本文選題：上市公司　切入點：股利分配　出處：《西南財經(jīng)大學》2014年碩士論文

【摘要】：眾所周知,上市公司的股利政策具有十分重要的意義,公司股利的分配不僅關系到股東和債權(quán)人的切身利益,也對公司未來的發(fā)展具有重大的影響,因此一直以來受到廣大學者及社會大眾的廣泛關注。但我國的證券市場在這二十年快速發(fā)展的同時,尚不十分成熟,留有自身體制所帶來的痕跡。在上市公司股利分配上也有所體現(xiàn),存在諸多不規(guī)范的地方。證監(jiān)會出于規(guī)范上市公司股利分配的目的,從2001年開始,連續(xù)多年來對上市公司分紅進行了引導,取得了巨大的進展,有效地促進了上市公司分紅情況的好轉(zhuǎn)；但同時證監(jiān)會的政策也引來了一些質(zhì)疑,所謂“強制分紅”損害了上市公司的利益。在2012年,證監(jiān)會又發(fā)布了《關于進一步落實上市公司現(xiàn)金分紅有關事項的通知》,在這份通知中要求上市公司注重對股東的回報。在這一背景下,本文通過對2012年前后我國上市公司股利分配的特征進行統(tǒng)計分析,梳理了在證監(jiān)會政策的引導下,上市公司分紅取得的成效以及仍舊存在的問題,對此進行了原因分析并提出相應對策。以期對上市公司規(guī)范股利分配,更好地貫徹落實證監(jiān)會政策提供一些參考,從而保護中小投資者、債權(quán)人以及公司自身的利益。 本文共分五個部分,主要內(nèi)容如下： 第一章,導論。本章提出了本文的研究背景及意義,對所研究問題闡述了研究思路及研究方法,并指出了本文可能的主要貢獻以及不足。 第二章,文獻綜述與理論基礎。對股利分配相關文獻從三個方面進行了一個梳理,主要包括股利分配影響因素,股利分配與信號傳遞理論,股利分配與股權(quán)結(jié)構(gòu)三方面國內(nèi)外的相關研究；對相關的理論做了一個簡要介紹,包括股利政策內(nèi)容、傳統(tǒng)股利理論和現(xiàn)代股利理論。 第三章,我國上市公司股利分配的特征分析。本章通過搜集2012年前后兩個階段我國A股上市公司的股利分配數(shù)據(jù),從多方面進行統(tǒng)計分析、比較,并結(jié)合上市公司近幾年年報披露的股利分配方案,對我國上市公司股利分配所表現(xiàn)出來的一些特征進行分析闡述。 第四章,我國上市公司股利分配的問題與原因分析。通過上一章對股利分配特征的統(tǒng)計分析,在此基礎之上,對我國上市公司在股利分配中仍舊存在的問題進行了一個歸納總結(jié)。并從上市公司自身因素以及外部因素兩個方面分析了存在問題的原因。 第五章,完善我國上市公司股利分配的對策。針對存在的問題和原因,本章從國家政府監(jiān)管、法律強制性、公司自身發(fā)展三個角度提出了具體詳盡的對策。為規(guī)范我國上市公司股利分配行為提供參考,具有一定的借鑒意義。 本文的主要貢獻在于,對2012年上市公司股利分配的相關數(shù)據(jù)進行統(tǒng)計分析,為股利分配研究提供了一份較新的經(jīng)驗數(shù)據(jù)；加大了提出對策的比重,從多角度提出了可以完善上市公司股利分配的具體措施,有一定的參考性；側(cè)重于對證監(jiān)會政策出臺前后上市公司股利分配情況的比較研究,突出證監(jiān)會政策在引導上市公司分紅上的作用。但由于筆者學識水平有限,實踐經(jīng)驗的缺乏,本文的不足之處在于僅對股利分配比較突出的問題進行了分析,不夠全面,有待于在以后學習工作中深入探索；同時,本文的研究方法以統(tǒng)計分析及規(guī)范性研究為主,缺乏實證研究模型對所研究問題的論證。
[Abstract]:As everyone knows, has very important significance to the dividend policy of listed companies, the dividend distribution is not only related to the vital interests of shareholders and creditors, but also has a profound impact on the future development of the company, so it has been widely concerned by the scholars and the public. But China's securities market in the past twenty years of rapid development at the same time, is not very mature, have their own system brought about by the trace. Also reflected in the dividend distribution of listed companies, there are many non-standard place. The Commission to regulate the dividend distribution of listed companies, from the beginning of 2001, consecutive years of dividends of listed companies to guide, has made tremendous progress. And effectively promote the improvement of the listed company dividends; but at the same time, the Commission's policy also attracted a number of questions, the so-called "mandatory dividend" damages the listed company Interests. In 2012, the Commission issued "on further implementation of the relevant matters of cash dividends of listed companies notice", in this notice requires listed companies to focus on returns to shareholders. Under this background, this paper makes the statistical analysis of the characteristics of dividend distribution of Listed Companies in China after 2012 on, combs in the commission policy under the guidance of the dividends of listed companies of the achievements and problems still exist, this paper analyzes the cause and puts forward the corresponding countermeasures. In order to standardize the dividend distribution of listed companies, to better implement the Commission to provide some reference to the policy, the protection of small investors, creditors and the company's own interests.
This article is divided into five parts, the main contents are as follows:
The first chapter is introduction. This chapter puts forward the research background and significance of this paper, expounds the research train of thought and research method for the research questions, and points out the main contributions and shortcomings of this paper.
The second chapter, literature review and theoretical basis. The dividend distribution of the relevant literature was a comb from the three aspects, including the main influencing factors of dividend, dividend distribution and signal transfer theory, the related research at home and abroad of dividend distribution and ownership structure in three aspects; the related theory to make a brief introduction, including dividend the content of the policy, the traditional dividend theory and modern dividend theory.
The third chapter, analysis of the characteristics of dividend distribution of Listed Companies in China. This chapter through the collection in 2012 before and after the two stages of the dividend data of Listed Companies in A stock market, carries on the statistical analysis, from the aspects of comparison, dividend distribution plan and in recent years with the disclosure of the annual report of listed companies, some features of dividend distribution listed companies in China are analyzed in this paper.
The fourth chapter analyses the problems and reasons of dividend distribution of Listed Companies in China. The last chapter statistics on dividend distribution characteristic analysis, on this basis, the listed company of our country still exists in the dividend distribution problems for a summary. And from the two aspects of the listed company's own factors and external factors analysis the causes of problems.
The fifth chapter, countermeasures to improve the dividend distribution of Listed Companies in China. And the reasons for the problems, this chapter from the national government legal supervision, mandatory, the company's own development three aspects puts forward some specific suggestions in detail. Provide a reference for the specification of dividend distribution of Listed Companies in China, has a certain significance.
The main contribution of this paper is that the relevant data on the dividend distribution of Listed Companies in 2012 for statistical analysis, provides a new empirical data for the research of the dividend distribution; increase the proportion of countermeasures, from multiple perspectives put forward specific measures to improve the dividend distribution of listed companies, there is a certain reference; focus on comparison study on the situation of dividend distribution of listed companies before and after the Commission on policy, highlighting the commission policy under the guidance of the dividends of listed companies on the role. But because of my limited knowledge, lack of practical experience, the shortage of this article is only for dividend distribution problems are analyzed, is not comprehensive enough to be in the future learning further exploration work; at the same time, this research method to research and analysis of statistical norms, lack of empirical research on the study of the model is proved.

【學位授予單位】：西南財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51;F275

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