本文選題：分紅能力 + 股利政策�。� 參考：《西南財(cái)經(jīng)大學(xué)》2014年碩士論文

【摘要】：股利政策一直被西方學(xué)術(shù)界稱為“不解之謎”。股利政策作為公司財(cái)務(wù)活動(dòng)的三大核心內(nèi)容之一,倍受中外學(xué)者的關(guān)注。股利是股東投資回報(bào),是股東最為關(guān)心的問(wèn)題,同樣作為公司融資活動(dòng)的延續(xù),恰當(dāng)?shù)墓衫吣芗ぐl(fā)投資者的投資熱情,為公司樹(shù)立一個(gè)良好的企業(yè)形象,為公司長(zhǎng)遠(yuǎn)發(fā)展創(chuàng)造條件和機(jī)會(huì)。 我國(guó)資本市場(chǎng)經(jīng)過(guò)短短二十幾年的蓬勃發(fā)展,市場(chǎng)規(guī)模已經(jīng)超過(guò)絕大部分國(guó)家,處于世界第二的位置,參與日常交易的股民人數(shù)就有7000多萬(wàn)人。但是同西方發(fā)達(dá)的資本市場(chǎng)相比較,我國(guó)上市公司股利分配行為存在許多與眾不同的特點(diǎn),甚至是有些怪異之處,值得我們?nèi)ヌ骄俊?本文首先回顧有關(guān)現(xiàn)金股利的中外文獻(xiàn),從股利分配影響因素角度進(jìn)行梳理,按照信號(hào)傳遞理論、代理理論和生命周期理論為依據(jù),分析總結(jié)了5大影響因素：治理結(jié)構(gòu)、法律和市場(chǎng)、公司財(cái)務(wù)、上期股利政策和所處行業(yè)。其中,公司財(cái)務(wù)因素為重點(diǎn)研究對(duì)象,選取7個(gè)具有代表性的指標(biāo)進(jìn)行衡量,其他因素各選1到2個(gè)指標(biāo),共計(jì)12個(gè)指標(biāo)。 本文以2012年的上證180中剔除銀行和保險(xiǎn)業(yè)后的162家公司數(shù)據(jù)做樣本,采用Logit回歸模型,研究哪些因素影響上市公司派現(xiàn)與否。再以其中派現(xiàn)的151家作為樣本,建立多元回歸模型,采用逐步回歸的方法,研究現(xiàn)金股利金額與影響因素之間的量化關(guān)系。 本文對(duì)現(xiàn)金分紅能力評(píng)級(jí)研究具有重要意義： 第一,對(duì)現(xiàn)金股利分配行為的研究已有相當(dāng)多的文獻(xiàn),但很少有文獻(xiàn)涉及到現(xiàn)金股利分紅能力評(píng)級(jí)。故本文對(duì)現(xiàn)金分紅能力評(píng)級(jí)研究是一新的研究出發(fā)點(diǎn),給后續(xù)研究提供參考。 第二,各學(xué)者根據(jù)自身研究目的的不同,會(huì)從不同角度的研究現(xiàn)金股利影響因素,有公司財(cái)務(wù)狀況、治理結(jié)構(gòu)和外部因素等。本文通過(guò)對(duì)眾多學(xué)者研究成果的歸納,整理出5個(gè)主要因素,以此構(gòu)建分紅能力評(píng)價(jià)體系。 第三,希望相關(guān)監(jiān)管部門和上市公司能以此為鑒,采取有效措施規(guī)范和完善現(xiàn)金股利政策,使中國(guó)資本市場(chǎng)不斷完善和進(jìn)步。 本文在樣本選取上只選取了一年數(shù)據(jù)作為樣本,具有特殊性,評(píng)價(jià)體系應(yīng)用范圍也較為狹窄,可以進(jìn)一步拓展評(píng)價(jià)體系的適用范圍。
[Abstract]:Dividend policy has been called "an unsolved puzzle" in western academic circles. Dividend policy is one of the three core contents of the company's financial activities. It has attracted the attention of Chinese and foreign scholars. Dividend is the return of shareholders' investment, which is the most concern of shareholders. It is also the continuation of the company's financing activities. The appropriate dividend policy can stimulate the investment of investors. Enthusiasm for the company, to create a good corporate image for the company, and create conditions and opportunities for the long-term development of the company.
After a few years of vigorous development in China's capital market, the market scale has exceeded the vast majority of countries, in the position of second in the world, and the number of people involved in daily transactions is about 70000000. But compared with the developed western capital markets, there are many distinctive characteristics of the dividend distribution behavior of our listed companies. Even some of the weird things are worth exploring.
This paper first reviews the Chinese and foreign documents about cash dividends, and combs the influence factors of dividend distribution. According to the theory of signal transmission, agency theory and life cycle theory, it analyzes and summarizes 5 influential factors: governance structure, law and market, company finance, dividend policy and the industry. As the focus of the study, 7 representative indicators were selected for the measurement. Other factors selected 1 to 2 indicators, a total of 12 indicators.
In this paper, the data of 162 companies after the bank and insurance industry in Shanghai 180 in 2012 are taken as samples and the Logit regression model is used to study which factors affect the distribution of listed companies. Then the multiple regression model is set up with 151 listed companies as samples, and the cash dividend amount and the influencing factors are studied by the stepwise regression method. The quantitative relationship between them.
This paper is of great significance to the research on the rating of cash dividends.
First, there are quite a lot of literature on the study of cash dividend distribution, but few literature involves the rating of dividend dividend capacity. Therefore, this paper is a new starting point for the study of cash dividend rating, which provides a reference for follow-up research.
Second, according to the different purpose of their own research, each scholar will study the influence factors of cash dividend from different angles, including the financial situation of the company, the governance structure and the external factors. Through the induction of the research results of many scholars, this paper collate 5 main factors, so as to build the evaluation system of the dividend capacity.
Third, we hope that the relevant regulatory authorities and listed companies can take this as a lesson and take effective measures to standardize and improve the cash dividend policy so as to improve and improve the Chinese capital market.
In this paper, only one year's data are selected as samples, which are special, and the application scope of the evaluation system is narrow, which can further expand the scope of application of the evaluation system.
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51;F275

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