本文選題：中小板　切入點(diǎn)：股利分配政策　出處：《湖南師范大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：股利分配政策作為公司理財(cái)活動的三大核心內(nèi)容之一,一直是財(cái)務(wù)管理領(lǐng)域的研究熱點(diǎn),而股利分配政策又是股利分配活動的指導(dǎo)方針,它與融資政策和投資政策密切相關(guān),因此,上市公司如何制定合理的股利分配政策,成為其至關(guān)重要的現(xiàn)實(shí)問題�？茖W(xué)合理的股利分配政策通過向投資者發(fā)放股利不僅樹立了良好的公司形象,而且還提高了投資者對公司持續(xù)投資的熱情,同時為公司未來的發(fā)展乃至整個資本市場的健康發(fā)展創(chuàng)造了良好的條件。目前,我國學(xué)者主要關(guān)注主板市場股利分配政策信號傳遞效應(yīng)的研究,而對中小板市場股利分配政策信號傳遞效應(yīng)的研究還相當(dāng)缺乏,我國自2004年建立中小板市場以來,其較高的股利分配方案就備受廣大投資者青睞。由于中小板與主板市場在上市門檻、監(jiān)管制度、信息披露等方面存在著較大區(qū)別,因此,有必要專門研究中小板上市公司股利分配政策信號傳遞效應(yīng)。該研究對中小板上市公司價值創(chuàng)造的實(shí)現(xiàn),活躍資本市場,監(jiān)管部門實(shí)施有效監(jiān)管以及投資者做出正確的投資決策具有非常重要的現(xiàn)實(shí)意義。 本文首先對國內(nèi)外股利分配政策信號傳遞效應(yīng)的文獻(xiàn)進(jìn)行了綜述,吸取學(xué)者關(guān)于信號傳遞效應(yīng)研究的方法與經(jīng)驗(yàn),為本文指明研究方向。接著對股利分配政策信號傳遞效應(yīng)進(jìn)行理論分析,闡述股利分配政策內(nèi)容,并從股利政策信號傳遞理論深入分析得到啟示。通過整理2004年至今中小板上市公司歷年股利分配情況總結(jié)出分配特點(diǎn),并對造成分配現(xiàn)狀的原因從內(nèi)外兩個角度進(jìn)行深層次探究。根據(jù)中小板上市公司股利分配政策提出問題,設(shè)定研究假設(shè),以2010年、2011年中小板上市公司股利分配數(shù)據(jù)作為研究樣本,采用事件研究法,運(yùn)用EXCEL和SPSS19.0統(tǒng)計(jì)軟件進(jìn)行了股利政策信號傳遞效應(yīng)的實(shí)證分析,主要內(nèi)容包括樣本總體的累計(jì)超額收益率分析,不同分配形式的累計(jì)超額收益率分析,不同時間窗口累計(jì)超額收益率分析以及中期分配和年度分配的比較分析。最后,在以上分析的基礎(chǔ)上對科學(xué)規(guī)范中小板上市公司股利分配政策提出了中肯的建議。
[Abstract]:As one of the three core contents of corporate financial management, dividend distribution policy has always been a hot research topic in the field of financial management, and dividend distribution policy is the guideline of dividend distribution activities, which is closely related to financing policy and investment policy. Therefore, how to formulate a reasonable dividend distribution policy for listed companies has become a crucial practical issue. A scientific and reasonable dividend distribution policy not only sets up a good corporate image by paying dividends to investors, It also increases the investor's enthusiasm for sustained investment in the company, and at the same time creates good conditions for the future development of the company and the healthy development of the capital market as a whole. At present, Chinese scholars mainly pay attention to the research of signal transmission effect of dividend distribution policy in main board market, but lack of research on signal transmission effect of dividend distribution policy in small and medium-sized market. Since the establishment of small and medium-sized board market in 2004, The higher dividend distribution scheme is favored by the majority of investors. Because there are great differences in listing threshold, supervision system and information disclosure between the small and medium board and the main board market, therefore, It is necessary to study the signal transmission effect of dividend distribution policy in small and medium-sized board listed companies. It is of great practical significance for regulators to implement effective supervision and investors to make correct investment decisions. This paper first summarizes the literature on signal transmission effect of dividend distribution policy at home and abroad, and draws on the research methods and experience of signal transmission effect. Then the signal transmission effect of dividend distribution policy is analyzed theoretically, and the content of dividend distribution policy is expounded. From the deep analysis of dividend policy signal transmission theory, the paper summarizes the characteristics of dividend distribution by sorting out the dividend distribution of small and medium-sized board listed companies from 2004 to now. And the causes of the distribution status from the internal and external angles of deep exploration. According to the small and medium-sized board listed companies dividend distribution policy issues, set up research assumptions, Taking the dividend distribution data of small and medium-sized listed companies in 2010 and 2011 as the research sample, using the event study method, using EXCEL and SPSS19.0 statistical software, this paper makes an empirical analysis of the signal transmission effect of dividend policy. The main contents include the cumulative excess return analysis of the sample population, the cumulative excess return analysis of different distribution forms, the cumulative excess return analysis of different time windows, and the comparative analysis of medium-term distribution and annual distribution. On the basis of above analysis, this paper puts forward some pertinent suggestions to standardize the dividend distribution policy of small and medium-sized board listed companies.
【學(xué)位授予單位】：湖南師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F832.51
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本文編號：1634354