中小板公司股利分配政策对财务可持续发展影响研究

发布时间：2018-01-20 13:51

本文关键词： 股利分配可持续增长回归分析　出处：《湖南师范大学》2013年硕士论文　论文类型：学位论文

【摘要】：中小板企业由于外部经济环境的变化以及自身局限性,面临着融资困难和财务资源较少的阻碍,企业要想摆脱困境,就必须从财务可持续增长上花功夫,通过财务管理活动促进企业的可持续成长。相对于许多外部不可控制因素而言,内部影响因素更容易通过相关的活动被管理者控制。因此,在谋求企业可持续增长的过程中,要重点关注内部相关因素,而最能直观反映企业内部相关影响因素的就是企业的财务指标。投资决策、筹资决策以及利润分配政策是企业财务管理的三大核心内容,而股利政策作为企业财务管理三大决策之一,它不仅关系到不同股东之间以及股东与债权人之间的利益权衡,还关系到上市公司的未来成长,进而影响到整个资本市场的健康发展,所以上市公司的股利分配政策一直是国内外学者关注研究的问题。本文选定中小板公司股利分配政策对财务可持续发展的影响进行全面、系统和较深入的研究。文章首先对影响股利政策制定的因素以及可持续增长理论进行了系统的梳理,接着阐述了公司股利分配政策对可持续增长影响的相关机理,主要包括股利分配政策对财务可持续增长影响的途径和影响因素分析。在此基础上,本文选取了2010-2011年中小板上市公司的相关财务数据,采用希金斯的可持续增长模型,通过多元回归分析等方法对财务可持续增长与股利分配政策之间的关系进行实证分析,得出的结论是：上市公司可持续增长率与是否分配股利呈正相关,发放现金股利的多少对可持续增长率有显著影响：上市公司可持续增长率与转增及送股方案不存在显著相关性,故上市公司在制定股利分配政策时,应避免不分配政策以保持派现的持续性。最后,文中针对实证结果从企业所处生命周期阶段提出了推进我国中小板上市公司可持续发展的股利分配政策建议
[Abstract]:Due to the changes of external economic environment and their own limitations, small and medium-sized enterprises are faced with financing difficulties and less financial resources. To get rid of the difficulties, enterprises must spend their efforts on sustainable financial growth. Through financial management activities to promote the sustainable growth of enterprises. Compared with many external uncontrollable factors, internal factors are easier to be controlled by managers through related activities. In the process of pursuing the sustainable growth of enterprises, we should focus on the internal related factors, and the most intuitive reflection of the related factors within the enterprise is the financial indicators and investment decisions. Financing decision and profit distribution policy are the three core contents of enterprise financial management, and dividend policy is one of the three decisions of enterprise financial management. It is not only related to the interests of different shareholders and between shareholders and creditors, but also related to the future growth of listed companies, and then affect the healthy development of the entire capital market. Therefore, the dividend distribution policy of listed companies has been concerned by scholars at home and abroad. This article selects the small and medium-sized board company dividend distribution policy to carry on the comprehensive influence to the financial sustainable development. First of all, the paper makes a systematic analysis of the factors that affect dividend policy formulation and the theory of sustainable growth. Then it expounds the related mechanism of the impact of dividend distribution policy on sustainable growth, including the impact of dividend distribution policy on the financial sustainable growth and the analysis of the influencing factors. This paper selects the relevant financial data of the small and medium-sized board listed companies in 2010-2011, and adopts Higgins' sustainable growth model. Through the empirical analysis of the relationship between the financial sustainable growth and the dividend distribution policy, the conclusion is that the sustainable growth rate of listed companies is positively correlated with whether or not dividends are distributed. The amount of cash dividend has a significant impact on the sustainable growth rate: there is no significant correlation between the sustainable growth rate of listed companies and the conversion and stock delivery scheme, so the listed companies in the formulation of dividend distribution policy. The non-distribution policy should be avoided in order to maintain the sustainability of cash payments. Finally, based on the empirical results, the paper puts forward some suggestions on the dividend distribution policy to promote the sustainable development of Chinese small and medium-sized board listed companies from the life cycle stage of enterprises.
【学位授予单位】：湖南师范大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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