本文選題：旅游上市公司　切入點(diǎn)：股利分配意愿　出處：《廣西大學(xué)》2017年碩士論文

【摘要】：旅游上市公司對(duì)于推動(dòng)我國(guó)旅游業(yè)的發(fā)展起著重要作用。本文以股利政策影響因素為切入點(diǎn),選擇旅游行業(yè)上市公司為具體研究對(duì)象,利用旅游上市公司的股利分配相關(guān)數(shù)據(jù)和有關(guān)財(cái)務(wù)比率數(shù)據(jù),研究了旅游行業(yè)上市公司股利分配意愿的主要影響因素、現(xiàn)金股利支付水平的主要影響因素和股票股利支付水平的主要影響因素,主要包括公司規(guī)模、公司盈利能力、公司償債能力、公司成長(zhǎng)能力、現(xiàn)金流狀況、利潤(rùn)質(zhì)量、每股盈余公積金、企業(yè)收入水平、企業(yè)生命周期、企業(yè)營(yíng)運(yùn)能力、股權(quán)集中度、董監(jiān)高薪酬和監(jiān)管因素等。并通過(guò)建立模型、運(yùn)用Logistic回歸和逐步回歸對(duì)模型進(jìn)行分析,最后得出以下結(jié)論:(1)企業(yè)規(guī)模、盈利能力、償債能力、利潤(rùn)質(zhì)量及生命周期與股利支付意愿呈正相關(guān),成長(zhǎng)能力與股利支付意愿呈負(fù)相關(guān),現(xiàn)金流狀況、每股盈余公積金及監(jiān)管因素與股利支付意愿關(guān)系不顯著;(2)盈利能力、償債能力、現(xiàn)金流狀況、每股盈余公積金、營(yíng)運(yùn)能力及董監(jiān)高薪酬水平與現(xiàn)金股利支付水平呈正相關(guān),成長(zhǎng)能力、收入水平、生命周期及監(jiān)管因素與現(xiàn)金股利支付水平呈負(fù)相關(guān),企業(yè)規(guī)模和利潤(rùn)質(zhì)量與現(xiàn)金股利支付水平關(guān)系不顯著;(3)盈利能力與股票股利支付水平呈正相關(guān),公司規(guī)模、現(xiàn)金流狀況及每股盈余公積金與股票股利支付水平呈負(fù)相關(guān),成長(zhǎng)能力與股票股利支付水平關(guān)系不顯著。并提出以下建議:對(duì)旅游上市公司而言,應(yīng)努力提高自身盈利能力、擴(kuò)大自身規(guī)模并改善自身資本結(jié)構(gòu);對(duì)監(jiān)管者而言,應(yīng)引導(dǎo)投資者進(jìn)行價(jià)值投資,并健全上市公司信息披露機(jī)制。
[Abstract]:Tourism listed companies play an important role in promoting the development of tourism in China.This article takes the dividend policy influence factor as the breakthrough point, selects the tourism industry listed company as the concrete research object, uses the tourism listed company dividend distribution related data and the related financial ratio data,This paper studies the main influencing factors of dividend distribution intention of listed companies in tourism industry, the main influencing factors of cash dividend payment level and the main influencing factors of stock dividend payment level, mainly including the company size, the profitability of the company.Corporate solvency, corporate growth, cash flow, profit quality, earnings per share provident fund, enterprise income level, enterprise life cycle, business operation capacity, equity concentration, Dong Jiangao compensation and regulatory factors.By establishing the model and using Logistic regression and stepwise regression to analyze the model, the following conclusions are drawn: 1) the scale, profitability, solvency, profit quality and life cycle of the enterprise are positively correlated with the willingness to pay dividends.The growth ability is negatively related to the willingness to pay dividends, the cash flow status, the surplus accumulation fund per share and the regulatory factors have no significant relationship with the dividend willingness to pay dividends) profitability, solvency, cash flow status, surplus per share provident fund.The operating ability and the salary level of Dong Jiangao are positively correlated with the level of cash dividend payment, while the growth ability, income level, life cycle and regulatory factors are negatively correlated with the level of cash dividend payment.There is no significant correlation between enterprise size, profit quality and cash dividend payment level. (3) profitability is positively correlated with stock dividend payment level, while company size, cash flow status and earnings per share accumulation fund are negatively correlated with stock dividend payment level.The relationship between growth ability and stock dividend payment level is not significant.The following suggestions are put forward: for tourism listed companies, they should strive to improve their profitability, expand their own size and improve their own capital structure; for regulators, investors should be guided to invest in value.And improve the information disclosure mechanism of listed companies.
【學(xué)位授予單位】：廣西大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F590.66;F592.6;F832.51

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