【摘要】：股利分配（尤其是現(xiàn)金股利的分配）涉及到上市公司有關(guān)各方的利益，是重要的財務(wù)管理活動之一。合理的現(xiàn)金股利分配政策有利于上市公司的可持續(xù)發(fā)展，對于處于產(chǎn)業(yè)升級轉(zhuǎn)型期的中國制造業(yè)上市公司同樣也起著非常重要的作用。 合理的現(xiàn)金股利政策是建立在決策者對于現(xiàn)金股利政策充分認(rèn)識的基礎(chǔ)之上的，因此分析上市公司現(xiàn)金股利發(fā)放的影響因素就顯得異常必要。國內(nèi)外許多學(xué)者進行了相關(guān)研究，，但由于研究的時間段、角度和樣本的差異，沒有取得較為一致的結(jié)論。 本文對我國制造業(yè)上市公司現(xiàn)金股利分配情況進行研究，筆者在梳理相關(guān)股利政策理論后，以2007年至2011年滬深A(yù)股696家制造業(yè)上市公司面板數(shù)據(jù)為研究對象，采用門限回歸方法進行實證研究，分析了派現(xiàn)水平與企業(yè)規(guī)模、股權(quán)結(jié)構(gòu)、盈利能力、現(xiàn)金流及負(fù)債水平之間是否存在線性和非線性的關(guān)系。研究發(fā)現(xiàn)：面板門限模型對于樣本數(shù)據(jù)有較強的解釋能力，制造業(yè)上市公司現(xiàn)金流、盈利能力與派現(xiàn)水平呈顯著正相關(guān)，負(fù)債水平與上市公司的派現(xiàn)水平呈現(xiàn)顯著負(fù)相關(guān)，而股權(quán)結(jié)構(gòu)與上市公司的派現(xiàn)水平之間關(guān)系不顯著。當(dāng)EPS為門限變量時，公司規(guī)模與制造業(yè)上市公司的派現(xiàn)水平呈現(xiàn)非線性關(guān)系，并且存在雙門限值（0.011和0.989）。這種非線性關(guān)系在EPS處于不同水平時，會出現(xiàn)不同的顯著性。論文末尾在基于上述研究的基礎(chǔ)上，提出了完善我國制造業(yè)上市公司現(xiàn)金股利政策的相關(guān)對策和建議。 本文的研究內(nèi)容有助于了解我國制造業(yè)上市公司現(xiàn)金股利政策，對于制造業(yè)公司制定合理、有效的股利分配政策有一定的參考價值。
[Abstract]:Dividend distribution (especially the distribution of cash dividend) is one of the important financial management activities, which is related to the interests of listed companies. Reasonable cash dividend distribution policy is conducive to the sustainable development of listed companies, and also plays a very important role in the Chinese manufacturing listed companies in the period of industrial upgrading. The reasonable cash dividend policy is based on the decision makers' understanding of the cash dividend policy, so it is very necessary to analyze the influencing factors of cash dividend distribution of listed companies. Many scholars at home and abroad have carried on the related research, but because of the difference of time, angle and sample, there is no consistent conclusion. This paper studies the cash dividend distribution of manufacturing listed companies in China. After combing the relevant dividend policy theory, the author takes the panel data of 696 listed manufacturing companies in Shanghai and Shenzhen from 2007 to 2011 as the research object. By using threshold regression method, this paper analyzes whether there is a linear and nonlinear relationship between payout level and firm size, equity structure, profitability, cash flow and debt level. It is found that the panel threshold model has a strong explanatory power for the sample data. The cash flow and profitability of listed manufacturing companies are significantly positively correlated with the payout level, while the debt level is negatively correlated with the payout level of listed companies. However, the relationship between equity structure and the payout level of listed companies is not significant. When EPS is the threshold variable, there is a nonlinear relationship between the company size and the payout level of the manufacturing listed companies, and there are two threshold values (0.011 and 0.989). When the EPS is at different levels, the nonlinear relationship will have different significance. At the end of the paper, based on the above research, the paper puts forward the relevant countermeasures and suggestions to improve the cash dividend policy of listed manufacturing companies in China. The research content of this paper is helpful to understand the cash dividend policy of listed manufacturing companies in China, and has certain reference value for manufacturing companies to formulate reasonable and effective dividend distribution policy.
【學(xué)位授予單位】：合肥工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F424

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