(xiàn)行為相聯(lián)系,采用案例分析法,分析歸納格力電器高派現(xiàn)股利政策的影響因素,最后得出本文研究結(jié)論,并提出該論文研究過(guò)程中得到的啟示。根據(jù)理論分析和案例研究結(jié)果發(fā)現(xiàn):(1)企業(yè)保持良好的盈利能力是實(shí)施高派現(xiàn)股利政策的基礎(chǔ)。(2)具有充足的現(xiàn)金流量是實(shí)施高派現(xiàn)股利政策的必要條件。(3)當(dāng)上市公司已經(jīng)從發(fā)展階段邁向成熟階段時(shí),未來(lái)的充滿太多的不確定性,從而缺失良好的投資機(jī)會(huì),但同時(shí)擁有充足的現(xiàn)金流量,并且具有穩(wěn)定的盈利能力,此時(shí)公司更傾向于選擇高派現(xiàn)股利政策。(4)當(dāng)企業(yè)所處行業(yè)進(jìn)入成熟期,企業(yè)經(jīng)營(yíng)方式或發(fā)生變化,對(duì)資金需求大,通過(guò)高派現(xiàn)股利政策吸引更多地投資者。(6)上市公司股權(quán)結(jié)構(gòu)的變更對(duì)其氋派現(xiàn)行為有決定性影響。(6)在實(shí)施高派現(xiàn)股利政策,需要保證信息傳遞的對(duì)稱性,投資者更加關(guān)注公司的盈利能力與現(xiàn)金股利兩方面的比較分析。(7)上市公司實(shí)施高派現(xiàn)股利政策受證監(jiān)會(huì)頒布的條例規(guī)定的影響,并受我國(guó)宏觀經(jīng)濟(jì)的影響。
[Abstract]:In the current market economy environment, the financial policy mainly includes: risk management policy, credit management policy, financing management policy, capital investment policy and dividend policy. The future development of enterprises has a significant impact, however, there are a large number of problems in the process of making and implementing dividend policies. Dividend policies also directly affect the interests of investors. Therefore, we should guide the dividend policy of listed companies reasonably and protect the interests of investors. It has become an important subject in the study of capital market economy in China, in which the cash dividend distribution policy has a certain signalling effect on the future performance of listed companies, and has a significant impact on the long-term development of their companies. In recent years, due to the influence of national policies and market economy, the dividend policy of listed companies in China has been increasing the amount of cash, thus the phenomenon of high dividend has caused the shareholders and investors of enterprises. China Securities Regulatory Commission (CSRC) is highly concerned. Therefore, this paper takes Gree electrical appliances in China's home appliance industry as the research object, and adopts the method of combining case analysis and theoretical research. This paper analyzes the factors that affect the high dividend policy of listed companies. Firstly, this paper summarizes and summarizes the literature at home and abroad, and then analyzes the relevant theories of high dividend policy. After the dividend policy theory and the reality of high dividend behavior linked to the use of case analysis, analysis of Gree electrical high dividend policy factors, and finally draw the conclusion of this paper. According to the theoretical analysis and case study results, it is found that the good profitability of the enterprises is the basis of implementing the high dividend policy. Having sufficient cash flow is a necessary condition for the implementation of high dividend policy.) when the listed company has moved from the stage of development to the stage of maturity. The future is full of too much uncertainty, thus missing good investment opportunities, but at the same time have sufficient cash flow, and have stable profitability. At this time, the company is more inclined to choose the high dividend policy. 4) when the industry in which the enterprise enters the mature period, the business operation mode may change, and the demand for capital is large. Through the high dividend policy to attract more investors. 6) the change of the stock structure of listed companies has a decisive impact on their cash payout behavior. 6) the implementation of high dividend policy. The symmetry of information transmission needs to be guaranteed. Investors are more concerned about the profitability of the company and cash dividend two aspects of comparative analysis. 7) listed companies to implement high dividend policy by the Securities and Futures Commission promulgated the impact of regulations. And by the macroeconomic impact of our country.
【學(xué)位授予單位】：石河子大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F426.6;F406.7

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