本文選題：創(chuàng)業(yè)板 + 上市公司�。� 參考：《西南財經(jīng)大學(xué)》2012年碩士論文

【摘要】：股利分配是現(xiàn)代企業(yè)管理活動中重要的財務(wù)管理內(nèi)容之一,企業(yè)在股利政策決策時,其合理性和恰當(dāng)性都會得到雙重考驗(yàn),一方面是對廣大投資者收益的影響,另一方面還會向市場傳遞出某些企業(yè)經(jīng)營動態(tài)的信號。作為外部投資者很多時候在上市公司披露的信息接受上處于比較被動的狀態(tài),要通過有限的信息做出投資判斷存在很大的困難。因此,本文站在外部信息使用者的角度來研究創(chuàng)業(yè)板上市公司股利分配的特點(diǎn),幫助其有效分析股利分配信息,因此研究創(chuàng)業(yè)板股利分配特點(diǎn)的現(xiàn)實(shí)意義就不言而喻了。 創(chuàng)業(yè)板是我國發(fā)展多層次資本市場需求的結(jié)果。我國早在上世紀(jì)末,相關(guān)部門就開始籌備一個專門為中小成長型企業(yè)提供融資的平臺,為了創(chuàng)業(yè)板市場的順利推出和達(dá)到其真正成立的目的,2004年在深圳證券交易所還首先成立了中小企業(yè)板作為先行實(shí)踐。顯然建立中小企業(yè)板的成功經(jīng)驗(yàn)為2009年創(chuàng)業(yè)板的最終上市和初期順利運(yùn)行提供了特別大的幫助。創(chuàng)業(yè)板從成立一開始就贏得了廣大中小企業(yè)和投資者的歡迎,到2011創(chuàng)業(yè)板已經(jīng)運(yùn)行了近3年的時間,該板塊的上市公司數(shù)量也與日俱增,現(xiàn)如今數(shù)量達(dá)到了300多家。創(chuàng)業(yè)板的發(fā)展速度之快我們有目共睹,它也著實(shí)解決了很多無法達(dá)到主板上市要求和中小企業(yè)板上市要求的中小企業(yè)的融資需求。同時鑒于我國產(chǎn)業(yè)轉(zhuǎn)型政策的引導(dǎo),創(chuàng)業(yè)板上市公司的主營業(yè)務(wù)基本都體現(xiàn)了我國未來產(chǎn)業(yè)發(fā)展的方向,科技型創(chuàng)新型企業(yè)在創(chuàng)業(yè)板得到了很快的發(fā)展。當(dāng)然,一家優(yōu)秀的上市公司還應(yīng)該管理好自己的留存收益,因此,股利分配就是其必須面對的問題。 本文從國內(nèi)外股利分配的研究歷史和現(xiàn)狀出發(fā),結(jié)合股利分配理論,對創(chuàng)業(yè)板上市公司近兩年的股利分配情況進(jìn)行統(tǒng)計分析,并與主板A股上市公司、中小企業(yè)板上市公司近兩年的股利分配情況進(jìn)行一個橫向?qū)Ρ?分析我國創(chuàng)業(yè)板上市公司股利分配的特點(diǎn)及其形成原因,再結(jié)合股利分配的理論基礎(chǔ),為投資者提供-種信息分析參考和啟發(fā),最后提出有利于優(yōu)化創(chuàng)業(yè)板企業(yè)在未來的股利分配的政策建議。 本文共有六章,各個章節(jié)的主要內(nèi)容如下： 第一章：導(dǎo)論 主要介紹本論文的研究背景和研究意義、研究思路和本文的基本框架,并介紹本文所采用到的研究方法,為本文的研究做一個整體規(guī)劃。 第二章：文獻(xiàn)綜述 本章通過對國內(nèi)外有關(guān)股利分配研究文獻(xiàn)的梳理,總結(jié)歸納學(xué)者在股利分配方面探討研究的歷史淵源和研究現(xiàn)狀。西方學(xué)者在公司股利分配的研究方面有相對較長的一段歷史,其中幾個重要的理論,比如股利無關(guān)論就對后來的理論研究具有重要的影響,在其基礎(chǔ)上發(fā)展了一系列股利相關(guān)論,在翻閱文獻(xiàn)時可以明顯看到只要和股利研究有關(guān)的,那一般都會提到股利相關(guān)論。而我國的資本市場起步較晚,國內(nèi)的學(xué)者的在這方面的研究最初從引進(jìn)介紹國外經(jīng)典財務(wù)管理方面的知識開始。然后隨著我國資本市場的發(fā)展,在借鑒西方理論研究的基礎(chǔ)上結(jié)合我國的資本市場環(huán)境和上市公司股利分配的基本情況來研究股利分配的相關(guān)課題,同樣也取得了很多卓越的成果,為后來我國股利分配的理論研究和實(shí)務(wù)研究奠定了基礎(chǔ)、提供了許多值得借鑒和參考的地方。 第三章：理論基礎(chǔ) 本章首先對本文所涉及到的幾個重要概念以及創(chuàng)業(yè)板上市公司常用到的兩個重要股利政策進(jìn)行闡述,再結(jié)合股利理論進(jìn)行本文的理論分析,為本文后面的分析研究奠定一個理論基礎(chǔ)。 第四章：創(chuàng)業(yè)板上市公司股利分配特點(diǎn)的對比分析和形成原因分析 這是本文的重點(diǎn)章節(jié),主要是進(jìn)行創(chuàng)業(yè)板上市公司股利分配情況的對比分析及其特點(diǎn)分析。首先簡要分析我國主板A股上市公司和中小企業(yè)板上市公司2009年度和2010年度的股利分配情況和特點(diǎn),然后重點(diǎn)介紹創(chuàng)業(yè)板上市公司的2009年度和2010年度的股利分配情況,在與主板和中小企業(yè)板上市公司分配的總體情況作對比的基礎(chǔ)上仔細(xì)研究數(shù)據(jù),本文總結(jié)概括出了目前創(chuàng)業(yè)板上市公司股利分配的以下幾個特點(diǎn)：(1)整體重視進(jìn)行股利分配；(2)分配形式多樣化(3)“高分紅高送轉(zhuǎn)”。 通過進(jìn)一步的分析,創(chuàng)業(yè)板上市公司這些特點(diǎn)的形成原因有以下幾點(diǎn)： (1)外部因素：①政策的引導(dǎo)和外部環(huán)境的影響；②創(chuàng)業(yè)板的超募資金形成了巨額的資本公積金,為“高送轉(zhuǎn)”提供了強(qiáng)大的支撐；③限售股的解禁套現(xiàn)。 (2)內(nèi)部因素①公司較高的盈利水平；②高管謀求高額紅利收益；③避稅的考慮；④改善公司股票的流動性,為未來再融資做打算。 (3)對于2009年上市的公司,在2010年度的分配中,不再有第一年那么高的比例派現(xiàn)或送轉(zhuǎn)的情況,可能的原因有：①超募資金已經(jīng)消化差不多；②有些收益下滑；③有些公司加大研發(fā)而將收益留存企業(yè)用于發(fā)展。 