本文選題：生命周期理論 + 股利分配政策　； 參考：《內(nèi)蒙古大學(xué)》2014年碩士論文

【摘要】：企業(yè)生命周期理論的提出,為研究企業(yè)管理提供了新思路。股利分配政策作為一項(xiàng)重要的財(cái)務(wù)政策,與企業(yè)的生存發(fā)展及股東利益息息相關(guān)�；谏芷诶碚搶�(duì)企業(yè)股利政策進(jìn)行研究,也成為學(xué)術(shù)界一個(gè)小小的熱點(diǎn)。佛山照明作為一家上市時(shí)間較長(zhǎng)、并長(zhǎng)期堅(jiān)持分配現(xiàn)金股利的“現(xiàn)金奶牛”公司,其股利分配政策是否和企業(yè)生命周期相關(guān),便成為一個(gè)值得探索的問(wèn)題。 本文以佛山照明為案例,首先采用留存收益率法對(duì)其生命周期進(jìn)行劃分,進(jìn)而研究其在不同生命周期階段的股利分配政策,從股利的支付率、支付方式、支付穩(wěn)定性三方面探究生命周期與股利分配政策的相關(guān)性。得出以下研究結(jié)論：在現(xiàn)金股利支付率方面,佛山照明在不同生命周期階段沒(méi)有重大變化；在股利支付方式方面,佛山照明在初創(chuàng)期和成長(zhǎng)期時(shí),一直選擇采用現(xiàn)金股利方式補(bǔ)充地方財(cái)政；在成熟期,企業(yè)為了保證股東回報(bào)依然選擇以現(xiàn)金支付股利,并且派現(xiàn)金額較高；在股利支付穩(wěn)定性方面,選取佛山照明各個(gè)生命周期階段收益情況的四個(gè)指標(biāo)進(jìn)比對(duì)比分析,結(jié)果表明在成熟期企業(yè)股利支付情況比其他生命周期階段穩(wěn)定。該研究結(jié)論表明,在不同生命周期,企業(yè)制定股利分配政策的動(dòng)機(jī)會(huì)有不同,這些動(dòng)機(jī)受宏觀環(huán)境的約束,也同企業(yè)自身的發(fā)展戰(zhàn)略密切相關(guān)。
[Abstract]:The theory of enterprise life cycle provides a new idea for the study of enterprise management. As an important financial policy, dividend distribution policy is closely related to the survival and development of enterprises and the interests of shareholders. The research of dividend policy based on life cycle theory has also become a little hot spot in academic circles. Foshan Lighting, as a "cash cow" company with a long time on the market and persisting in the distribution of cash dividends for a long time, whether its dividend distribution policy is related to the life cycle of the enterprise has become a question worth exploring. In this paper, Foshan Lighting is taken as an example. The method of retention rate of return is used to divide the life cycle of Foshan Lighting, and then the dividend distribution policy in different life cycle stages is studied. The relationship between life cycle and dividend distribution policy is explored in three aspects of payment stability. The following conclusions are drawn: in the aspect of cash dividend payment rate, Foshan Lighting has no significant change in different life cycle stages, and Foshan Lighting has no significant changes in terms of dividend payment methods during the initial and growing periods. In the mature period, enterprises still choose to pay dividends in cash in order to ensure the return of shareholders, and the amount of cash paid is relatively high; in terms of the stability of dividend payments, the company has always chosen to use cash dividends to replenish local finance; during the maturity period, enterprises still choose to pay dividends in cash, The comparative analysis of four indexes about the income of Foshan Lighting Life cycle shows that the dividend payout in mature period is more stable than that in other life cycle stages. The conclusion shows that in different life cycle, the motivation of dividend distribution policy will be different, which is restricted by macro environment and closely related to the development strategy of enterprise itself.
【學(xué)位授予單位】：內(nèi)蒙古大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275;F426.6

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