本文選題：股利政策 + 現(xiàn)金分紅�。� 參考：《西北大學(xué)》2013年碩士論文

【摘要】：上市公司是資本市場(chǎng)發(fā)展的推動(dòng)力之一,給予投資者合理的投資回報(bào),讓其分享經(jīng)濟(jì)增長(zhǎng)的成果,是上市公司應(yīng)盡的責(zé)任和義務(wù)�，F(xiàn)金分紅是實(shí)現(xiàn)投資回報(bào)的重要形式,更是培育資本市場(chǎng)長(zhǎng)期投資理念,增強(qiáng)資本市場(chǎng)活力和吸引力的重要途徑。現(xiàn)金股利作為上市公司回報(bào)股東的一個(gè)手段,已經(jīng)越來越被發(fā)展中國(guó)家的上市公司所重視,尤其是成為現(xiàn)代財(cái)務(wù)管理的核心問題以來,投融資決策權(quán)益、權(quán)益分配更是引人關(guān)注,也是決定所有者權(quán)益的關(guān)鍵問題。然而,任何大公司乃至跨國(guó)公司都是由中小企業(yè)發(fā)展擴(kuò)張而來的,而在企業(yè)成立的各個(gè)階段必然會(huì)經(jīng)歷利潤(rùn)分配與利潤(rùn)留存的博弈。尤其在企業(yè)成立初期,利潤(rùn)的合理分配顯得尤為關(guān)鍵。分配過多的利潤(rùn),勢(shì)必會(huì)導(dǎo)致企業(yè)再投資的資金短缺,而不分配或過少分配則又會(huì)引起投資者的不滿,這就牽扯到股利分配與公司成長(zhǎng)性之間的關(guān)系問題。 本文從上述問題出發(fā),在前人研究的基礎(chǔ)上,運(yùn)用股利理論與公司成長(zhǎng)理論研究現(xiàn)金分紅對(duì)公司成長(zhǎng)性的影響,選取中國(guó)證券市場(chǎng)一家有代表性的公司方正科技集團(tuán)股份有限公司作為案例公司,采用定性分析與定量分析相結(jié)合的方法進(jìn)行研究：即運(yùn)用宏觀層面的基本分析方法和微觀層面的財(cái)務(wù)分析方法,從理論方面對(duì)方正科技的現(xiàn)金分紅和公司成長(zhǎng)性問題進(jìn)行規(guī)范分析；運(yùn)用回歸分析方法,選取方正科技2005年至2011年派發(fā)現(xiàn)金股利的數(shù)據(jù)和凈資產(chǎn)收益率、主營(yíng)業(yè)務(wù)收入增長(zhǎng)率、每股收益、每股經(jīng)營(yíng)現(xiàn)金凈流量等指標(biāo),從實(shí)證角度來驗(yàn)證和支持定量研究,從而得出股利政策對(duì)成長(zhǎng)性主要指標(biāo)的影響,并在此基礎(chǔ)上給出合理的經(jīng)濟(jì)學(xué)解釋,進(jìn)而給出案例公司制定股利政策的對(duì)策建議。
[Abstract]:The listed company is one of the driving forces of the development of the capital market. It is the duty and obligation of the listed company to give investors a reasonable return on investment and share the fruits of economic growth. Cash dividend is an important form to realize the return on investment, and it is also an important way to cultivate the long-term investment concept of capital market and to enhance the vitality and attractiveness of capital market. As a means of return to shareholders of listed companies, cash dividend has been paid more and more attention by listed companies in developing countries, especially since it has become the core issue of modern financial management, investment and financing decision-making rights and interests. The distribution of rights and interests is even more interesting, and it is also a key issue in determining the owner's rights and interests. However, any large company or even multinational corporation is from the development and expansion of small and medium-sized enterprises, and in each stage of the establishment of the enterprise will inevitably experience the game of profit distribution and profit retention. Especially in the initial stage of the establishment of the enterprise, the reasonable distribution of profits is particularly critical. The excessive distribution of profits will inevitably lead to the shortage of reinvested funds, while the lack of distribution or too little distribution will lead to the dissatisfaction of investors, which involves the relationship between dividend distribution and the growth of the company. Based on the previous studies, this paper studies the effect of cash dividend on the growth of companies by using dividend theory and corporate growth theory. A representative company in China's securities market, Fangzheng Science and Technology Group Co., Ltd., is selected as a case company. Qualitative analysis and quantitative analysis are used to carry out the research, that is, the basic analysis method at the macro level and the financial analysis method at the micro level are used. From the aspect of theory, the paper analyzes the cash dividend and the growth of the company, selects the data of cash dividend from 2005 to 2011, the return of net assets, the growth rate of the main business income, and applies the regression analysis method to select the data of cash dividend distribution from 2005 to 2011, as well as the growth rate of the main business income. EPS, net operating cash flow per share and other indicators, from the empirical point of view to verify and support quantitative research, so as to obtain the impact of dividend policy on the growth of the main indicators, and on this basis to give a reasonable economic explanation. And then give the case of the company to formulate dividend policy countermeasures.
【學(xué)位授予單位】：西北大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F426.6

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本文編號(hào)：1937185