本文選題：股利政策 + 現金股利　； 參考：《吉林大學》2012年碩士論文

【摘要】：股利政策作為組織和安排上市公司合理資本結構的主要決策之一，一方面反映了上市公司對其股權持有人的應得報酬的必要支付狀況，另一方面也是上市公司向市場傳達信息，尋求市場反饋的一種有效手段。以往的研究表明，大多數上市公司更傾向于選擇現金形式的股利政策，且該股利政策在緩解公司管理層與股東之間的矛盾方面卓有成效。然而，在當今的市場條件下股利政策往往成為判斷公司價值以及公司未來發(fā)展趨勢的主要標準之一。在這種情況下，股利政策的選擇或者現金股利派發(fā)的改變不僅僅簡單取決于上市公司管理層與股東層之間的博弈，而更應該反映市場對公司價值判斷。 本文集中研究上市公司現金股利變動與上市公司價值之間的相關性，一方面確定上市公司在確定公司股利政策調整是否參考了公司價值相關要素，驗證上市公司管理層通過股利政策向市場傳遞信息進而影響市場選擇行為的傾向；另一方面則判定股利政策是否反向地決定了上市公司的價值，真實作為一種信息的反饋形式出現在投資者的投資視野中。通過這兩個方面的研究，本文將獲得我國上市公司價值與股利政策調整之間相關性的經驗結論，一方面驗證經典金融理論在中國市場的成立性，另一方面提供反映我國資本市場基本特征的事實，為我國投資者合理甄別和判定上市公司價值奠定基礎。 依據研究思路和研究目的，本文以2008年至2010年間所有發(fā)放現金股利的上市公司為研究樣本，在控制相關變量影響的前提下，運用面板數據模型分別測度上市公司價值對上市公司現金股利派發(fā)策略的影響以及上市公司現金股利調整對上市公司價值的影響效應。在總結和整理以往理論和實證研究結果的基礎上，本文實證模型所獲結果顯示，上市公司在股利政策選擇時，公司盈利狀況是其考慮股利發(fā)放額度的主要參考之一，當然這一過程中公司內部管理層也會依據股利政策的穩(wěn)定性和持續(xù)性對股利政策進行微調；且從部分價值指標的回歸結果來看，上市公司明顯具有向外部傳遞價值信息的傾向，而這些價值信息最終會以股利的途徑傳遞給市場投資者。上市公司股利政策對公司價值變動具有一定的解釋能力，雖然部分指標的回歸系數在不同模型下呈現差異化的特征，但是股利政策對公司價值變動具有綜合影響，而這種影響既表現為股利政策推動市場投票更新市場對公司的價值認定，同時也會因股利政策支付改變人們對上市公司內在價值的直接判定，兩個方向的作用最終會以綜合影響反映在公司各項價值指標中。當然，股利政策與公司價值相關性本身就是一個內生性的問題，因為上市公司可能通過股利政策向市場傳遞信息，進而影響市場投資者對公司價值的認定，而市場投資者的選擇行為又會修正公司內部人對股利政策的選擇，兩者處于一個共生和共變的相互影響結構中。
[Abstract]:Dividend policy is one of the main decisions to organize and arrange the reasonable capital structure of listed companies. On the one hand, it reflects the necessary payment status of the listed companies to their equity holders, on the other hand, it is also an effective means for the listed companies to convey information to the market and seek market feedback. The city company is more inclined to choose the dividend policy in the form of cash, and the dividend policy is effective in alleviating the contradiction between the company management and the shareholders. However, under the current market conditions, the dividend policy is often one of the main criteria to judge the company's value and the future trend of the company. In this case, the dividend policy is a dividend policy. The change of choice or cash dividend distribution depends not only on the game between the management of the listed companies and the shareholders' level, but also to reflect the value judgment of the market to the company.
This paper focuses on the correlation between the cash dividend changes of the listed companies and the value of listed companies. On the one hand, determine whether the listed companies can determine whether the company's dividend policy is adjusted to the relevant elements of the company value, and verify the tendency of the listed company management to pass the dividend policy to the market and then influence the market choice behavior. On the one hand, it determines whether the dividend policy determines the value of the listed company in reverse, and the true as a feedback form of information appears in the investor's investment vision. Through the study of these two aspects, this paper will obtain the empirical conclusion of the correlation between the value of listed companies and the adjustment of dividend policy in our country. On the one hand, the classic gold will be verified. On the other hand, it provides the basic characteristics of China's capital market, which lays the foundation for Chinese investors to discriminate and judge the value of the listed companies.
According to the research ideas and research purposes, this paper takes all the listed companies which issued cash dividends from 2008 to 2010 as the research samples. On the premise of controlling the influence of related variables, this paper uses panel data model to measure the influence of listed company value on the cash dividend policy of listed companies and the adjustment of cash dividend of listed companies. On the basis of summing up and sorting out the previous theoretical and empirical research results, the results of this empirical model show that the company's profit status is one of the main references for the dividend distribution of the listed company in the choice of dividend policy, and the internal management of the company will also be based on the stock. The stability and sustainability of the policy on dividend policy made a slight adjustment to the dividend policy; and from the regression results of some value indicators, the listed companies obviously have the tendency to transfer value information to the outside, and the value information will be transferred to the market investors by the way of dividend. Although the regression coefficient of some indexes is different in different models, the dividend policy has a comprehensive effect on the change of corporate value, which is not only shown as a dividend policy to promote the market value of the market to the company, but also to change the people's right due to the payment of the dividend policy. The direct determination of the intrinsic value of a city company, the role of the two directions will eventually be reflected in the value of the company in a comprehensive way. Of course, the relevance of the dividend policy and the company value itself is an endogenous problem, because the listed companies may transfer information to the market through the dividend policy, and then influence the market investors to the company. The value is identified, and the choice behavior of the market investor will choose the insider's dividend policy in the Corrections Corporation. The two are in a symbiotic and covariant structure of mutual influence.

【學位授予單位】：吉林大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51;F224

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