發(fā)布時(shí)間：2018-06-06 01:31

  本文選題：創(chuàng)業(yè)板上市公司 + 成長(zhǎng)性��； 參考：《海南大學(xué)》2014年碩士論文

【摘要】：2009年10月30日,中國(guó)創(chuàng)業(yè)板市場(chǎng)正式成立,創(chuàng)業(yè)板的上市條件比較寬松,主要是為一些創(chuàng)新型、成長(zhǎng)型、風(fēng)險(xiǎn)型的中小企業(yè)提供了一個(gè)融資的平臺(tái)。成長(zhǎng)能力強(qiáng)是創(chuàng)業(yè)板上市公司普遍具有的最突出的特點(diǎn)。同時(shí),股利分派政策一直以來(lái)都特別得到上市公司高層的關(guān)注,是上市公司重要的財(cái)務(wù)政策之一。影響股利政策的因素有很多,如未來(lái)成長(zhǎng)機(jī)會(huì)、盈利能力等。本文試圖從成長(zhǎng)性的視角探索其對(duì)創(chuàng)業(yè)板上市公司股利分配政策的影響,即成長(zhǎng)性的高低是否影響其對(duì)股利分配政策的制定,為探索解決創(chuàng)業(yè)板市場(chǎng)“股利之謎”提供一定的實(shí)證依據(jù)。 本文選擇153家2010年12月31日前在深交所上市的創(chuàng)業(yè)板上市公司為樣本,通過(guò)近三年的年報(bào)數(shù)據(jù),從盈利能力、償債能力等多個(gè)方面,選取具有代表性的主要財(cái)務(wù)指標(biāo),然后運(yùn)用因子分析法對(duì)中國(guó)的創(chuàng)業(yè)板上市公司的成長(zhǎng)性進(jìn)行實(shí)證研究,并最終通過(guò)計(jì)算成長(zhǎng)性綜合得分將創(chuàng)業(yè)板上市公司分為成長(zhǎng)性和非成長(zhǎng)性兩類,接下來(lái)從成長(zhǎng)的角度,對(duì)于成長(zhǎng)性是否會(huì)影響創(chuàng)業(yè)板上市公司的股利分配政策進(jìn)行假說(shuō),繼而采用描述統(tǒng)計(jì)、比較分析、回歸分析等方法實(shí)證檢驗(yàn)假說(shuō)的成立與否,最終得出本文的結(jié)論,即創(chuàng)業(yè)板上市公司的成長(zhǎng)性與其股利政策波動(dòng)性呈現(xiàn)正相關(guān)關(guān)系,即高成長(zhǎng)性公司比低成長(zhǎng)性公司股利支付穩(wěn)定性及連續(xù)性都更高。根據(jù)上述實(shí)證分析結(jié)論,本文從宏觀法律、政府監(jiān)管、外部投資者、上市公司本身四個(gè)方面提出了對(duì)策建議,希望能為各方研究提供有價(jià)值的信息。最后,本文還指出了其尚存的不足之處以及今后研究的努力方向。
[Abstract]:On October 30, 2009, China's gem market was formally established, and the listing conditions of the gem were relatively loose, mainly to provide a financing platform for some innovative, growth-oriented and risk-based SMEs. Strong growth ability is the most prominent characteristics of gem listed companies. At the same time, dividend distribution policy has been paid special attention by the top management of listed companies, which is one of the important financial policies of listed companies. There are many factors affecting dividend policy, such as future growth opportunities, profitability and so on. This paper attempts to explore its impact on the dividend distribution policy of gem listed companies from the perspective of growth, that is, whether the level of growth affects the formulation of dividend distribution policy. In order to find a way to solve the "riddle of dividend" in the gem market, this paper selects 153 listed companies listed on Shenzhen Stock Exchange before December 31, 2010 as a sample, and through the annual report data of nearly three years, from the profitability, In this paper, the main financial indicators are selected, and then the growth of gem listed companies in China is empirically studied by factor analysis. Finally, through the calculation of growth comprehensive score, the gem listed companies are divided into growth and non-growth, then from the growth point of view, whether growth will affect the gem listed companies dividend distribution policy hypothesis, Then, using descriptive statistics, comparative analysis, regression analysis and other methods to test the hypothesis or not, the conclusion of this paper is that the growth of gem listed companies is positively related to the volatility of dividend policy. That is, high growth companies than low growth companies dividend payment stability and continuity are higher. According to the above empirical analysis conclusion, this paper puts forward countermeasures and suggestions from four aspects of macro law, government supervision, external investors and listed companies themselves, hoping to provide valuable information for all parties to study. Finally, the paper also points out its remaining shortcomings and the direction of future research.
【學(xué)位授予單位】：海南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275;F832.51

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本文編號(hào)：1984388