本文關(guān)鍵詞：上市公司股利政策受公司生命周期彩響嗎？　出處：《杭州電子科技大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 公司生命周期 股利政策 影響因素

【摘要】：隨著公司生命周期理論的興起，西方學(xué)者把公司生命周期理論引入到上市公司股利政策中來。認(rèn)為公司在不同的生命周期階段會采取不同的股利政策。本文對這一選題進(jìn)行研究，試圖在公司生命周期的理論基礎(chǔ)上，揭示我國上市公司現(xiàn)金股利政策的特征。 在對文獻(xiàn)的梳理總結(jié)后，重點(diǎn)區(qū)分了產(chǎn)品生命周期和公司生命周期兩個概念，并對公司生命周期的代理變量進(jìn)行了歸納。本文選用Victoria（2011）提出的公司生命周期代理變量-現(xiàn)金流量特征組合作為解釋變量，也是本文的創(chuàng)新之處。與總資產(chǎn)留存收益率等以往代理變量不同，現(xiàn)金流量特征組合這一解釋變量不是單一財務(wù)指標(biāo)或幾個財務(wù)指標(biāo)的組合，而是從公司經(jīng)營活動現(xiàn)金凈流量、投資活動現(xiàn)金凈流量和融資活動現(xiàn)金凈流量這三個現(xiàn)金凈流量的正負(fù)特征來說明公司活動，進(jìn)而劃分公司生命周期階段。 在實證研究中，選擇盈利能力、股權(quán)結(jié)構(gòu)、成長能力、償債能力和股權(quán)結(jié)構(gòu)等財務(wù)指標(biāo)作為控制變量，對滬深兩市A股上市公司的現(xiàn)金股利政策與公司生命周期之間的相關(guān)關(guān)系進(jìn)行多元線性回歸。由于公司生命周期是虛擬變量，并有五個變量值，所以，本文以初創(chuàng)期為基底，設(shè)置D1、D2、D3和D4四個0-1變量。檢驗結(jié)果顯示:滬深兩市A股上市公司中，成熟期上市公司的每股現(xiàn)金股利明顯高于成長期上市公司；動蕩期上市公司的每股現(xiàn)金股利與公司生命周期呈顯著負(fù)相關(guān)。 依據(jù)研究結(jié)論本文提出相關(guān)建議，建議上市公司在制定股利政策時應(yīng)從公司長遠(yuǎn)發(fā)展戰(zhàn)略作出適合自身發(fā)展?fàn)顩r的股利決策，尤其是初創(chuàng)期上市公司。成長期和成熟期上市公司在此階段制定股利政策時應(yīng)保證股利政策的穩(wěn)定性和可持續(xù)性。其次，建議中國證監(jiān)會在制定鼓勵上市分紅政策時應(yīng)劃分幾個階段，彌補(bǔ)半強(qiáng)制分紅“一刀切”的不足。
[Abstract]:With the rise of corporate life cycle theory, the western scholars put the corporate life cycle theory into the dividend policy of the listed companies in the past. That company will take different dividend policies in different stages of the life cycle. This paper focuses on the research of this topic, attempts in the theoretical basis of corporate life cycle, I reveal the characteristics of the cash dividend policy China's listed companies.
In the literature review, focus on the distinction of the two concepts of product life cycle and corporate life cycle, and the proxy variables on firm life cycle are summarized. This paper chooses Victoria (2011) proposed as explanatory variables of the corporate life cycle variables - cash flow characteristics, but also the innovation of this article. The total assets of retained earnings past different variables, combined cash flow characteristics of the combinations of explanatory variables is not a single financial index or several financial indexes, but from the company's operating activities net cash flow, the three characteristics of positive and negative net cash flow from investing activities net cash flow and financing activities net cash flow to illustrate Corporate Events. The company was then divided into stages of the life cycle.
In the empirical study, selection of profitability, ownership structure, growth ability, solvency and equity structure and other financial indicators as control variables, the relationship between dividend policy and corporate shares of Listed Companies in Shanghai and Shenzhen two A life cycle were analyzed by multiple linear regression. Due to the company's life cycle is a dummy variable, and five so, based on the variable value, the start-up period as the base, set the D1, D2, D3 and D4 four 0-1 variables. The test results show that: two city Shenzhen A shares of listed companies, mature listed companies cash dividend per share was significantly higher than that in the growth period of listed companies; turbulent period was negatively related to listed companies in cash per share dividend and corporate life cycle.
Based on the research conclusions of this paper put forward relevant suggestions and recommendations of Listed Companies in making dividend policy long-term development strategy should be made for their own development of the dividend policy, especially start-up companies. During the period of growth and maturity of listed company dividend policy at this stage should guarantee the stability of dividend policy and Sustainability. Secondly, Chinese suggestions the Commission in the formulation of the dividend policy should be listed into several stages, make up the deficiency of semi mandatory dividend "across the board".

【學(xué)位授予單位】：杭州電子科技大學(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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