本文關(guān)鍵詞： 生命周期 股利政策 適用性　出處：《蘇州大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：作為企業(yè)三大財(cái)務(wù)決策之一，上市公司的股利政策一直都是國(guó)內(nèi)外學(xué)者研究的熱點(diǎn)。自從上世紀(jì)60年代MillerModigliani提出經(jīng)典的“股利政策無(wú)關(guān)論”之后，不斷有學(xué)者對(duì)股利政策進(jìn)行大量的理論及實(shí)證研究。雖然關(guān)于股利政策的理論及實(shí)證研究不斷得到豐富，但是學(xué)術(shù)界一直未對(duì)股利政策的研究達(dá)成共識(shí)。到底上市公司是如何制定其股利政策的，還有待進(jìn)一步的研究。 本文從企業(yè)生命周期角度來(lái)研究我國(guó)上市公司的股利政策，，檢驗(yàn)上市公司的股利政策是否符合生命周期理論。鑒于此，本文采用現(xiàn)金流組合法，將我國(guó)滬深兩市主板市場(chǎng)的上市公司分為成長(zhǎng)期、成熟期和衰退期企業(yè)。本文運(yùn)用描述性分析、參數(shù)檢驗(yàn)和非參數(shù)檢驗(yàn)等多種數(shù)理分析方法，對(duì)三個(gè)階段企業(yè)的現(xiàn)金股利和股票股利分別展開研究。實(shí)證結(jié)果表明，生命周期理論對(duì)于我國(guó)上市公司股利政策制定并不適用，即我國(guó)上市公司并不是嚴(yán)格按照企業(yè)所處的生命周期階段來(lái)制定其股利政策。與股票股利政策相比，我國(guó)上市公司現(xiàn)金股利政策更接近生命周期理論。接著，本文將樣本分成2006-2008年度和2009-2011年度兩組，分別對(duì)兩組的現(xiàn)金股利政策和股票股利政策進(jìn)行對(duì)比分析，觀察2008年的監(jiān)管政策對(duì)上市公司股利政策的影響程度。檢驗(yàn)結(jié)果表明，2008年的監(jiān)管政策對(duì)上市公司股利政策制定并不存在顯著的政策效應(yīng)。最后，分析生命周期理論對(duì)我國(guó)上市公司股利政策不適用的原因，并在此基礎(chǔ)上，提出對(duì)應(yīng)的政策建議。
[Abstract]:As one of the three major financial decisions of enterprises, dividend policy of listed companies has been a hot topic for scholars at home and abroad. Since MillerModigliani put forward the classic "dividend policy independence" in -40s, There have been a lot of theoretical and empirical studies on dividend policy. Although the theoretical and empirical research on dividend policy has been enriched, However, the academic community has not reached a consensus on the research of dividend policy. How the listed companies formulate their dividend policy remains to be further studied. This paper studies the dividend policy of listed companies in China from the point of view of enterprise life cycle, and tests whether the dividend policy of listed companies conforms to the life cycle theory. In view of this, this paper adopts the cash flow combination method. The listed companies in the main board market of Shanghai and Shenzhen stock markets are divided into growth period, mature period and declining period. In this paper, many mathematical analysis methods, such as descriptive analysis, parameter test and non-parametric test, are used. The empirical results show that the life cycle theory is not applicable to the dividend policy formulation of listed companies in China. That is, the listed companies in our country do not make their dividend policy strictly according to the life cycle stage of the enterprises. Compared with the stock dividend policy, the cash dividend policy of the listed companies in our country is closer to the life cycle theory. This paper divides the sample into two groups: 2006-2008 and 2009-2011, and compares the cash dividend policy and the stock dividend policy between the two groups. The effect of the regulation policy on the dividend policy of listed companies in 2008 is observed. The results show that the regulatory policy of 2008 has no significant policy effect on the dividend policy of listed companies. This paper analyzes the reasons why the life cycle theory is not applicable to the dividend policy of listed companies in China, and puts forward corresponding policy recommendations on this basis.
【學(xué)位授予單位】：蘇州大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F832.51

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