本文選題：股價波動 + 股利政策�。� 參考：《安徽農(nóng)業(yè)大學(xué)》2017年碩士論文

【摘要】：我國創(chuàng)業(yè)板市場成立于2009年10月30,經(jīng)過幾年的快速發(fā)展,創(chuàng)業(yè)板市場的上市公司無論從總上市公司的數(shù)量還是市場總市值都得到了極大的提高。國內(nèi)外關(guān)于股利政策與股價波動的研究大多基于主板市場,由于創(chuàng)業(yè)板市場相對于主板市場的特殊性,本文研究在創(chuàng)業(yè)板市場中上市公司股利政策與股價波動的相關(guān)性,從而對創(chuàng)業(yè)板上市公司的股利政策的制定提供一定的借鑒意義。本文主要以理論研究與實證研究相結(jié)合的方式研究公司的不同股利政策與股價波動是否存在相關(guān)性以及相關(guān)的程度如何。實證部分,選取部分創(chuàng)業(yè)板上市公司為樣本,至于創(chuàng)業(yè)板市場成立時間較晚,因此選取截至2012年初在創(chuàng)業(yè)板上市的公司為研究樣本,選取2012至2016這五年數(shù)據(jù)進行研究。首先,對不同股利政策與股價波動的相關(guān)性進行研究主要針對的是現(xiàn)金股利政策與股票股利政策。其次,以不同的股利政策為依據(jù)進行分組,進行進一步深入的研究。通過理論與實證研究本文主要得出以下結(jié)論:(1)創(chuàng)業(yè)板上市公司的股利政策與股價波動具有相關(guān)性,無論現(xiàn)金股利還是股票股利都與股票價格波動都具有顯著的相關(guān)性。(2)在創(chuàng)業(yè)板市場上市公司股利政策中,現(xiàn)金股利與股價波動顯著負相關(guān),股票股利與股價波動顯著正相關(guān)。(3)創(chuàng)業(yè)板市場上市公司發(fā)放現(xiàn)金股利能夠抑制股票價格非理性的波動,現(xiàn)金股利的發(fā)放會促進公司股票價格的波動與公司基本面信息的聯(lián)系具有顯著性,而公司不發(fā)放現(xiàn)金股利會導(dǎo)致公司股票價格波動更加的非理性,即股價的波動與公司基本面信息、公司內(nèi)在價值關(guān)系不大。本文主要包括五個部分,第一章:緒論,闡述本文的研究背景、意義與文獻綜述,本文主要的研究內(nèi)容、研究方法與的基本框架,然后,介紹本文相對創(chuàng)新之處與本文的不足之處。第二章:相關(guān)理論分析,對與本文研究的相關(guān)概念與股利相關(guān)理論進行說明。第三章:分析我國創(chuàng)業(yè)板上市公司股利政策特征與現(xiàn)狀。第四章:實證過程,本文采用的是多元線性回歸的研究方法,實證檢驗創(chuàng)業(yè)板市場上市公司的股利政策與股價波動的關(guān)系,股利政策是否對股價波動具有顯著的相關(guān)性以及影響程度。第五章:結(jié)論與啟示,通過各種研究得出本文的結(jié)論與啟示。
[Abstract]:The GEM market in China was founded in 30 in October 2009. After several years of rapid development, the listed companies in the GEM market have greatly improved from the number of the total listed companies and the market value of the market. The research on the dividend policy and the volatility of the stock price at home and abroad is mostly based on the main board market, because the GEM market is relative to the main board. The particularity of the market, this paper studies the correlation between the dividend policy of the listed companies and the fluctuation of the stock price in the GEM market, so as to provide some reference for the formulation of the dividend policy of the GEM listed companies. This paper mainly studies the different dividend policies and the volatility of the stock by combining theoretical and empirical research. The empirical part selects some GEM listed companies as samples, and the time of the founding of the gem is late, so select the companies listed on the gem by the beginning of 2012 as the research samples and select the data from 2012 to 2016 for the five years. First, the different dividend policies and the stock price wave. The main purpose of the study is the cash dividend policy and the stock dividend policy. Secondly, it is divided into groups based on different dividend policies to carry out further research. Through the theoretical and empirical study, the main conclusions are drawn as follows: (1) the dividend policy of the GEM listed companies is related to the volatility of stock prices. Both the cash dividend and the stock dividend have a significant correlation with the stock price fluctuation. (2) in the dividend policy of the GEM listed companies, the cash dividend has a significant negative correlation with the volatility of the stock price, and the stock dividend has a significant positive correlation with the stock price fluctuation. (3) the issuance of cash dividends in the GEM listed companies can inhibit the stock price. Rational fluctuations, cash dividends will promote the volatility of the stock price of the company and the company's basic information, but the company does not pay cash dividends will lead to more irrational stock price volatility, that is, the volatility of the stock price and the company's basic information, the intrinsic value of the company has little relation. This article mainly includes five Chapter 1: the first chapter: introduction, the research background, significance and literature review, the main research content, the basic framework of the research method and the basic framework, and then, introduce the relative innovation of this paper and the shortcomings of this article. The second chapter: the related theory analysis, the related concepts and the dividend related theory of this paper. The three chapter: analysis of the characteristics and status quo of the dividend policy of Chinese GEM listed companies. Fourth chapter: empirical process, this paper uses the multiple linear regression research method, the empirical test of the relationship between dividend policy and stock price fluctuation of the GEM listed companies, whether the dividend policy has significant correlation to the stock price fluctuation and the degree of influence. The fifth chapter: conclusion and inspiration, draw the conclusion and Inspiration of this article through various studies.
【學(xué)位授予單位】：安徽農(nóng)業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51

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