本文關(guān)鍵詞： 股利政策 可持續(xù)增長 相關(guān)性 希金斯模型　出處：《南京航空航天大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：在經(jīng)歷了全球金融危機(jī)之后，如何保持企業(yè)健康穩(wěn)定的增長成為了各國政府關(guān)注的焦點(diǎn)。但是，從財(cái)務(wù)管理的角度看，增長過快或過慢都不是件好事。與國外企業(yè)對可持續(xù)增長的廣泛重視相比，我國企業(yè)還有很大的差距。因此，研究企業(yè)的可持續(xù)增長意義重大。股利政策作為企業(yè)的一項(xiàng)重要財(cái)務(wù)決策，一直是國內(nèi)外學(xué)者研究的熱點(diǎn)。影響企業(yè)可持續(xù)增長的因素很多，股利政策是企業(yè)可持續(xù)增長的一個重要影響因素，而關(guān)于股利政策與可持續(xù)增長相關(guān)性的研究成果比較少，現(xiàn)有的研究不夠深入，因此，本文從理論和實(shí)證兩方面深入分析股利政策與企業(yè)可持續(xù)增長的相關(guān)性。 首先，本文闡述了研究背景、意義和研究內(nèi)容。規(guī)范研究部分，首先對企業(yè)可持續(xù)增長概念的界定、可持續(xù)增長模型的建立和拓展以及股利政策相關(guān)理論進(jìn)行了闡述，在總結(jié)已有研究的基礎(chǔ)上，對企業(yè)可持續(xù)增長的影響因素進(jìn)行了分析，得出股利政策是影響企業(yè)可持續(xù)增長的一個重要因素。在歸納股利分配政策和分紅配股方式的基礎(chǔ)上，從希金斯的可持續(xù)增長模型角度出發(fā)，分別從融資優(yōu)序理論和企業(yè)價(jià)值理論的角度對股利政策與可持續(xù)增長相關(guān)性的機(jī)理進(jìn)行了詳細(xì)分析，認(rèn)為股利政策與可持續(xù)增長之間存在緊密的內(nèi)在聯(lián)系。實(shí)證研究部分，本文選取了A股923家上市公司2012年度的財(cái)務(wù)數(shù)據(jù)作為研究樣本。運(yùn)用希金斯可持續(xù)增長模型、描述性統(tǒng)計(jì)分析、Pearson相關(guān)分析和多元線性回歸模型，分別研究了現(xiàn)金股利分配數(shù)額、股票股利分配數(shù)量和股利支付方式對企業(yè)可持續(xù)增長的影響，對其相關(guān)關(guān)系進(jìn)行了實(shí)證檢驗(yàn)。 研究結(jié)論表明，股利政策對可持續(xù)增長有著重要的影響，，現(xiàn)金股利的分配數(shù)額和股票股利的分配數(shù)量與可持續(xù)增長率均呈現(xiàn)出顯著的正相關(guān)，分配混合股利的企業(yè)可持續(xù)增長率普遍高于分配現(xiàn)金股利的企業(yè)。我國企業(yè)的股利分配基本符合可持續(xù)增長的思想，但易受到政策導(dǎo)向的影響，并且我國上市公司具有外源性融資偏好，存在潛在的圈錢動機(jī)。
[Abstract]:After the global financial crisis, how to maintain the healthy and stable growth of enterprises has become the focus of governments. However, from the perspective of financial management. Too fast or too slow growth is not a good thing. Compared with the foreign enterprises to pay more attention to sustainable growth, Chinese enterprises still have a big gap. It is of great significance to study the sustainable growth of enterprises. As an important financial decision of enterprises, dividend policy has been a hot spot of domestic and foreign scholars. There are many factors that affect the sustainable growth of enterprises. Dividend policy is an important factor in the sustainable growth of enterprises, but there are few research results on the correlation between dividend policy and sustainable growth, so the existing research is not deep enough. In this paper, the relationship between dividend policy and sustainable growth of enterprises is analyzed theoretically and empirically. First of all, this paper describes the research background, significance and research content. Normative research part, first of all, the definition of the concept of sustainable growth of enterprises. The establishment and expansion of sustainable growth model and dividend policy related theories are expounded. On the basis of summarizing the existing research, this paper analyzes the influencing factors of sustainable growth of enterprises. It is concluded that dividend policy is an important factor affecting the sustainable growth of enterprises. On the basis of summing up the dividend distribution policy and the way of dividend allocation, this paper starts from the perspective of Higgins' sustainable growth model. The mechanism of the correlation between dividend policy and sustainable growth is analyzed in detail from the perspective of financing priority theory and enterprise value theory. It is concluded that there is a close internal relationship between dividend policy and sustainable growth. In this paper, the financial data of 923 A-share listed companies in 2012 are selected as the research samples. Using Higgins sustainable growth model, descriptive statistical analysis. Pearson correlation analysis and multivariate linear regression model are used to study the effect of cash dividend amount, stock dividend allocation amount and dividend payment method on the sustainable growth of enterprises. The correlation between them is tested empirically. The research results show that dividend policy has an important impact on sustainable growth. The distribution amount of cash dividend and the allocation amount of stock dividend have a significant positive correlation with the sustainable growth rate. The sustainable growth rate of mixed dividend distribution enterprises is generally higher than that of cash dividend distribution enterprises. The dividend distribution of Chinese enterprises basically accords with the idea of sustainable growth, but it is easy to be influenced by the policy direction. And listed companies in China have exogenous financing preference, there are potential ring-money motivation.
【學(xué)位授予單位】：南京航空航天大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F275;F832.51

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