本文選題：招商地產(chǎn)　切入點(diǎn)：股利政策　出處：《蘭州商學(xué)院》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：由于股利政策可以反映一個(gè)公司的經(jīng)營活動(dòng)和經(jīng)營業(yè)績，公司的股利政策對(duì)公司的市場形象和股票價(jià)格產(chǎn)生巨大的影響。因此，股利政策已經(jīng)不僅是單純的利潤分配問題，而且是一個(gè)再融資的問題，它是企業(yè)綜合考慮宏觀環(huán)境、經(jīng)營狀況、資本成本后的結(jié)果，它會(huì)影響公司未來的投融資決策，從而影響公司價(jià)值最大化的目標(biāo)。 正因?yàn)楣衫邔?duì)公司極其重要，且制定的過程需要綜合考慮多種因素，因此國內(nèi)外的會(huì)計(jì)學(xué)者和經(jīng)濟(jì)學(xué)家等對(duì)它進(jìn)行了深入的研究，形成了信號(hào)傳遞、代理成本、交易成本、稅收效應(yīng)等理論，但是迄今未達(dá)成共識(shí)。 作為上市較早的房地產(chǎn)企業(yè)，招商局地產(chǎn)控股股份有限公司經(jīng)營過程中受到的影響是多方面、多層次的，而這些影響的結(jié)果則會(huì)集中在股利政策制定之中。本文通過搜集其上市以來歷年的宏觀經(jīng)濟(jì)形勢(shì)、經(jīng)營業(yè)績和股利發(fā)放情況發(fā)現(xiàn)其股利政策特征是：與宏觀經(jīng)濟(jì)形勢(shì)緊密切相關(guān)，且具有前瞻性；與經(jīng)營業(yè)績密切相關(guān)；某一年出現(xiàn)極低的現(xiàn)金股利下一年則會(huì)強(qiáng)勢(shì)反彈；股利政策不具有連續(xù)性。 本文在分析宏觀經(jīng)濟(jì)形勢(shì)、房地產(chǎn)行業(yè)狀況和公司經(jīng)營業(yè)績的前提下，應(yīng)用信號(hào)傳遞理論、代理成本理論、企業(yè)生命周期理論分析其制定的股利政策是否合理。發(fā)現(xiàn)其制定股利政策在應(yīng)用股利政策的同時(shí)也存在成長期多發(fā)現(xiàn)金股利，成熟期少發(fā)現(xiàn)金股利，，即不符合企業(yè)生命周期理論，進(jìn)而導(dǎo)致代理成本較高的問題。本文將針對(duì)上述問題提出一系列改進(jìn)措施以期為招商地產(chǎn)及其他企業(yè)提供借鑒。
[Abstract]:Because the dividend policy can reflect a company's business activities and performance, the company's dividend policy has a great impact on the company's market image and stock price. Moreover, it is a problem of refinancing. It is the result of comprehensive consideration of macro environment, operating condition and capital cost. It will affect the future investment and financing decision of the company and thus affect the goal of maximizing the value of the company. Just because dividend policy is very important to the company, and the process of making the dividend policy needs to consider a variety of factors synthetically, so the domestic and foreign accounting scholars and economists have carried on the thorough research to it, has formed the signal transmission, the agency cost, Transaction costs, tax effects and other theories, but so far has not reached consensus. As an early listed real estate enterprise, China Merchants Bureau Real Estate holding Co., Ltd. was affected in many ways and at various levels in the course of its operation. The results of these effects will be concentrated in the dividend policy formulation. This paper collects the macroeconomic situation in the past years since its listing. The characteristics of dividend policy are closely related to macroeconomic situation and forward-looking, closely related to operating performance, strong rebound of very low cash dividend in a certain year; Dividend policy does not have continuity. Based on the analysis of the macroeconomic situation, the real estate industry and the company's operating performance, this paper applies the theory of signal transmission and the theory of agency cost. The theory of enterprise life cycle analyzes whether the dividend policy made by the enterprise is reasonable. It is found that there are multiple cash dividends in the growing period and less cash dividend in the mature period, while the dividend policy is applied to the development of the dividend policy. This paper will put forward a series of improvement measures to solve these problems in order to provide reference for China Merchants Real Estate and other enterprises.
【學(xué)位授予單位】：蘭州商學(xué)院
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F299.233.4

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