第五章：基于創(chuàng)業(yè)板上市公司股利分配特點(diǎn)的形成原因?qū)ν顿Y者的啟示 創(chuàng)業(yè)板上市公司股利分配特點(diǎn),對于外部投資的投資來說有一定的影響作用,他們該如何使用這些信息,本文在此提出了幾點(diǎn)啟示： (1)認(rèn)清創(chuàng)業(yè)板上市公司“高轉(zhuǎn)增”的本質(zhì)； (2)全面分析創(chuàng)業(yè)板上市公司的業(yè)績增長； (3)理性看待創(chuàng)業(yè)板少數(shù)上市公司的高增長。 第六章：結(jié)論和政策建議。 針對第四章得出的創(chuàng)業(yè)板上市公司股利分配的特點(diǎn),本文從創(chuàng)業(yè)板上市公司自身和市場的監(jiān)管層兩個方面分別提出政策建議,以優(yōu)化創(chuàng)業(yè)板上市公司的股利分配行為,營造一個健康有序的創(chuàng)業(yè)板市場。 (1)對創(chuàng)業(yè)板上市公司的建議有：①樹立以股東財富最大化為經(jīng)營目標(biāo)；②現(xiàn)金股利要與公司的成長階段相符合；③優(yōu)化創(chuàng)業(yè)板上市公司的治理結(jié)構(gòu)。 (2)給監(jiān)管層的建議有：①優(yōu)化創(chuàng)業(yè)板公司新股發(fā)行機(jī)制,從源頭上減少超募現(xiàn)象；②盡快出臺創(chuàng)業(yè)板的退市制度,完善企業(yè)的信息披露制度。 另外,本文的研究的主要貢獻(xiàn)在于：①基于目前最完整的2010年底以前創(chuàng)業(yè)板上市的公司整體股利分配情況而進(jìn)行研究,在查到的文獻(xiàn)中,有的選取的僅是某一批上市公司進(jìn)行研究；②多角度研究創(chuàng)業(yè)板公司股利分配的情況并與其它板塊進(jìn)行對比分析,找出創(chuàng)業(yè)板獨(dú)有的股利分配特點(diǎn)；③結(jié)合我國的實(shí)際情況分析其形成原因,站在處于信息弱勢的外部投資者的角度為他們使用創(chuàng)業(yè)板上市公司股利信息提供啟示。 同時,本文也存在不足的地方,由于可供選取數(shù)據(jù)的時間和樣本公司有限,在做研究分析時只能選取創(chuàng)業(yè)板近兩年的股利分配數(shù)據(jù),但是創(chuàng)業(yè)板的上市公司數(shù)量正處在一個不斷擴(kuò)容階段,其股利分配形式和特點(diǎn)也會更加具有自己所特有,鑒于此而分析得出的創(chuàng)業(yè)板上市公司股利特點(diǎn)就難免會被認(rèn)為在研究創(chuàng)業(yè)板的初期股利分配特點(diǎn)的感覺,因此有待于解決數(shù)據(jù)充分性問題。
[Abstract]:Dividend distribution is one of the important financial management contents of modern enterprise management activities. In the case of dividend policy decision, the rationality and appropriateness of the enterprise will be double tested. On the one hand, it is the influence on the profits of the investors, on the other hand, some signals of the business dynamics are transmitted to the market. When the information acceptance disclosed by the listed companies is in a relatively passive state, it is very difficult to make investment judgments through limited information. Therefore, this paper studies the characteristics of the dividend distribution of the GEM listed companies in the perspective of the external information users, and helps them to analyze the dividend distribution information effectively and therefore studies the GEM board. The practical significance of dividend distribution is self-evident.
The gem is the result of the development of the multi-level capital market in China. As early as the end of the last century, the relevant departments began to prepare a special platform to provide financing for small and medium growth enterprises. In order to achieve the successful launch of the GEM market and achieve its true purpose, in 2004, the Shenzhen stock exchange was first set up small and medium-sized enterprises. It is obvious that the successful experience of the SME board has provided a special help for the final listing and initial operation of the gem in 2009. The gem has won the welcome of the small and medium enterprises and investors from the beginning of the board. The 2011 gem has been running for nearly 3 years, and the public board of the board has been listed public. The quantity of the company is also increasing, and now the number has reached more than 300. The speed of the development of the GEM board is obvious to