本文關(guān)鍵詞： 股利分配 現(xiàn)金股利 可持續(xù)增長　出處：《安徽大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著中國市場經(jīng)濟的不斷發(fā)展,股利分配政策逐漸成為了監(jiān)管部門和廣大投資者日益關(guān)注的熱點問題,這正是因為,股利分配的問題不僅僅會關(guān)系到一個上市公司是否可以長久穩(wěn)定的經(jīng)營、眾多的投資者在精挑細選之下是否可以獲得滿意的回報,它更是與我國資本市場未來的健康發(fā)展有著密不可分的關(guān)系。倘若一個上市公司在用心經(jīng)營、實事求是的前提之下,結(jié)合自己的戰(zhàn)略規(guī)劃,制定出符合自己實際特點的股利分配政策,那樣不但可以提升公司在股票市場上的價值、樹立良好的企業(yè)形象,也為將來公司的融資和再投資問題鋪平了道路,從而可以增強社會大眾對其未來穩(wěn)步發(fā)展的信心,對上市公司長遠的發(fā)展具有深遠的意義。然而,存在著很多上市公司在盆滿缽盈、現(xiàn)金流充足的情況下,卻依然實行著與之不符的低現(xiàn)金股利支付率政策,更有甚者在盈利的條件下卻不樂于分享勝利的果實,選擇不分配股利。除此之外,一系列缺乏連續(xù)性、穩(wěn)定性和科學(xué)性的股利分配政策開始出現(xiàn)在大眾的視野之中,包括上市公司將未分配的利潤以股票紅利的形式發(fā)放給股東,將公司的資本公積轉(zhuǎn)化為贈送給股東的股本等等,這些看似形式多樣的股利分配政策正在一點一點侵蝕著我國的資本市場,嚴重影響和制約著它未來的茁壯成長。本文以ZSY公司近年來的股利分配數(shù)據(jù)作為研究對象并以此展開,共分為以下六個部分:第一部分為緒論,主要介紹了本文的研究背景與意義、國內(nèi)外對股利分配和可持續(xù)增長的研究現(xiàn)狀、研究思路與方法、以及本文研究的創(chuàng)新點;第二部分,具體對股利分配和可持續(xù)增長的相關(guān)概念及理論進行全面的介紹,包括股利分配政策的概念、類型、相關(guān)研究理論等,以及闡述可持續(xù)增長的兩大類四小種理論內(nèi)容;第三部分,通過立足ZSY公司股利分配的實際情況,并將其與國內(nèi)外同行業(yè)的其他石油公司的股利分配情況進行對比分析,從而來探究ZSY公司股利分配的具體現(xiàn)狀;第四部分,基于可持續(xù)增長的背景,將ZSY公司財務(wù)的可持續(xù)增長與股利分配內(nèi)容結(jié)合分析來探究二者的關(guān)系,具體包括對ZSY公司歷年可持續(xù)增長情況的分析,以及將其與國內(nèi)其他的石油公司可持續(xù)增長情況對比分析,從而探究出可持續(xù)增長背景下ZSY公司股利分配存在的問題;第五部分,結(jié)合ZSY公司可持續(xù)增長情況對其股利分配政策提出改進意見;第六部分為本文的研究結(jié)論和研究展望。本文的創(chuàng)新之處在于不僅從傳統(tǒng)的股利分配視角下來研究ZSY公司的股利分配政策,將其與國內(nèi)外同類型的石油公司的股利分配政策進行對比分析,更好地將理論與實際融會貫通;更從當(dāng)今熱點話題——財務(wù)可持續(xù)增長角度出發(fā)來全面研究公司的財務(wù)可持續(xù)增長是否與其制定的股利分配政策相互關(guān)聯(lián),為公司未來長遠的生產(chǎn)經(jīng)營增添一抹新綠。
[Abstract]:With the continuous development of Chinese market economy, dividend distribution policy has gradually become a hot issue that regulators and investors pay more and more attention to, which is precisely because. The issue of dividend distribution will not only affect whether a listed company can operate steadily for a long time, but also whether many investors can obtain satisfactory returns under careful selection. It is closely related to the healthy development of our country's capital market in the future. If a listed company is operating with heart and seeking truth from facts, it combines its own strategic planning. It can not only enhance the value of the company in the stock market, establish a good corporate image, but also pave the way for the financing and reinvestment of the company in the future. This can enhance the public's confidence in its future steady development, and has far-reaching significance for the long-term development of listed companies. However, there are many listed companies in the rich, cash-flow situation. However, the policy of low cash dividend payment rate, which is not in line with it, is still implemented. Moreover, even under the condition of profit, some people are not willing to share the fruits of victory and choose not to distribute dividends. In addition, a series of lack of continuity. The stable and scientific dividend distribution policy began to appear in the public view, including the undistributed profits of listed companies to the shareholders in the form of stock dividends. These seemingly diverse dividend policies are eroding the capital market of our country bit by bit by transforming the company's capital reserve into the stock capital that is given to the shareholders and so on. This paper takes the dividend distribution data of ZSY Company in recent years as the research object and starts with it. It is divided into the following six parts: the first part is the introduction. This paper mainly introduces the research background and significance of this paper, the research status of dividend distribution and sustainable growth at home and abroad, research ideas and methods, as well as the innovative points of this study; The second part, the specific introduction of dividend distribution and sustainable growth related concepts and theories, including the concept of dividend distribution policy, types, relevant research theory and so on. And expounds the two major categories of sustainable growth four small theoretical content; The third part, based on the actual situation of dividend distribution of ZSY company, and compare it with other oil companies in the same industry at home and abroad. In order to explore the specific status quo of dividend distribution in ZSY company; Part 4th, based on the background of sustainable growth, analyzes the relationship between the sustainable financial growth and dividend distribution of ZSY Company. It includes the analysis of ZSY's sustainable growth in the past years, and the comparative analysis of its sustainable growth with that of other domestic oil companies. In order to explore the ZSY company under the background of sustainable growth dividend distribution problems; Part 5th, combining with the sustainable growth of ZSY Company, puts forward some suggestions to improve its dividend distribution policy; Part 6th is the conclusion and prospect of this paper. The innovation of this paper is not only from the perspective of traditional dividend distribution to study the dividend distribution policy of ZSY company. Comparing it with the dividend distribution policy of the same type of oil companies at home and abroad, the theory and practice will be better integrated; More from today's hot topic-financial sustainable growth point of view to study whether the company's financial sustainable growth and its dividend distribution policy is related to each other. For the company's future long-term production and operation to add a new green.
【學(xué)位授予單位】：安徽大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F426.22;F406.7

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