本文關(guān)鍵詞： 股利政策 股利派發(fā)率 盈余質(zhì)量　出處：《江西財經(jīng)大學》2012年碩士論文　論文類型：學位論文

【摘要】：股利政策從股份制公司誕生之日起就成為公司理財?shù)暮诵膬?nèi)容,一直是理論界和實務(wù)界共同關(guān)注的問題。本論文研究了中國上市公司股利政策與盈余質(zhì)量的相關(guān)關(guān)系,意義在于基于不同視角合理解釋了現(xiàn)實生活中的兩大問題。第一,基于公司治理與決策的視角,制定怎樣的股利政策對于上市公司而言才是最合理的,在派發(fā)股利和保持盈余之間如何達到最佳的平衡,怎樣的盈余是最有益于公司的成長性和可持續(xù)發(fā)展的。第二,基于證券市場投資的視角,探討上市公司的盈余質(zhì)量是否會最終影響到股利的發(fā)放,這就幫助投資者解讀隱藏于財務(wù)報告內(nèi)的盈余質(zhì)量各相關(guān)因素能否為投資者帶來一定的股利回報,而這種回報是否與盈余質(zhì)量存在某種必然的聯(lián)系。 本文的核心內(nèi)容大致分為以下兩個部分：一方面,從我國上市公司制定股利政策派發(fā)不同類型紅利的實際情形分析,對股利支付與否、股利支付類型與公司盈余質(zhì)量的相關(guān)性進行研究,揭示純現(xiàn)金股利、純股票股利、混合股利和不分配股利等形式下上市公司盈余質(zhì)量的差異。另一方面,文章探討了上市公司的現(xiàn)金股利派發(fā)率與盈余質(zhì)量的相關(guān)關(guān)系,用實證檢驗了上市公司盈余質(zhì)量各因素對現(xiàn)金股利派發(fā)率的解釋力度,并將樣本公司劃分為高派現(xiàn)與低派現(xiàn)兩類,對不同支付水平下盈余質(zhì)量與現(xiàn)金股利派發(fā)率的相關(guān)性差異進行了檢驗。 通過理論探討和實證分析,我們得出以下結(jié)論：第一,派發(fā)股利的上市公司盈余質(zhì)量要顯著強于未分配任何股利的公司。不同股利支付形式下上市公司的盈余質(zhì)量水平有所差別,其中支付混合股利的上市公司盈余持續(xù)性最好,支付純現(xiàn)金股利的上市公司次之,支付純股票股利的上市公司再次,最后是不分配任何股利的上市公司。第二,對于派發(fā)現(xiàn)金股利的上市公司,盈余質(zhì)量各因素與現(xiàn)金股利派發(fā)率呈正相關(guān)關(guān)系。其中盈余的可靠性和持續(xù)性對股利派發(fā)率高低的解釋力度最為顯著,而盈余的平穩(wěn)性對其的影響則比較薄弱。高派現(xiàn)水平上市公司現(xiàn)金股利派發(fā)率與盈余質(zhì)量之間的相關(guān)關(guān)系顯著強于低派現(xiàn)水平公司。
[Abstract]:Dividend policy has been the core content of corporate financial management since the birth of joint-stock companies, and has been a common concern of both theoretical and practical circles. This paper studies the relationship between dividend policy and earnings quality of listed companies in China. The significance lies in the reasonable explanation of two problems in real life based on different perspectives. First, based on the perspective of corporate governance and decision-making, what kind of dividend policy is the most reasonable for listed companies, How to achieve the best balance between dividend distribution and earnings, and what kind of earnings is most beneficial to the growth and sustainable development of the company. Second, based on the perspective of investment in the securities market, This paper discusses whether the earnings quality of listed companies will ultimately affect the distribution of dividends, which helps investors to understand whether the factors related to earnings quality hidden in financial reports can bring certain dividend returns to investors. And whether this kind of return and earnings quality have some kind of inevitable relation. The core content of this paper is divided into the following two parts: on the one hand, from the actual situation that the listed companies of our country formulate dividend policy to distribute different types of dividend, the paper analyzes whether the dividend is paid or not. The relationship between the types of dividend payment and earnings quality is studied to reveal the differences of earnings quality of listed companies in the form of pure cash dividend, pure stock dividend, mixed dividend and undistributed dividend. This paper discusses the relationship between cash dividend distribution rate and earnings quality of listed companies, and tests the explanation of earnings quality factors to cash dividend distribution rate by empirical analysis. The sample companies are divided into two categories: high and low payouts. The correlation between the quality of earnings and the cash dividend distribution rate under different payment levels is tested. Through theoretical discussion and empirical analysis, we draw the following conclusions: first, The earnings quality of listed companies with dividend distribution is significantly better than that of undistributed dividends. The earnings quality levels of listed companies are different under different dividend payment forms, among which the earnings of listed companies paying mixed dividends are the best. The listed company that pays the pure cash dividend takes the second place, the listed company that pays the pure stock dividend again, and finally the listed company that does not distribute any dividends. Second, for the listed company that distributes the cash dividend, There is a positive correlation between the factors of earnings quality and cash dividend distribution rate, in which the reliability and persistence of earnings explain the dividend distribution rate most significantly. The correlation between cash dividend distribution rate and earnings quality of listed companies with high cash payout level is significantly stronger than that of low cash payout level companies.
【學位授予單位】：江西財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F275;F832.51;F224

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本文編號：1550914