all. It also solves the financing needs of small and medium-sized enterprises which can not meet the requirements of the main board and the SME board. The business of the battalion basically embodies the direction of our country's future industry development, and the scientific and technological innovation enterprises have developed fast in the gem. Of course, an excellent listed company should also manage their own retained earnings. Therefore, the dividend distribution is the problem that it must face.
Based on the history and present situation of the research on dividend distribution at home and abroad, this paper makes a statistical analysis on the dividend distribution of the GEM listed companies in the last two years with the theory of dividend distribution, and compares the dividend distribution with the A listed companies of the main board and the listed companies of the SME board in the last two years, and analyzes the listing of the GEM listed companies in China. The characteristics and the causes of the dividend distribution of the company, and the theoretical basis of the dividend distribution, provide the investors with the information analysis reference and inspiration, and finally put forward the policy suggestions to optimize the dividend distribution of the enterprise in the future.
There are six chapters in this paper. The main contents of each chapter are as follows:
Chapter one: Introduction
This paper mainly introduces the research background and significance of the research, the research ideas and the basic framework of this paper, and introduces the research methods adopted in this paper, and makes a whole plan for the research of this paper.
The second chapter: literature review
This chapter summarizes the historical origin and research status of the research on dividend distribution in the aspects of dividend distribution research at home and abroad. The western scholars have a relatively long history in the research of the dividend distribution of the company, of which some important theories, such as the theory of dividend unrelated, have studied the later theory. It has an important influence and develops a series of dividend related theories on the basis of it. When reading the literature, it can be clearly seen that as long as it relates to the dividend study, the dividend related theory is generally mentioned. But the capital market in China started relatively late, and the domestic scholars' research in this respect first introduced the foreign classic financial management from the introduction of the introduction. With the development of China's capital market, with the development of China's capital market, this paper studies the related topics of dividend distribution on the basis of the capital market environment and the dividend distribution of listed companies on the basis of the western theory research. Practical research laid the foundation and provided many references for reference and reference.
