华能国际高派现股利政策研究

发布时间：2018-07-02 20:55

本文选题：华能国际 + 股利政策　；参考：《广东工业大学》2017年硕士论文

【摘要】：股利政策是上市公司的财务的敏感问题和三大核心问题之一,股利分配政策的制定不仅需要考虑到对股东的回报,还要考虑到公司未来的发展需要。电力行业的股利分配政策对于整个上市公司来说是支付水平较高的,有较强的连续性和稳定性。如何在留存收益和股利分配之间进行取舍,是上市公司决策的重要内容。并且电力行业是资金密集度最高的行业,资金需求较大,因此对于电力行业上市公司股利政策的影响因素进行研究,以股利政策做功于公司业绩是很有必要的。本文首先是在回顾了股利政策的理论基础上,着重强调了与高派现相关的股利政策,随后从分配形式、基本特征和主要影响因素分析了我国上市公司的股利政策的现状。紧接着引出华能国际作为研究案例,介绍了华能国际的基本情况,于此同时与同行业公司股利政策进行对比研究,再分别从财务因素、代理理论视角和信号传递效应对其影响因素进行分析,最后得出相关结论:华能国际的股利政策连续且稳定,以现金股利为主、股利支付率高。良好的财务状况和盈利能力是公司派发现金股利的基础,同时非财务因素(包括代理成本理论和信号传递效应)也是影响股利政策制定的重要因素之一。但是现金股利支付率并不是越多越好的,这还需要考虑到现实的宏观环境和未来公司的发展状况。
[Abstract]:Dividend policy is a sensitive issue and one of the three core issues in the financial affairs of listed companies. The formulation of dividend distribution policy should take into account not only the return to shareholders but also the development needs of the company in the future. For the whole listed company, the dividend distribution policy of electric power industry is of high payment level, strong continuity and stability. How to choose and choose between retained earnings and dividend distribution is an important part of the decision of listed companies. And the power industry is the industry with the highest capital intensity, so it is necessary to study the influencing factors of the dividend policy of listed companies in power industry, and use the dividend policy to contribute to the performance of the company. This paper first reviews the theory of dividend policy, emphasizes the dividend policy related to high dividend, and then analyzes the current situation of dividend policy of listed companies in China from the distribution form, basic characteristics and main influencing factors. Then draw out Huaneng International as a case study, introduced the basic situation of Huaneng International, and at the same time compared with the dividend policy of the same industry company, and then separately from the financial factors, From the perspective of agency theory and signal transmission effect, the author analyzes the influencing factors, and draws the conclusion that the dividend policy of Huaneng International is continuous and stable, mainly cash dividend, and the dividend payment rate is high. Good financial situation and profitability are the basis for the company to distribute cash dividends, and non-financial factors (including agency cost theory and signaling effect) are also one of the important factors that affect the dividend policy formulation. But the cash dividend payment rate is not as good as the more, which also needs to take into account the real macro environment and the future development of the company.
【学位授予单位】：广东工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F426.61

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