本文選題：異常高派現(xiàn)　切入點：投資不足　出處：《深圳大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：長期以來,我國上市公司吝于分紅的現(xiàn)象十分嚴重,他們抑或是將這部分資金用于基礎(chǔ)設(shè)施的建設(shè),抑或是準備再投資或是其他用途,因此他們難以拿出一部分資金來回報給投資者。然而2000年之后,在資本市場、監(jiān)管部門的積極引導(dǎo)下,上市公司紛紛加大了派現(xiàn)力度,實現(xiàn)了由“一毛不拔”到愿意派現(xiàn)的轉(zhuǎn)變,初步緩解了分紅不足的問題。與此同時,我國資本市場上卻出現(xiàn)了部分上市公司分派高額股利的現(xiàn)象,其現(xiàn)金股利的分派之高,甚至超出了自身盈利能力和現(xiàn)金支付能力的范圍,這就是“異常高派現(xiàn)”現(xiàn)象,這不僅可能引致對企業(yè)自身一系列的不良影響,也可能引起外部投資者對企業(yè)的質(zhì)疑——企業(yè)是否因經(jīng)營不善而急于套現(xiàn)?而股利分配,尤其是現(xiàn)金股利的分配問題,一直都是財務(wù)界高度關(guān)注的焦點,作為現(xiàn)代公司需要解決的三大財務(wù)決策問題之一,它不僅意味著要在回報投資者和利潤再投資之間做出此消彼長的選擇,更關(guān)系著企業(yè)的長遠發(fā)展前景�；诖�,本文運用實證研究法,深入分析異常高派現(xiàn)行為以及企業(yè)投資會對經(jīng)營績效帶來怎樣的影響。為了探討異常高派現(xiàn)的行為會給企業(yè)帶來怎樣的影響,選取我國上市公司2011-2015年的數(shù)據(jù)進行實證分析,首先,借鑒伍利娜(2003)的方法對異常高派現(xiàn)進行了界定,借鑒Richardson(2006)模型來估計投資不足,用主成分分析法來度量企業(yè)的經(jīng)營績效,并構(gòu)建相應(yīng)的分析模型和框架,對異常高派現(xiàn)這一現(xiàn)象產(chǎn)生的后果以及對企業(yè)帶來的影響進行分析;其次,對文章結(jié)構(gòu)作如下安排:第一章為緒論,主要介紹本文的研究背景和研究思路,第二章為理論回顧和文獻綜述,第三章是研究設(shè)計,進行理論分析和假設(shè)的提出以及模型構(gòu)建,第四章為實證分析及其結(jié)果,第五章為對本文的總結(jié)和對異常高派現(xiàn)產(chǎn)生影響的相關(guān)建議。通過上述研究,本文得出如下結(jié)論:(一)異常高派現(xiàn)與企業(yè)經(jīng)營績效負相關(guān),即異常高派現(xiàn)發(fā)生的可能性越大,經(jīng)營績效越差;(二)投資不足與企業(yè)經(jīng)營績效負相關(guān),即投資不足的程度越大,經(jīng)營績效越差;(三)異常高派現(xiàn)與投資不足的交乘項與經(jīng)營績效負相關(guān),即異常高派現(xiàn)和投資不足,會對經(jīng)營績效的造成侵害。
[Abstract]:For a long time, the phenomenon that listed companies in our country are afraid to pay dividends is very serious. They either use this part of the money for infrastructure construction, or they are preparing to reinvest it or for other purposes. As a result, it is difficult for them to give some of their money back to investors. However, after 2000, under the active guidance of the capital markets and the regulatory authorities, listed companies stepped up their payouts. It has realized the change from "not getting out of a cent" to being willing to pay cash, which has initially alleviated the problem of insufficient dividends. At the same time, some listed companies have distributed high dividends in the capital market of our country, and the distribution of cash dividends is so high. Even beyond the scope of their own profitability and ability to pay in cash, this is the phenomenon of "exceptionally high cash payments", which may not only lead to a series of adverse effects on the enterprise itself. Also may cause the outside investor to the enterprise question-whether the enterprise is anxious to cash out because of the bad management? However, dividend distribution, especially the distribution of cash dividend, has always been the focus of attention in the financial circles. As one of the three major financial decision problems that need to be solved by modern companies, It not only means to make the choice between the return investor and the profit reinvestment, but also relates to the long-term development prospects of the enterprise. Based on this, this paper uses the empirical research method, In order to explore the impact of abnormal high cash payout behavior on business performance, the data of listed companies in China from 2011 to 2015 are selected for empirical analysis. First of all, using the method of Woollina 2003) to define the abnormal high cash payment, using Richardson's 2006) model to estimate the underinvestment, using principal component analysis to measure the business performance of the enterprise, and constructing the corresponding analysis model and framework. The consequences of this phenomenon and the impact on enterprises are analyzed. Secondly, the structure of the article is arranged as follows: the first chapter is the introduction, mainly introduces the research background and research ideas. The second chapter is theoretical review and literature review, the third chapter is the research design, the theoretical analysis and hypothesis and the model construction, the 4th chapter is the empirical analysis and its results. Chapter 5th is the summary of this paper and the related suggestions on the influence of abnormal high cash payout. Through the above research, this paper draws the following conclusion: (1) abnormal high dividend has negative correlation with business performance, that is, the possibility of abnormal high cash payment is greater, The worse the operating performance (2) the negative correlation between the investment insufficiency and the business performance, that is, the greater the degree of insufficient investment, the worse the operating performance. (3) the multiplicative items of abnormal high payout and insufficient investment are negatively correlated with the operating performance. Namely unusually high cash payment and insufficient investment, will cause infringement to the management performance.
【學(xué)位授予單位】：深圳大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F832.51

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