金杯汽车长期不进行现金分红原因分析

发布时间：2018-01-13 07:20

本文关键词：金杯汽车长期不进行现金分红原因分析　出处：《内蒙古农业大学》2017年硕士论文　论文类型：学位论文

【摘要】：现金分红是上市企业将获得的利润回报给投资者的方式之一,同时也涉及到流动性最强的资产,所以一直受到各界关注。如果上市企业长期不分红,就会使投资者出现投机心理,导致证券市场的混乱。所以为了维护证券市场稳定,对上市企业现金分红政策进行分析有很重要的意义。本文主要工作是以金杯汽车上市以来从未实施过现金分红政策为背景,结合上市企业实施现金分红的条件对金杯汽车的分红能力进行分析。然后从财务状况和公司治理两个角度对金杯汽车进行全面剖析,发现导致金杯汽车长期不进行现金分红的原因主要是负债过重,使企业一直承担着较大的财务风险;而且市场环境的变化使金杯汽车的市场份额被剥夺,加上企业频繁的重组,管理者不能及时的了解到企业内部具体情况,所以使企业陷入了一定的财务困境。另外从公司治理角度来讲,金杯汽车一直都存在"一股独大"现象,政企不分家现象突出,而且董事会成员之间的纽带关系复杂,加上金杯汽车在高管激励方面积极性不高,使高管们为了自己利益侵占企业资金,进行过度投资,导致企业资金短缺。通过对金杯汽车长期不分红的原因进行分析,发现现金分红并不是适用于每个企业,而且现金分红也并不是越多越好,上市企业和投资者都不能盲目的推崇现金分红政策。对于监管机构来讲,应该"因企制宜",针对不同企业的具体情况,采取多样的现金分红政策约束条件进行区别对待。
[Abstract]:Cash dividend is one of the ways for listed companies to give profit return to investors, but also involves the most liquid assets, so it has been concerned by all walks of life. If listed companies do not pay dividends for a long time. Investors will appear speculative psychology, leading to the securities market chaos. So in order to maintain the stability of the securities market. It is of great significance to analyze the cash dividend policy of listed enterprises. The main work of this paper is based on the background that the golden cup car has never implemented the cash dividend policy since it was listed. Combined with the listed enterprises to implement the conditions of cash dividend to the Jinbei automobile dividend ability analysis. Then from the financial situation and corporate governance of the two aspects of the overall analysis of the golden cup car. It is found that the main reason why the gold cup automobile does not carry out the cash dividend for a long time is that the debt is overweight, which makes the enterprise bear the bigger financial risk all the time; And the change of the market environment deprives the market share of the golden cup automobile, plus the frequent reorganization of the enterprise, the managers can not understand the specific situation of the enterprise in time. In addition, from the point of view of corporate governance, the golden cup car has always been "a unique" phenomenon, the phenomenon is prominent. And the complex ties between board members and the lack of incentives for senior executives by Golden Cup cars make executives encroach on corporate funds and overinvest for their own benefit. Through the analysis of the reasons why the gold cup car does not pay dividends for a long time, it is found that the cash dividend is not suitable for every enterprise, and the more cash dividends are, the better. Listed companies and investors should not blindly promote the cash dividend policy. For regulators, should "suit the situation", according to the specific conditions of different enterprises. Take a variety of cash dividend policy constraints for different treatment.
【学位授予单位】：内蒙古农业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.471;F406.7;F832.51

【参考文献】