【摘要】：股利政策是指公司的股東大會或董事會針對與股利有關(guān)的一切事項，所采取的一些原則性做法，是關(guān)于公司發(fā)放股利與否、發(fā)放股利的多少以及何時發(fā)放股利等諸多方面的方針和策略，其主要關(guān)于公司對其收益是進行分配還是留存再投資的策略問題，是上市公司理財活動的三大基本環(huán)節(jié)之一，是與投資者進行溝通的紐帶。股利分配關(guān)系到公司與投資者之間的利益，也關(guān)系到公司的未來發(fā)展。若支付較高的股利，投資者獲取高額的投資回報，吸引投資者進行股票投資，促使股票價格的上升，但是過高的股利分配使得公司的留存收益減少，可能會影響上市公司的投資決策和未來的發(fā)展。若采取低股利分配，可以保障公司資金的充裕，但是會影響投資者的投資回報，可能會導(dǎo)致股票價格的下降。因此，股利政策的制定會作用到股票的價格以及上市公司的未來發(fā)展。 中小板塊是一個比較特殊的板塊，獨立于主板，是創(chuàng)業(yè)板的過渡板塊。伴隨著2004年6月中小板在深交所正式開板，截止2012年12月31日中小板上市公司的數(shù)量達到701家，由最初的8家發(fā)展到701家，中小板上市公司發(fā)展迅速，，同時也奠定了中小企業(yè)在我國經(jīng)濟發(fā)展中不可或缺的經(jīng)濟地位。上市公司股票價格是公司價值的一種體現(xiàn)方式，是影響投資者股票投資的直觀因素。因此，研究中小板上市公司股利政策和股票價格的關(guān)系對于中小板上市公司在證券市場穩(wěn)定健康的發(fā)展具有重要的借鑒意義。 本文首先系統(tǒng)的闡述了上市公司股利政策國內(nèi)外研究的現(xiàn)狀以及股利政策與股票價格關(guān)系的基本理論。其次，對中小板上市公司股利分配現(xiàn)狀以及特征進行分析。之后，依據(jù)股利分配方式，分別選取2010-2012年的樣本數(shù)據(jù)，利用Excel2010和SPSS17.0軟件進行數(shù)據(jù)的實證分析，在中小企業(yè)板塊股利政策對股價具有顯著的影響作用，同時筆者發(fā)現(xiàn)中小板股利政策和股價的關(guān)系與主板中股利政策和股價的關(guān)系存在差異。本文研究結(jié)論得出：中小板投資者比較歡迎現(xiàn)金股利，對股票股利和混合股利并不十分偏好，現(xiàn)金股利政策與股價呈正相關(guān)而股票股利政策和混合股利政策與股價呈現(xiàn)負相關(guān)關(guān)系。
[Abstract]:Dividend policy means that the shareholders' general meeting or the board of directors of a company adopt some principled practices on all matters related to dividend, which is about whether the company pays dividends or not. The policy and strategy of how much dividends are paid and when they are paid are mainly concerned with the strategy of whether the company distributes or reinvests its earnings, which is one of the three basic links in the financial management activities of listed companies. It is the bond of communication with investors. Dividend distribution is related to the interests of the company and investors, but also related to the future development of the company. If a higher dividend is paid, the investor obtains a high return on investment, which attracts the investor to invest in the stock and promotes the rise of the stock price. However, the excessive dividend distribution results in the reduction of the company's retained earnings. May affect the listed company's investment decision and the future development. A low dividend allocation would protect the company's capital abundance, but it would affect investors' return on investment and could lead to a fall in stock prices. Therefore, dividend policy will affect the stock price and the future development of listed companies. Small plate is a relatively special plate, independent of the main board, is the transition plate gem. With the official opening of small and medium-sized board in Shenzhen Stock Exchange in June 2004, as of December 31, 2012, the number of small and medium-sized board listed companies has reached 701, from the initial 8 to 701, and the small and medium-sized board listed companies have developed rapidly. At the same time, it has also laid down the indispensable economic status of small and medium-sized enterprises in the economic development of our country. The stock price of listed companies is a reflection of company value and an intuitive factor influencing investors' stock investment. Therefore, the study of the relationship between dividend policy and stock price is of great significance for the stable and healthy development of small and medium-sized board listed companies in the stock market. In this paper, the current situation of dividend policy research at home and abroad and the basic theory of the relationship between dividend policy and stock price are systematically expounded in this paper. Secondly, the status quo and characteristics of dividend distribution of small and medium-sized listed companies are analyzed. Then, according to the dividend distribution method, the sample data of 2010-2012 are selected, and the empirical analysis of the data is carried out by using Excel2010 and SPSS17.0 software. The dividend policy has a significant impact on the stock price in the small and medium-sized enterprises. At the same time, the author finds that the relationship between dividend policy and stock price is different from that between dividend policy and stock price in main board. The conclusions of this paper are as follows: small and medium board investors prefer cash dividend, and do not have a preference for stock dividend and mixed dividend. Cash dividend policy has positive correlation with stock price, while stock dividend policy and mixed dividend policy have negative correlation with stock price.
【學(xué)位授予單位】：長沙理工大學(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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