發(fā)布時間：2018-08-26 21:09

【摘要】：股利政策一直以來是學術(shù)界的探討熱點,同樣也是關(guān)乎投資者切身利益的問題。信號傳遞理論是一個比較成熟的理論,該理論認為,由于客觀原因,中小股東參與公司活動的成本較高,因此很多與公司相關(guān)的信息對中小股東來說搜集成本是高昂的,上市公司就會借助股利政策向投資者傳遞信息,投資者根據(jù)上市公司的股利政策來做出投資決策。中國的證券市場發(fā)展歷史短,上市公司的股利發(fā)放行為在證監(jiān)會頒布的相關(guān)法律法規(guī)下已具備了良好的規(guī)范性,但是仍然存在不合理的現(xiàn)象。在成熟的資本市場,股利政策包含的信息量大且比較真實,投資者可以用腳投票,這一方面促使上市公司提高經(jīng)營效率,另一方面也能降低中小投資者搜尋信息的成本,保障投資者的利益。本文區(qū)別于以往的研究,選取了零售業(yè)上市公司為研究對象,探究其股利政策與經(jīng)營業(yè)績之間的關(guān)系,驗證股利政策中包含經(jīng)營業(yè)績信息的情況。本文首先對學術(shù)界經(jīng)典的股利政策理論進行了回顧與總結(jié),并對國內(nèi)外相關(guān)文獻做出了歸納與簡要評價,為引出股利政策和經(jīng)營業(yè)績之間關(guān)系的研究奠定理論基礎(chǔ)。然后,本文在確定上市公司經(jīng)營業(yè)績衡量方法后,把零售業(yè)上市公司2010年到2015年的股利支付數(shù)據(jù)及財務(wù)數(shù)據(jù)作為分析依據(jù),從股利支付意愿、股利支付水平和股利支付穩(wěn)定性三個方面研究我國零售業(yè)上市公司股利分配的現(xiàn)狀,并在此基礎(chǔ)上總結(jié)了股利分配的特點。接著就是本文的研究重點,即對股利政策和經(jīng)營業(yè)績之間的實證分析。這一部分提出了本文的假設(shè)研究:現(xiàn)金股利分別與經(jīng)營現(xiàn)金流量、盈利能力、償債能力、營運能力和利潤質(zhì)量成正相關(guān)關(guān)系;并根據(jù)假設(shè)內(nèi)容選取各假設(shè)指標的代表變量及選擇原因;最后是對數(shù)據(jù)做實證分析,先對解釋變量與被解釋變量做了Pearson相關(guān)性檢驗,然后對面板數(shù)據(jù)做了回歸分析,并檢驗各解釋變量之間的相關(guān)性,最后根據(jù)結(jié)果檢驗假設(shè)的正確性。在文章的最后,本文梳理了研究的主要結(jié)論,指出本文的不足之處,并分別針對零售業(yè)上市公司、監(jiān)管層和投資者個人提出合理建議。
[Abstract]:Dividend policy has always been a hot topic in academic circles, and it is also an issue related to the vital interests of investors. The theory of signal transmission is a mature theory, which holds that, for objective reasons, the cost of small and medium-sized shareholders participating in company activities is high, so a lot of information related to the company is very expensive for minority shareholders to collect. Listed companies will use dividend policy to send information to investors, according to listed companies dividend policy to make investment decisions. China's securities market has a short history of development, listed companies' dividend issuance behavior in the relevant laws and regulations promulgated by the Securities Regulatory Commission has a good standard, but there is still unreasonable phenomenon. In a mature capital market, the dividend policy contains a large amount of information and is quite real. Investors can vote with their feet. On the one hand, it urges listed companies to improve their operating efficiency, on the other hand, it can also reduce the cost of searching for information for small and medium-sized investors. Protect the interests of investors. Different from previous studies, this paper selects the retail listed companies as the research object, explores the relationship between the dividend policy and the operating performance, and verifies the situation that the dividend policy contains the operating performance information. Firstly, this paper reviews and summarizes the classical dividend policy theory in academic circles, and makes a summary of the relevant literature at home and abroad, which lays a theoretical foundation for the study of the relationship between dividend policy and operating performance. Then, after determining the measurement method of the listed companies' operating performance, this paper takes the dividend payment data and financial data of the retail listed companies from 2010 to 2015 as the basis of analysis. This paper studies the current situation of dividend distribution in China's retail companies from three aspects: the level of dividend payment and the stability of dividend payment, and summarizes the characteristics of dividend distribution on this basis. Then this paper focuses on the empirical analysis between dividend policy and operating performance. This part puts forward the hypothetical research of this paper: cash dividend has a positive correlation with operating cash flow, profitability, solvency, operating ability and profit quality; According to the hypothetical content, the representative variables and the reasons of each hypothetical index are selected. Finally, the empirical analysis of the data is made, and the Pearson correlation test of the explanatory variable and the explained variable is done, and then the regression analysis of the panel data is made. Finally, the validity of the hypothesis is tested according to the results. At the end of this paper, the main conclusions of the study are summarized, the shortcomings of this paper are pointed out, and reasonable suggestions are put forward for the retail listed companies, regulators and investors.
【學位授予單位】：吉林大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F724.2;F715.5

【參考文獻】

相關(guān)期刊論文 前8條

1 崔學剛;;公司業(yè)績與股利政策變更——基于制造業(yè)上市公司的實證研究[J];會計之友(下旬刊);2010年01期

2 閻大穎;中國上市公司首次股票股利信號傳遞有效性的實證研究[J];財貿(mào)研究;2005年04期

3 周心;上市公司現(xiàn)金股利政策與經(jīng)營業(yè)績研究[J];西安財經(jīng)學院學報;2005年03期

4 曹媛媛,馮東輝;我國上市公司股利政策的信息內(nèi)涵:基于股利政策穩(wěn)定性的實證研究[J];系統(tǒng)工程;2004年02期

5 孔小文,于笑坤;上市公司股利政策信號傳遞效應(yīng)的實證分析[J];管理世界;2003年06期

6 林海;股利政策與上市公司收益的實證研究[J];世界經(jīng)濟;2000年05期

7 陳曉,陳小悅,倪凡;我國上市公司首次股利信號傳遞效應(yīng)的實證研究[J];經(jīng)濟科學;1998年05期

8 李傳雙;;我國上市公司分配股利對未來業(yè)績影響的實證研究[J];集團經(jīng)濟研究;2004年Z1期

，

本文編號：2206162