本文選題：股利支付率　切入點(diǎn)：估算模型　出處：《哈爾濱理工大學(xué)》2012年碩士論文

【摘要】：股利政策是上市公司利益分配的決策,也是投資者獲得利益的重要途徑。伴隨對(duì)股票市場(chǎng)越來(lái)越深入的參與,投資者的長(zhǎng)期投資心理也漸漸超過(guò)了其短期投機(jī)的心理。投資者更加關(guān)注企業(yè)是否能夠可持續(xù)發(fā)展,是否有長(zhǎng)遠(yuǎn)的投資價(jià)值。投資者想通過(guò)股利政策來(lái)了解企業(yè)的未來(lái)發(fā)展前景,而企業(yè)也希望能通過(guò)較好的股利政策才傳達(dá)公司的信息,希望找到一個(gè)好的股利政策來(lái)吸引更多的投資者。 對(duì)于股利政策的選擇主要是從現(xiàn)金股利和股票股利進(jìn)行選擇�，F(xiàn)金股利是最常見(jiàn)的股利支付的形式,現(xiàn)金股利的發(fā)放會(huì)減少公司的留存收益和現(xiàn)金,如果沒(méi)有相應(yīng)的盈利能力,質(zhì)量低的上市公司若發(fā)放現(xiàn)金股利就會(huì)承擔(dān)比較高的成本。以股票股利的方式發(fā)放股利不需要向股東發(fā)放現(xiàn)金,并且可以降低股價(jià),有利于吸引投資者投資。同時(shí)股票股利存在一個(gè)弊端：發(fā)放股票股利只需要做賬面記錄因此模仿性很強(qiáng),故而無(wú)法區(qū)分績(jī)優(yōu)上市公司和非績(jī)優(yōu)上市公司。 本文以績(jī)優(yōu)上市公司為研究對(duì)象,試圖構(gòu)建績(jī)優(yōu)上市公司的股利支付率估算模型,從而為管理者選擇最優(yōu)的股利政策提供一個(gè)標(biāo)準(zhǔn)。因此本文的研究主要選擇現(xiàn)金股利政策,并且由于外部影響因素難以衡量,本文對(duì)影響股利支付率的因素主要考慮公司的內(nèi)部影響因素。通過(guò)對(duì)影響上市公司股利分配的內(nèi)部因素進(jìn)行簡(jiǎn)單的理論分析后,隨即運(yùn)用數(shù)學(xué)軟件SPSS19.0對(duì)經(jīng)過(guò)篩選的數(shù)據(jù)進(jìn)行處理。進(jìn)而得出影響股利支付率的因素及相應(yīng)的影響程度。根據(jù)公司內(nèi)部影響因素對(duì)股利支付率的影響,構(gòu)建了績(jī)優(yōu)上市公司股利支付率估算模型。最后本文通過(guò)進(jìn)一步檢驗(yàn)證明所構(gòu)建的股利支付率估算模型的可行性。本文的研究為公司管理層選擇股利政策提供了一個(gè)標(biāo)準(zhǔn),也為投資者提供了投資決策的參考依據(jù)。
[Abstract]:Dividend policy is not only the decision of profit distribution of listed companies, but also an important way for investors to obtain benefits.With more and more deep participation in the stock market, investors' long-term investment psychology gradually exceeds their short-term speculative psychology.Investors pay more attention to whether enterprises can be sustainable and whether they have long-term investment value.Investors want to understand the future development of enterprises through dividend policy, and enterprises also hope to convey the company's information through a better dividend policy, hoping to find a good dividend policy to attract more investors.The choice of dividend policy is mainly from cash dividend and stock dividend.Cash dividend is the most common form of dividend payment. The cash dividend will reduce the company's retained earnings and cash. If there is no corresponding profitability, the low quality listed company will bear higher cost if it pays cash dividend.Dividends paid in the form of stock dividends do not require cash to be issued to shareholders and can reduce share prices and help attract investors to invest.At the same time, there is a drawback of stock dividend: it is difficult to distinguish the outstanding listed company from the non-outstanding listed company because it only needs to make the book record and the imitation is very strong.In this paper, we try to construct the dividend rate estimation model of the outstanding listed companies, so as to provide a standard for managers to choose the best dividend policy.Therefore, the paper mainly chooses the cash dividend policy, and because the external influence factors are difficult to measure, the factors that affect the dividend payment rate mainly consider the internal factors of the company.After a simple theoretical analysis of the internal factors affecting the dividend distribution of listed companies, the selected data are processed by the mathematical software SPSS19.0.Then the factors affecting dividend payment rate and the corresponding influence degree are obtained.According to the influence of internal factors on dividend payment rate, a model for estimating dividend payment rate of outstanding listed companies is established.Finally, the paper proves the feasibility of the model by further test.The research in this paper provides a standard for management to choose dividend policy and a reference for investors to make investment decisions.
【學(xué)位授予單位】：哈爾濱理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F832.51

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 周穎;李s，

本文編號(hào)：1711970