【摘要】：在快速發(fā)展的經(jīng)濟(jì)市場(chǎng)中，如何合理利用現(xiàn)有資金進(jìn)行投資是公司發(fā)展的重點(diǎn)，在現(xiàn)代理財(cái)學(xué)中，我們把它稱為微觀財(cái)務(wù)政策。微觀財(cái)務(wù)政策包括投資、融資、股利、營(yíng)運(yùn)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(wù)的。 本文將以上市公司貴州茅臺(tái)為例，運(yùn)用國(guó)內(nèi)外的財(cái)務(wù)管理理論來研究其財(cái)務(wù)政策。在投資的研究中，首先從Tobin Q入手。通過對(duì)比發(fā)現(xiàn)，茅臺(tái)的Q值遠(yuǎn)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(guān)的是茅臺(tái)的股價(jià)，與股價(jià)相關(guān)的是茅臺(tái)的業(yè)績(jī)，而導(dǎo)致業(yè)績(jī)變化的最主要因素是政府的政策。 由于茅臺(tái)很少利用長(zhǎng)期負(fù)債，所以資金基本上來自于凈利潤(rùn)。茅臺(tái)雖然有“每股分紅王”的美譽(yù)，但是其股利收益率卻不及同行業(yè)。通過回歸得出，茅臺(tái)的投資、Q值和股利沒有明顯的相關(guān)關(guān)系，但這種看似非理性的財(cái)務(wù)政策背后卻存在著極具個(gè)性的公司治理。茅臺(tái)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(tái)的銀行存款與遵義市商業(yè)銀行的成長(zhǎng)軌跡驚人得相似，而且茅臺(tái)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(tái)在利用大量剩余現(xiàn)金向銀行輸送利益。 本文的主要結(jié)論為：（1）Tobin Q理論并不一定適用于中國(guó)特色的混合體制的經(jīng)濟(jì)市場(chǎng)，存在政府干預(yù)使股價(jià)虛高的現(xiàn)象；（2）茅臺(tái)的公司治理中，政府一股獨(dú)大，具有絕對(duì)控制權(quán)，把大量的現(xiàn)金作為回報(bào)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(zhǎng)遠(yuǎn)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(xué)位授予單位】：首都經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F426.82;F275

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