本文關(guān)鍵詞：上市公司股利政策的影響因素及價(jià)值相關(guān)性研究　出處：《河北工業(yè)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： 股利政策 企業(yè)價(jià)值 影響因素 逐步回歸

【摘要】：無論是從股利政策所傳播的信息內(nèi)容，還是外部融資費(fèi)用高于內(nèi)部留存收益的角度來看，，股利政策都是非常重要的。公司在制定股利政策時(shí)，不僅受到法律與合同約定的限制，還需要考慮股東偏好、稅收，特別是投資機(jī)會(huì)和未來收益的增長(zhǎng)等多種因素。如何綜合權(quán)衡這些因素的影響，根據(jù)企業(yè)的實(shí)際情況制定恰當(dāng)?shù)墓衫�，以促進(jìn)企業(yè)價(jià)值的最大化，是每個(gè)企業(yè)管理者必須進(jìn)行的重大財(cái)務(wù)決策之一。 本文突破了以往研究股利政策的局限性。很多學(xué)者單方面研究股利政策的影響因素，本文將股利政策的影響因素與企業(yè)價(jià)值結(jié)合起來進(jìn)行分析。以滬深A(yù)股上市公司為研究對(duì)象，分析我國(guó)上市公司股利政策的現(xiàn)狀，并對(duì)其影響因素及其與公司價(jià)值相關(guān)性進(jìn)行了實(shí)證研究。 本文首先對(duì)相關(guān)理論進(jìn)行了國(guó)內(nèi)外的研究綜述，闡述了股利的概念及特征，股利政策的類型及其影響因素。在理論分析的基礎(chǔ)上，以2011年的515家滬深A(yù)股上市公司為研究樣本，首先運(yùn)用描述性統(tǒng)計(jì)法對(duì)我國(guó)上市公司的股利政策現(xiàn)狀進(jìn)行了分析，然后構(gòu)建回歸模型，運(yùn)用相關(guān)性分析和回歸分析法，對(duì)我國(guó)上市公司的股利政策的影響因素、股利政策與企業(yè)價(jià)值相關(guān)性進(jìn)行了實(shí)證研究。 通過實(shí)證研究分析得出以下結(jié)論：上市公司的股利政策受盈利能力、償債能力、營(yíng)運(yùn)能力、成長(zhǎng)能力、現(xiàn)金流量能力、股權(quán)集中度的影響，具體到財(cái)務(wù)指標(biāo)上，最終進(jìn)入回歸模型，并且對(duì)每股股利有顯著性影響的是：EPS、ROA、Debt、TAR、NPGgr、OpeCFPS和P1。上市公司持續(xù)高分紅會(huì)吸引大量長(zhǎng)期投資者，其企業(yè)價(jià)值會(huì)得到大幅度提高。 最后從股利政策的外部監(jiān)管、內(nèi)部控制、價(jià)值投資理念、公司治理結(jié)構(gòu)、生命周期等方面提出完善我國(guó)上市公司股利政策的相關(guān)建議。
[Abstract]:The dividend policy is very important both from the information content of dividend policy and from the point of view that the external financing cost is higher than the internal retained earnings. When the company makes the dividend policy. It is not only limited by law and contract, but also need to consider many factors, such as shareholder preference, tax, especially investment opportunities and future income growth. How to balance these factors. According to the actual situation of the enterprise, it is one of the important financial decisions that every enterprise manager must make a proper dividend policy to promote the maximization of the enterprise value. This paper breaks through the limitations of previous research on dividend policy. Many scholars unilaterally study the influencing factors of dividend policy. This paper combines the influencing factors of dividend policy with the enterprise value to analyze the current situation of dividend policy of listed companies in Shanghai and Shenzhen as the research object. It also makes an empirical study on its influencing factors and its correlation with company value. First of all, this paper has carried on the domestic and foreign research summary to the correlation theory, elaborated the dividend concept and the characteristic, the dividend policy type and its influence factor. On the basis of the theoretical analysis. Taking 515 Shanghai and Shenzhen A-share listed companies as the research sample in 2011, this paper analyzes the current situation of dividend policy of listed companies in China by descriptive statistical method, and then constructs a regression model. By means of correlation analysis and regression analysis, this paper makes an empirical study on the influencing factors of dividend policy and the correlation between dividend policy and enterprise value of listed companies in China. Through the empirical analysis, we draw the following conclusions: the dividend policy of listed companies is affected by profitability, solvency, operating capacity, growth capacity, cash flow capacity, equity concentration. Specific to the financial indicators, finally into the regression model, and has a significant impact on the dividend per share is the proportion EPS load debt / tar NPGgr. OpeCFPS and P1. Continued high dividends for listed companies will attract a large number of long-term investors and their corporate value will be greatly increased. Finally, from the aspects of external supervision, internal control, value investment concept, corporate governance structure and life cycle of dividend policy, the paper puts forward some suggestions to improve the dividend policy of listed companies in China.
【學(xué)位授予單位】：河北工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275;F224;F832.51

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