中小板上市公司股利政策影响因素研究

发布时间：2018-01-06 01:32

本文关键词：中小板上市公司股利政策影响因素研究　出处：《辽宁大学》2013年硕士论文　论文类型：学位论文

【摘要】：2004年5月27日中小板在我国深圳证券交易所正式建立。中小企业板块的建立代表我国多层次资本市场框架建设的开始，它增加了中小企业的融资途径，是我国资本市场发展的里程碑。与我国主板上市公司常年实施不分配股利或者支付较低水平股利的股利政策不同，中小板开板以来，该板块的上市公司非常重视投资者的回报，连年实施“高送转、高派现”的股利政策，其高回报性引起了广大投资者的关注。截止2012年12月31日深圳中小板已经走过了8年的风雨历程，上市公司的数量已达702家，在中国证券市场中己经具有举足轻重的地位。中小板上市公司在这8年发展良好，而且其整体上一直保持较高的股利支付水平，为投资者带来了丰厚的投资回报。中小板上市公司将来如何取得进一步的发展，如何制定合理的股利政策以实现公司自身的发展成长和股东的财富最大化，这将成为我们研究的焦点。本文选取中小板上市公司股利政策作为研究对象，一方面有助于广大投资者提高风险意识和投资意识，透过股利分配情况分析中小板上市公司的内在投资价值，挖掘出中小板中具有发展潜力的公司，从而为投资者带来丰富的投资收益。另一方面，可以帮助公司根据自身发展需要，制定科学合理的股利政策，稳定公司股价，保证公司的长远发展。最后，从长远角度分析，有利于国家和广大投资者对证券市场未来发展速度、质量进行预测，制定合理的投资策略，优化市场资源配置，进而能够促进主板市场乃至整个资本市场建设的不断完善。本文的研究思路：首先在回顾总结了国内外有关股利政策现有研究成果的基础上，分析归纳了中小板上市公司股利分配现状，并对其影响因素进行定性分析。其次，选取中小板上市公司2007-2011年相关指标作为样本，提出研究假设，构建多元线性回归模型，借助统计软件进行实证分析，得出研究结论并提出相关建议。本文内容包含以下几部分：绪论部分：阐释本文的选题背景及其研究现实意义，归纳整理国内外有关股利政策的研究现状，然后介绍本文的研究思路、研究方法，简明扼要地阐明研究内容，最后说明本文的创新之处。正文部分：首先，简要总结股利政策的相关理论，包括股利政策的基本内容和类型，西方传统股利政策理论和现代股利政策理论；其次，与主板上市公司股利分配情况比较，分析中小板上市公司股利分配的现状；再次，理论分析中小板上市公司股利政策影响因素；最后，对中小板上市公司股利政策进行了实证研究，选取中小板上市公司2007年-2011年相关财务指标作为样本，以相关理论为依据提出假设，构建多元线性回归方程，，借助SPSS18统计软件进行实证分析。结论部分：根据前文的实证研究结果总结本文研究结论，即影响中小板上市公司股利政策的因素主要有盈利能力、偿债能力、股权集中度、现金充裕程度、公司规模、资产流动性（按影响程度由高到低排列），并据此对中小板上市公司股利政策的制定提出相应的建议。
[Abstract]:Small plates in May 27, 2004 formally established in China's Shenzhen stock exchange. The small and medium-sized enterprises board to establish a representative framework for the construction of China's multi-level capital market, it increases the financing of small and medium-sized enterprises, is a milepost in China's capital market development. With China's main board listed company perennial implementation of distribution of dividends or low level of dividend payment the dividend policy is different, since the opening of the SME board, board listed company attaches great importance to investors in return, in recent years the implementation of the "gaosongzhuan, high cash dividend" dividend policy, the high returns attracted the attention of investors. By the end of December 31, 2012, the Shenzhen SME board has gone through 8 years, the number of listed companies has reached 702, in the Chinese stock market already has a pivotal position. The SME Board Listed Companies in the 8 years of development, and the whole of a straight To maintain a high level of dividend payment, huge investment returns for investors. The SME board listed companies how to achieve further development in the future, how to maximize the reasonable dividend policy to achieve the growth and development of the company's own shareholder wealth, it will become the focus of our research.
This paper selects the SME board listed companies dividend policy as the research object, on the one hand helps investors to enhance risk awareness and awareness of investment, through the dividend distribution analysis of small and medium plate internal investment value of listed companies, to dig out the potential small plates in the company, so as to bring rich investment returns for investors. On the other hand that can help the company according to their own development needs, formulate scientific and rational dividend policy, stock price stability, to ensure the long-term development of the company. Finally, the analysis from the long-term perspective, is conducive to the country and the investors of the future stock market development speed, quality prediction, formulate a reasonable investment strategy, optimize the allocation of market resources, and to promote the construction of the main market and the capital market continues to improve.
Firstly, based on the review summarized the dividend policy on the results of existing research, analysis of the present situation of dividend distribution of Listed Companies in SME board, and its influencing factors are qualitative analysis. Secondly, select the small board listed company 2007-2011 index as a sample, puts forward the research hypothesis, construct multiple linear regression model, empirical analysis using statistical software, draws the research conclusion and puts forward relevant suggestions.
The contents of this article include the following parts:
The introduction part explains the background and practical significance of the topic, summarizes the research status of dividend policy at home and abroad, then introduces the research ideas and research methods, and briefly explains the research contents, and finally, explains the innovation of this paper.
The text part: first, a brief summary of related theories of dividend policy, including the basic contents and types of dividend policy, dividend policy theory and the traditional western modern dividend policy theory; secondly, compared with the motherboard of the dividend distribution of listed companies, the status of dividend distribution of Listed Companies in the analysis of small and medium plate; thirdly, the theoretical analysis of factors influencing the dividend policy of SME board listed companies; finally, the SME Board Listed Companies Dividend Policy for the empirical research, selection of small plates -2011 years related financial indicators of Listed Companies in 2007 as samples, on the basis of the relevant theory hypothesis, construct multiple linear regression equation, empirical analysis using SPSS18 statistical software.
Conclusion: according to the empirical research results are summarized and the conclusion of this study, the effect of small and medium-sized board factors of dividend policy of listed companies is mainly the profitability, solvency, equity concentration, cash rich, company size, asset liquidity (according to the influence degree from high to low order), put forward the corresponding suggestions according to small board listed company dividend policy.

【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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