本文選題：企業(yè)社會(huì)責(zé)任　切入點(diǎn)：股利政策　出處：《北京交通大學(xué)》2017年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：股利政策和投資決策都是公司發(fā)展與進(jìn)步的重要財(cái)務(wù)管理策略。從企業(yè)發(fā)展的角度上看,正確的投資決策能夠影響公司外部融資,促進(jìn)企業(yè)可持續(xù)發(fā)展,提升企業(yè)價(jià)值;從外部投資者的角度上看,投資者對(duì)企業(yè)投入資金就是為了獲取股利回報(bào),尤其是對(duì)于那些股利占收入絕大部分的投資者來(lái)說(shuō)更是不可或缺。但是當(dāng)管理者面對(duì)有限的內(nèi)部資金時(shí),為了給股東分配股利可能降低投資水平。根據(jù)MM理論,在完美的資本市場(chǎng)中股利政策不會(huì)對(duì)投資行為造成影響。然而我國(guó)資本市場(chǎng)的有效性還有待提高,由于管理層和外部投資者雙方信息不對(duì)稱(chēng),上市公司在尋求外部融資時(shí)遇到困難,而公司內(nèi)部自由現(xiàn)金流有限,管理層便會(huì)做出為了保證對(duì)股東的預(yù)期股利而降低投資水平的決策。此外,基于代理成本理論,企業(yè)兩權(quán)分離會(huì)使得管理層和所有者雙方目標(biāo)不一致,管理者為追求個(gè)人利益而忽視企業(yè)的總體目標(biāo),進(jìn)而出現(xiàn)逆向選擇和道德風(fēng)險(xiǎn)問(wèn)題,導(dǎo)致公司在獲取外部資金方面遇到更多困難,難以有充足的現(xiàn)金流進(jìn)行投資。同時(shí),隨著我國(guó)經(jīng)濟(jì)的提升和當(dāng)今的全球化發(fā)展方向,國(guó)際和國(guó)內(nèi)學(xué)者都開(kāi)始關(guān)注企業(yè)社會(huì)責(zé)任的履行對(duì)企業(yè)價(jià)值和財(cái)務(wù)績(jī)效的影響。公司履行企業(yè)社會(huì)責(zé)任不僅可以樹(shù)立良好的形象,向市場(chǎng)傳遞利好信息,減輕外部融資約束程度,而且能夠幫助企業(yè)增加自由現(xiàn)金流,在保證股利的同時(shí)擴(kuò)大投資,實(shí)現(xiàn)可持續(xù)發(fā)展。因此本文以股利政策與投資決策的關(guān)系為出發(fā)點(diǎn),研究企業(yè)社會(huì)責(zé)任對(duì)二者關(guān)系的調(diào)節(jié)作用,希望能對(duì)企業(yè)的財(cái)務(wù)決策提供一定的參考價(jià)值。本文采用滬深A(yù)股上市公司的2010到2014年數(shù)據(jù)為樣本,通過(guò)篩選和處理國(guó)泰安CSMAR數(shù)據(jù)庫(kù)中的上市公司數(shù)據(jù)、潤(rùn)靈環(huán)球責(zé)任評(píng)級(jí)(RKS)中的上市公司社會(huì)責(zé)任數(shù)據(jù),研究股利對(duì)投資的影響、企業(yè)社會(huì)責(zé)任對(duì)二者關(guān)系的調(diào)節(jié)作用以及產(chǎn)權(quán)性質(zhì)和成長(zhǎng)性的差異是否會(huì)對(duì)企業(yè)社會(huì)責(zé)任的調(diào)節(jié)作用產(chǎn)生不同的效果。研究結(jié)果表明,股利政策會(huì)對(duì)投資決策產(chǎn)生抑制作用。為了緩和股利與投資的負(fù)相關(guān)作用,加入企業(yè)社會(huì)責(zé)任,結(jié)果表明,企業(yè)履行社會(huì)責(zé)任能夠緩解股利對(duì)投資的抑制作用,而且考慮到我國(guó)特殊的經(jīng)濟(jì)制度背景,這種調(diào)節(jié)作用在非國(guó)有企業(yè)中效果更好;另外,由于不同成長(zhǎng)性的企業(yè)其融資和投資水平都有差異,履行社會(huì)責(zé)任的情況也不同,因此本文根據(jù)成長(zhǎng)性對(duì)樣本分組回歸,結(jié)果表明企業(yè)社會(huì)責(zé)任緩解股利對(duì)投資的制約效果在高成長(zhǎng)性企業(yè)中更顯著。本文的研究?jī)?nèi)容為研究企業(yè)股利政策對(duì)投資的影響提供了嶄新的視角,引導(dǎo)企業(yè)承擔(dān)社會(huì)責(zé)任,促進(jìn)經(jīng)濟(jì)和社會(huì)可持續(xù)發(fā)展。
[Abstract]:Dividend policy and investment decision are both important financial management strategies for the development and progress of the company. From the perspective of enterprise development, the correct investment decision can affect the external financing of the company, promote the sustainable development of the enterprise and promote the enterprise value. From the perspective of external investors, investors put money into enterprises in order to obtain dividend returns. Especially for those investors whose dividends account for most of their income. But when managers face limited internal funds, they may lower their investment level in order to distribute dividends to shareholders. According to MM theory, In the perfect capital market, dividend policy will not affect the investment behavior. However, the effectiveness of the capital market in China needs to be improved, because of the asymmetric information between management and external investors. Listed companies encounter difficulties in seeking external financing and limited internal free cash flow, and management makes decisions to reduce investment levels in order to ensure expected dividends for shareholders. In addition, based on agency cost theory, The separation of the two rights of the enterprise will make the objectives of both the management and the owner inconsistent, the managers ignore the overall objectives of the enterprise in pursuit of personal interests, and then there will be adverse selection and moral hazard problems. As a result, companies have encountered more difficulties in obtaining external capital and have difficulty in having sufficient cash flow to invest. At the same time, with the development of our economy and the direction of globalization today, Both international and domestic scholars have begun to pay attention to the impact of corporate social responsibility on corporate value and financial performance. Corporate social responsibility can not only set up a good image, but also convey good information to the market. It can help enterprises to increase free cash flow, expand investment while guaranteeing dividend, and realize sustainable development. Therefore, this paper takes the relationship between dividend policy and investment decision as the starting point. This paper studies the role of corporate social responsibility in regulating the relationship between the two, hoping to provide some reference value for the financial decision of enterprises. This paper uses the data of Shanghai and Shenzhen A-share listed companies from 2010 to 2014 as a sample. Through the screening and processing of listed company data in Cathay's CSMAR database and social responsibility data of listed companies in Runling Global liability rating (RKS), the impact of dividend on investment is studied. Whether corporate social responsibility (CSR) has different effects on the regulation of CSR, and whether the difference of property right and growth will have different effects on the regulation of CSR. In order to alleviate the negative correlation between dividend and investment and join corporate social responsibility, the result shows that corporate social responsibility can alleviate the restraining effect of dividend on investment. Moreover, considering the special economic system background of our country, this regulatory effect is better in non-state-owned enterprises. In addition, because different growth enterprises have different levels of financing and investment, the performance of social responsibility is also different. Therefore, according to the growth of the sample group regression, The results show that the corporate social responsibility (CSR) alleviates the effect of dividend on investment is more significant in high-growth enterprises. The research content of this paper provides a new perspective to study the impact of corporate dividend policy on investment, leading enterprises to assume social responsibility. Promoting sustainable economic and social development.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F270;F275;F832.51

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