本文選題：民營(yíng)上市企業(yè) + 股利政策��； 參考：《山西財(cái)經(jīng)大學(xué)》2014年碩士論文

【摘要】：從1990年上海證券交易所成立至今短短的24年間，中國(guó)證券市場(chǎng)發(fā)生了翻天覆地的變化，同時(shí)，證券市場(chǎng)已經(jīng)漸漸成為了我國(guó)社會(huì)主義市場(chǎng)經(jīng)濟(jì)的主力軍。隨著證券市場(chǎng)的不斷發(fā)展，民營(yíng)上市公司作為我國(guó)新生力量，在近幾年的發(fā)展中突飛猛進(jìn)，經(jīng)過(guò)2013年底的報(bào)告得知，民營(yíng)上市公司的加權(quán)每股凈收益遠(yuǎn)高于滬、深兩市的水平，這些數(shù)據(jù)都表現(xiàn)出了民營(yíng)上市企業(yè)強(qiáng)大的生命力和較強(qiáng)的盈利能力。但是，民營(yíng)企業(yè)在高速發(fā)展的同時(shí)表現(xiàn)出了一些問(wèn)題，特別是中部地區(qū)民營(yíng)上市企業(yè)出現(xiàn)了，例如股權(quán)結(jié)構(gòu)不合理、家族企業(yè)利潤(rùn)分配不規(guī)范、股利分配連續(xù)性和穩(wěn)定性差以及惡性分紅等等問(wèn)題，這些問(wèn)題的出現(xiàn)將制約著民營(yíng)上市企業(yè)的可持續(xù)發(fā)展。 本文在闡述了股利分配政策相關(guān)理論的基礎(chǔ)上，在中部六省770家民營(yíng)上市公司中選取40家有代表性的公司作為樣本研究，收集了2009-2013年五年間樣本公司的年報(bào)及相關(guān)財(cái)務(wù)指標(biāo)，首先從現(xiàn)有的財(cái)務(wù)指標(biāo)出發(fā)，簡(jiǎn)單描述了中部六省民營(yíng)上市企業(yè)的股利分配現(xiàn)狀；其次，運(yùn)用構(gòu)建模型的方法，通過(guò)SPSS軟件進(jìn)行了相關(guān)性測(cè)試和多元回歸模型的分析，找出民營(yíng)上市企業(yè)股利支付水平和派現(xiàn)能力的影響因素；最后，基于描述性分析和多元回歸分析的結(jié)果，找出中部地區(qū)民營(yíng)上市企業(yè)在股利政策上出現(xiàn)的問(wèn)題，并對(duì)此提出優(yōu)化民營(yíng)企業(yè)股利政策具體的建議。 本文運(yùn)用數(shù)據(jù)分析和多元回歸分析的方法，進(jìn)行了以下六部分的研究：第一章，主要研究本文的背景和意義、國(guó)內(nèi)外相關(guān)的文獻(xiàn)研究以及本文在股利政策研究方面表現(xiàn)出的創(chuàng)新和不足；第二章，主要介紹傳統(tǒng)以及現(xiàn)代的股利政策；第三章，主要介紹了中部六省民營(yíng)上市公司股利分配的現(xiàn)狀，通過(guò)對(duì)民營(yíng)上市企業(yè)股利分配情況、派現(xiàn)比例以及股利支付率的分析，指出中部地區(qū)民營(yíng)上市企業(yè)具有股利分配較為普遍、股利支付主要以現(xiàn)金為主、股利支付率偏低等問(wèn)題；第四章，是對(duì)中部地區(qū)樣本民營(yíng)上市企業(yè)實(shí)證研究的研究設(shè)計(jì)；第五章，主要是實(shí)證的結(jié)果分析，在運(yùn)用描述性統(tǒng)計(jì)結(jié)果分析、相關(guān)性測(cè)試以及多元線性回歸分析之后，得出了股利集中度、董事長(zhǎng)管理人員的比例、獨(dú)立董事的比例是如何影響股利政策。第六章，主要有針對(duì)性地提出了自己的建議，包括：規(guī)范股利政策制定、提高公司盈利能力、優(yōu)化公司股權(quán)結(jié)構(gòu)等。
[Abstract]:Since the establishment of the Shanghai Stock Exchange in 1990, China's securities market has undergone earth-shaking changes. At the same time, the securities market has gradually become the main force of our socialist market economy. With the continuous development of the securities market, private listed companies, as a new force in our country, have made rapid progress in recent years. After the report of the end of 2013, we know that the weighted net income per share of the private listed companies is much higher than that of the Shanghai and Shenzhen stock markets. These data all showed the strong vitality and the strong profitability of the private listed enterprises. However, at the same time of the rapid development of private enterprises, there are some problems, especially the emergence of private listed enterprises in the central region, such as unreasonable ownership structure, non-standard profit distribution of family enterprises, The problems of poor continuity and stability of dividend distribution and malignant dividends will restrict the sustainable development of private listed enterprises. On the basis of explaining the relevant theories of dividend distribution policy, this paper selects 40 representative companies among 770 private listed companies in six central provinces as the sample, and collects the annual reports and related financial indexes of the sample companies during the five years from 2009 to 2013. Starting from the existing financial indicators, this paper briefly describes the status quo of dividend distribution of private listed enterprises in six central provinces. Secondly, by using the method of constructing model, the correlation test and the analysis of multivariate regression model are carried out by SPSS software. Finally, based on the results of descriptive analysis and multiple regression analysis, we find out the problems in dividend policy of private listed enterprises in the central region. And put forward to optimize the private enterprise dividend policy specific suggestions. This paper uses the methods of data analysis and multivariate regression analysis to study the following six parts: chapter one, the background and significance of this paper. Domestic and foreign relevant literature research and this article in the dividend policy research aspect displays the innovation and the insufficiency; the second chapter, mainly introduces the traditional and the modern dividend policy; the third chapter, This paper mainly introduces the current situation of dividend distribution of private listed companies in six provinces of central China, and points out that the distribution of dividend in private listed enterprises in the central region is relatively common through the analysis of the distribution of dividend, the proportion of dividend payout and the rate of dividend payment in private listed enterprises in the central region. Dividend payment is mainly cash, dividend payment rate is low; the fourth chapter is a sample of private listed enterprises in the central region empirical research design; the fifth chapter, mainly empirical results analysis, After using descriptive statistical analysis, correlation test and multiple linear regression analysis, the paper concludes how dividend concentration, the proportion of chairman and management, and the proportion of independent directors affect dividend policy. In the sixth chapter, the author puts forward his own suggestions, including standardizing dividend policy, improving the profitability of the company, optimizing the structure of the company's equity, and so on.
【學(xué)位授予單位】：山西財(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)】：F276.5;F832.51;F275

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