本文選題：上市公司　切入點：股利政策　出處：《遼寧大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：公司理財具有三大核心政策,股利政策是其中之一。合理恰當(dāng)?shù)墓衫卟粌H能夠為公司自身樹立良好的企業(yè)形象,而且還能使公司的股價穩(wěn)定,讓更多的投資者對公司的信心增加,所以合理的股利政策可以保證公司的持續(xù)穩(wěn)定的發(fā)展。學(xué)術(shù)界對股利理論一直在不斷的研究,其中包括從MM理論的建立,到通過放松MM理論的各種假設(shè)繼而建立起來的其他理論。本文選擇針對房地產(chǎn)類上市公司股利政策影響因素的研究,是由于房地產(chǎn)行業(yè)對于其他行業(yè)的發(fā)展有關(guān)聯(lián)性,為我國的經(jīng)濟(jì)發(fā)展作出巨大的貢獻(xiàn)。通過研究都有哪些因素會影響股利政策,對我國政府相關(guān)部門政策調(diào)整以及公司制定股利政策都會有很重要的作用。 本文在進(jìn)行了股利政策的理論部分闡述之后,首先對2008-2012年五年中147家房地產(chǎn)上市公司做描述性統(tǒng)計分析,從股利的分配方式、股利支付水平以及股利政策穩(wěn)定性方面說明了房地產(chǎn)類上市公司股利政策的現(xiàn)狀,同時也發(fā)現(xiàn)了股利的分配過程中存在著不分配的現(xiàn)象、股利分配的現(xiàn)金金額較低以及股利政策缺乏連續(xù)性等問題；其次實證分析中通過采用面板數(shù)據(jù)回歸的方法,選取了33家房地產(chǎn)上市公司從2003-2012年的數(shù)據(jù)作為研究樣本,回歸結(jié)果表明影響房地產(chǎn)行業(yè)股利政策的因素中凈利潤增長率、資產(chǎn)負(fù)債率以及現(xiàn)金流量比率與每股股利支付率之間的關(guān)系是負(fù)向的,其余變量與每股股利支付率之間的關(guān)系是正向的；最后從國家政府和房地產(chǎn)上市公司兩個角度為房地產(chǎn)公司制定合理、規(guī)范、有效的股利政策提出合理化建議。 本文的創(chuàng)新主要表現(xiàn)在兩個方面,第一個方面是研究方法的創(chuàng)新,本文在進(jìn)行實證分析時使用了面板數(shù)據(jù),從時間序列和截面兩個角度來分析股利支付水平同一系列影響因素之間的關(guān)系；另一方面是樣本數(shù)據(jù)的創(chuàng)新,本文選取2003-2012年十年間的數(shù)據(jù),此樣本數(shù)據(jù)較新并且研究時間跨度較長,這樣保證了研究結(jié)果的準(zhǔn)確性。
[Abstract]:The dividend policy is one of the three core policies. A reasonable and appropriate dividend policy can not only set up a good corporate image for the company itself, but also make the company's stock price stable. Let more investors have more confidence in the company, so a reasonable dividend policy can ensure the sustained and stable development of the company. Academia has been studying dividend theory, including the establishment of MM theory. To other theories established by relaxing various assumptions of MM theory. This paper chooses to study the factors affecting dividend policy of real estate listed companies because the real estate industry has relevance to the development of other industries. By studying what factors will affect the dividend policy, it will play an important role in the adjustment of the policy of the relevant departments of our government and the formulation of the dividend policy of the company. After explaining the theory of dividend policy, this paper firstly makes a descriptive statistical analysis of 147 listed real estate companies during the five years from 2008 to 2012. The level of dividend payment and the stability of dividend policy explain the current situation of dividend policy of real estate listed companies, at the same time, we find that there is a phenomenon of non-distribution in the process of dividend distribution. The cash amount of dividend distribution is low and the dividend policy lacks continuity. Secondly, by using panel data regression method, 33 real estate listed companies are selected as the research samples from 2003 to 2012 in the empirical analysis. The regression results show that the relationship between net profit growth rate, asset-liability ratio, cash flow ratio and dividend payment rate per share is negative among the factors affecting dividend policy in real estate industry. The relationship between the other variables and the dividend payment rate per share is positive. Finally, the rational, standardized and effective dividend policy for the real estate companies is proposed from the two angles of the national government and the listed real estate companies. The innovation of this paper is mainly reflected in two aspects. The first aspect is the innovation of research methods. In this paper, the panel data are used in the empirical analysis. From the angle of time series and cross section, this paper analyzes the relationship between the same series of factors affecting the level of dividend payment, on the other hand, the innovation of sample data. The sample data is relatively new and the research time span is longer, which ensures the accuracy of the research results.
【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F299.233.42

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 吳明禮;李世濤;;我國上市公司現(xiàn)金股利政策與股權(quán)結(jié)構(gòu)、股權(quán)制衡關(guān)系[J];產(chǎn)業(yè)經(jīng)濟(jì)研究;2007年03期

2 吳紅艷;;完善我國上市公司股利分配政策的思考[J];財政監(jiān)督;2008年08期

3 孔小文,于笑坤;上市公司股利政策信號傳遞效應(yīng)的實證分析[J];管理世界;2003年06期

4 魏明海;柳建華;;國企分紅、治理因素與過度投資[J];管理世界;2007年04期

5 許年行;賴建清;吳世農(nóng);;公司財務(wù)與投資者法律保護(hù)研究述評[J];管理科學(xué)學(xué)報;2008年01期

6 魏剛,蔣義宏;中國上市公司股利分配問卷調(diào)查報告[J];經(jīng)濟(jì)科學(xué);2001年04期

7 葉方同;;基于我國上市公司股利政策的特點論股權(quán)結(jié)構(gòu)改革[J];經(jīng)濟(jì)論壇;2008年01期

8 王曼舒;齊寅峰;;現(xiàn)金股利與投資者偏好的實證分析[J];經(jīng)濟(jì)問題探索;2005年12期

9 張瑞穩(wěn);孟婧;戴立平;;第二大股東對股利政策影響的實證研究[J];經(jīng)濟(jì)與管理研究;2007年10期

10 易顏新;柯大鋼;王平心;;我國上市公司股利分配決策的調(diào)查研究分析[J];南開管理評論;2008年01期

，

本文編號：1593785