【摘要】：在快速發(fā)展的經(jīng)濟市場中，如何合理利用現(xiàn)有資金進行投資是公司發(fā)展的重點，在現(xiàn)代理財學中，我們把它稱為微觀財務政策。微觀財務政策包括投資、融資、股利、營運資本等企業(yè)政策，其中，投資政策為核心，其余三大政策都是為投資服務的。 本文將以上市公司貴州茅臺為例，運用國內(nèi)外的財務管理理論來研究其財務政策。在投資的研究中，首先從Tobin Q入手。通過對比發(fā)現(xiàn)，茅臺的Q值遠高于同行業(yè)均值，但它每年的投資上與現(xiàn)金流量的比率要低于同行業(yè)，即高Q值，低投資，這與Tobin Q理論不符。究其原因，通過回歸我們發(fā)現(xiàn)，與Q值直接相關的是茅臺的股價，與股價相關的是茅臺的業(yè)績，而導致業(yè)績變化的最主要因素是政府的政策。 由于茅臺很少利用長期負債，所以資金基本上來自于凈利潤。茅臺雖然有“每股分紅王”的美譽，但是其股利收益率卻不及同行業(yè)。通過回歸得出，茅臺的投資、Q值和股利沒有明顯的相關關系，但這種看似非理性的財務政策背后卻存在著極具個性的公司治理。茅臺的總資產(chǎn)中，銀行存款占到了50%左右，我們驚奇地發(fā)現(xiàn)，茅臺的銀行存款與遵義市商業(yè)銀行的成長軌跡驚人得相似，而且茅臺的母公司就是此銀行的第二大股東，我們完全有理由懷疑茅臺在利用大量剩余現(xiàn)金向銀行輸送利益。 本文的主要結論為：（1）Tobin Q理論并不一定適用于中國特色的混合體制的經(jīng)濟市場，存在政府干預使股價虛高的現(xiàn)象；（2）茅臺的公司治理中，政府一股獨大，具有絕對控制權，把大量的現(xiàn)金作為回報率極低的存款放入銀行，侵犯了小股東的利益，不利于公司的長遠發(fā)展。
[Abstract]:In the rapidly developing economic market, how to make rational use of the existing funds for investment is the focus of the development of the company. In the modern finance science, we call it the micro-financial policy. Micro-financial policies include investment, financing, dividend, working capital and other enterprise policies, in which investment policy is the core, and the other three policies serve for investment. This paper takes Guizhou Maotai, a listed company, as an example to study its financial policy by using the theory of financial management at home and abroad. In the research of investment, we start with Tobin Q. By comparison, it is found that the Q value of Maotai is much higher than the average value of the same industry, but the ratio of its annual investment to cash flow is lower than that of the same industry, that is, high Q value and low investment, which is inconsistent with Tobin Q theory. By regression, we find that the stock price of Maotai is directly related to Q value, the performance of Maotai is related to the stock price, and the main factor leading to the change of performance is the policy of the government. Because Maotai makes little use of long-term debt, so capital basically comes from Yu Jing profit. Maotai has a reputation as a dividend per share, but its dividend yield is not as good as that of the industry. It is concluded by regression that there is no obvious correlation between the investment, Q value and dividend of Maotai, but there is a very personal corporate governance behind this seemingly irrational financial policy. Of the total assets of Moutai, bank deposits account for about 50% of the total assets. We were surprised to find that the bank deposits in Maotai are surprisingly similar to the growth trajectory of the Zunyi City Commercial Bank, and that the parent company of Moutai is the second largest shareholder of the bank. We have every reason to suspect that Moutai is using a large amount of surplus cash to channel profits to the bank. The main conclusions of this paper are as follows: (1) the) Tobin Q theory does not necessarily apply to the mixed economic market with Chinese characteristics. (2) in the corporate governance of Maotai, the government has a dominant share and has absolute control. Putting a large amount of cash into the bank as a deposit with extremely low rate of return infringes on the interests of minority shareholders and is not conducive to the long-term development of the company.
【學位授予單位】：首都經(jīng)濟貿(mào)易大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F426.82;F275

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