本文選題：經(jīng)濟波動 + 財務彈性　； 參考：《湖南大學》2016年碩士論文

【摘要】：投資、融資以及股利政策是企業(yè)財務管理三大主題。其中,股利政策會對企業(yè)發(fā)展及整體價值產(chǎn)生重大影響。隨著財務彈性理論的不斷研究,越來越多的學者開始關注財務彈性對股利政策的影響。已有的大量經(jīng)驗研究表明,企業(yè)不同的財務彈性對股利政策有很大影響,且這種影響也會受到經(jīng)濟波動的影響。因此,探討不同經(jīng)濟波動下,財務彈性對股利政策的影響是十分必要的。本文以財務彈性為主題,以企業(yè)財務核心概念之一的現(xiàn)金股利政策為落腳點,對經(jīng)濟波動下、企業(yè)財務彈性對現(xiàn)金股利政策的影響進行研究。在回顧大量相關文獻及理論依據(jù)的基礎上,本文提出三個主要假設并建立相應回歸模型,以2004-2015年披露的A股上市公司為樣本,對研究假設進行檢驗。研究發(fā)現(xiàn)：財務彈性是決定企業(yè)是否分發(fā)股利的一個重要因素,高財務彈性的企業(yè)往往傾向于支付現(xiàn)金股利,而低財務彈性的企業(yè)傾向于不發(fā)股利。進一步研究發(fā)現(xiàn),在不同的經(jīng)濟波動期,上市公司財務彈性對現(xiàn)金股利政策的影響不盡相同；在相同的經(jīng)濟波動期,具有不同生命周期的上市公司財務彈性對現(xiàn)金股利政策的影響也不盡相同；在不同的經(jīng)濟波動期,具有相同生命周期的上市公司財務彈性對現(xiàn)金股利政策影響也不盡相同。針對上述研究結(jié)論,本文為改善股權(quán)政策治理效應的發(fā)揮,提高企業(yè)投資效率和整體價值,提出了證監(jiān)會應進一步完善股利分配政策、引導上市公司制定科學的利潤分配規(guī)劃的政策建議。
[Abstract]:Investment, financing and dividend policy are three major themes of corporate financial management. Among them, dividend policy will have a significant impact on the development and overall value of enterprises. With the research of financial elasticity theory, more and more scholars begin to pay attention to the influence of financial elasticity on dividend policy. A large number of empirical studies have shown that different financial flexibility of enterprises has a great impact on dividend policy, and this impact will also be affected by economic fluctuations. Therefore, it is necessary to explore the impact of financial elasticity on dividend policy under different economic fluctuations. This paper takes the financial elasticity as the theme, takes the cash dividend policy, one of the core concepts of enterprise finance, as the foothold, and studies the influence of the enterprise financial elasticity on the cash dividend policy under the economic fluctuation. On the basis of reviewing a large number of relevant literature and theoretical basis, this paper puts forward three main hypotheses and establishes the corresponding regression model, taking A share listed companies disclosed from 2004 to 2015 as samples to test the research hypotheses. It is found that financial elasticity is an important factor to determine whether or not a company distributes dividends. Enterprises with high financial elasticity tend to pay cash dividends, while those with low financial elasticity tend not to pay dividends. Further study shows that the financial elasticity of listed companies has different effects on the cash dividend policy in different periods of economic fluctuation; in the same period of economic volatility, The financial elasticity of listed companies with different life cycles has different effects on the cash dividend policy, and the financial elasticity of listed companies with the same life cycle has different effects on the cash dividend policy in different economic fluctuation periods. In view of the above conclusions, in order to improve the governance effect of equity policy and improve the investment efficiency and overall value of enterprises, this paper puts forward that the CSRC should further improve the dividend distribution policy. To guide listed companies to formulate scientific profit distribution planning policy recommendations.
【學位授予單位】：湖南大學
【學位級別】：碩士
【學位授予年份】：2016
【分類號】：F275
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本文編號：1953951