The third chapter: theoretical basis
This chapter first expounds several important concepts involved in this article and two important dividend policies commonly used by the GEM listed companies, and then combines the theory of dividend theory to analyze the theory in this paper, which lays a theoretical foundation for the analysis and research behind this article.
The fourth chapter: the comparison and analysis of dividend distribution characteristics of listed companies on GEM.
This is the key chapter of this article, mainly on the comparative analysis and analysis of the dividend distribution of the GEM listed companies. First, we briefly analyze the dividend distribution and characteristics of the A stock listed companies and the SME Board Listed Companies in 2009 and 2010, and then focus on the 2009 year of the GEM listed companies. And the dividend distribution of the year 2010 is carefully studied on the basis of the overall situation of the main board and the SME board listed companies. This paper summarizes the following characteristics of the dividend distribution of the current GEM listed companies: (1) the overall importance of the dividend distribution; (2) the diversification of the distribution forms (3) "high score" Red high send and turn.
Through further analysis, the reasons for these characteristics of GEM listed companies are as follows:
(1) the external factors: (1) the guidance of policy and the influence of the external environment; (2) the super financing of the gem has formed a huge capital accumulation fund, which provides a strong support for the "high transfer", and 3.
(2) the internal factors (1) the high profit level of the company; (2) the senior executives seek a high dividend yield; (3) the tax avoidance consideration; (4) improve the liquidity of the company's stock and plan for the future refinancing.
(3) for the listed companies in 2009, in the 2010 year distribution, there is no longer a high proportion of the first year to send or transfer. The possible reasons are: (1) the excess funds have been digested almost; (2) some returns have fallen; (3) some companies increase their R & D to keep their profits for development.
The fifth chapter: the inspiration for investors based on the causes of dividend distribution characteristics of GEM listed companies.
The characteristics of the dividend distribution of the GEM listed companies have a certain impact on the investment of the external investment. How do they use these information, this paper puts forward some enlightenment here:
(1) recognize the essence of "high growth" of listed companies on GEM.
(2) a comprehensive analysis of the growth of GEM listed companies;
(3) rationally view the high growth of a few listed companies on GEM.
The sixth chapter: conclusions and policy recommendations.
According to the characteristics of the dividend distribution of the GEM listed companies in the fourth chapter, this paper puts forward the policy suggestions from two aspects of the GEM listed companies themselves and the market supervision layer, in order to optimize the dividend distribution behavior of the GEM listed companies and create a healthy and orderly market for the gem.
(1) the suggestions for the GEM listed companies are as follows: (1) setting up the maximization of the stockholders' wealth as the operating target; (2) the cash dividend should be in line with the growth stage of the company; (3) to optimize the governance structure of the GEM listed companies.
(2) the suggestions for the regulatory layer are as follows: (1) optimizing the IPO mechanism of the gem company, reducing the phenomenon of super recruitment from the source; secondly, introducing the delisting system of the gem as soon as possible, and perfecting the information disclosure system of the enterprise.
In addition, the main contributions of this study are as follows: (1) based on the most complete dividend distribution of the companies listed on the gem before the end of 2010, some of the listed companies are only studied in the literature. A comparative analysis of the plates is made to find out the unique characteristics of the dividend distribution of the gem. Thirdly, the reasons for the formation of the board are analyzed in the light of the actual situation in China, and the inspiration for the dividend information of the GEM listed companies is provided from the perspective of the disadvantaged external investors.
At the same time, there are also shortcomings in this paper. Because of the time of selecting data and the limited Sample Firms, we can only select the dividend distribution data for the next two years in the research and analysis of the gem, but the number of the listed companies of the gem is in a continuous expansion stage, and the form and characteristics of the dividend distribution will be more unique. In view of this, the analysis of the dividend characteristics of the GEM listed companies will inevitably be considered in the study of the initial dividend distribution of the gem, so the problem of data adequacy needs to be solved.

【學(xué)位授予單位】：西南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F275;F832.51

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