發(fā)布時間：2018-05-20 21:42

  本文選題：包鋼稀土 + 財務狀況��； 參考：《湘潭大學》2014年碩士論文

【摘要】：股利政策是公司財務研究領域一個經典而又不斷推陳出新的研究課題。盡管有關股利政策的理論與實證研究成果豐碩，但是股利政策理論與實務相脫節(jié)的問題卻是屢見不鮮，，這就為本文的研究提供了空間。在成熟的市場上，公司內部財務狀況與股利政策息息相關。上市公司的股利政策會向市場傳遞出公司的財務狀況信息，財務狀況良好且穩(wěn)定的公司有著穩(wěn)定的現(xiàn)金股利派發(fā)。同理，穩(wěn)定的現(xiàn)金股利也意味著公司運行良好。反之，當公司財務狀況出現(xiàn)困難或危機時候，則會降低現(xiàn)金股利的派發(fā)或者將改變支付形式。因此本文以包鋼稀土為例，研究公司內部財務狀況對股利政策的影響，不僅有利于完善股利政策研究的理論框架，還可為上市公司針對性提高經營管理提供參考。 本文首先介紹了股利政策相關的概念和理論基礎，包括西方經典的股利政策理論、股利的相關概念，股利支付的形式，股利政策的類型和特征等，為后文的案例分析打下基礎。其次，本文對包鋼稀土內部財務狀況和股利政策現(xiàn)狀進行分析，發(fā)現(xiàn)包鋼稀土是一家正在向前發(fā)展的公司，資產規(guī)模正在不斷擴大，資產結構較為穩(wěn)定，但利潤和現(xiàn)金流在不同年度起伏較大，這也導致公司股利政策不夠穩(wěn)定連續(xù)等問題。然后，本文對包鋼稀土2008至2012年資產質量、資本結構質量、利潤質量、現(xiàn)金流質量和成長質量進行分析，研究內部財務狀況對股利政策的影響，得出以下結論：當公司運營質量高、財務風險小、償債能力強、盈利狀況好、成長潛力大、現(xiàn)金流充足時，公司更傾向于支付股利，且貨幣資金、資產負債率、利潤質量、經營現(xiàn)金流和資產增長質量是影響公司股利政策最為核心的因素。最后，本文針對包鋼稀土股利政策存在的問題及成因，提出關于未來經營及完善股利政策方面的對策及建議，為其后續(xù)發(fā)展提供參考建議。
[Abstract]:Dividend policy is a classic and new research topic in the field of corporate finance research. Although the theoretical and empirical research on dividend policy is fruitful, the problem of the disconnection between dividend policy theory and practice is common, which provides the space for the research of this paper. In the mature market, the company's internal financial situation and dividend policy are closely related. The dividend policy of the listed company will transmit the information of the company's financial position to the market, and the company in good and stable financial position will have stable cash dividend distribution. By the same token, a stable cash dividend also means that the company is doing well. Conversely, when the company's financial situation is difficult or crisis, it will reduce the distribution of cash dividends or will change the form of payment. Therefore, this paper takes Baotou Iron & Steel Co., Ltd as an example to study the influence of internal financial situation on dividend policy, which not only helps to perfect the theoretical framework of dividend policy research, but also provides a reference for listed companies to improve their management. This paper first introduces the relevant concepts and theoretical basis of dividend policy, including the western classical dividend policy theory, dividend related concepts, the form of dividend payment, the types and characteristics of dividend policy, etc. Secondly, this paper analyzes the internal financial situation and dividend policy of rare earths in Baotou Iron and Steel Co., Ltd., and finds that Baotou Iron and Steel Co., Ltd is a company that is developing forward. The scale of assets is constantly expanding, and the structure of assets is relatively stable. However, profit and cash flow fluctuate greatly in different years, which also leads to the company dividend policy is not stable and continuous and so on. Then, this paper analyzes the asset quality, capital structure quality, profit quality, cash flow quality and growth quality of rare earths from 2008 to 2012 in Baotou Iron and Steel Co. The following conclusions are drawn: when the company has high operating quality, low financial risk, strong solvency, good profitability, great growth potential and sufficient cash flow, the company is more inclined to pay dividends, and the monetary funds, asset-liability ratio, profit quality, etc. Operating cash flow and asset growth quality are the most important factors affecting dividend policy. Finally, in view of the problems and causes of rare earth dividend policy in Baotou Iron and Steel Co., this paper puts forward some countermeasures and suggestions on the future management and improvement of dividend policy, and provides some suggestions for its future development.
【學位授予單位】：湘潭大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F426;F406.7

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