股利、股票回购与上市公司盈余质量

发布时间：2018-02-17 01:29

本文关键词： 股票回购股票分红连续性代理成本马太效应　出处：《西南民族大学》2013年硕士论文　论文类型：学位论文

【摘要】：本文主要是对上市公司股票回购和分红进行研究，进而研究股票回购和分红与公司的盈余质量之间的关系。在对股票回购和分红两个概念和理论进行梳理的基础上，提出了股票回购和股利分配都是盈余质量信号的假设。然后通过对A股（上证A和深证A）上市公司股票回购进行统计，选出有效样本，并以有效样本为基础，我们对这些公司所属的行业进行统计，并重点分析这些公司在2005.1.1-2012.12.31之间的股票回购次数以及股票回购连续性，找出这些公司回购的规律和特点。最后再从股东角度对这些上市公司进行了分红次数、分红连续性及分红质量指标的统计。统计发现，在75家样本公司中94%的公司在最近的两年都进行过股票回购，这些参与过股票回购的公司，百分之百有过分红历史，这75家上市公司的平均分红次数为4.28次/期间，期间包含2005.1.1-2012.12.31上市公司数据。当然，盈余质量不仅和股票回购次数、连续性以及分红次数、连续性相关，也和分红质量有一定关系。我们的结论是，有股票回购历史的公司都具有较好盈余质量。同时需要指出，，还有很多盈余质量不错的上市公司没有股票回购历史但是有多次分红历史，同样是不错的上市公司。本文只是从股票回购这一个角度进行分析，希望对于进行长线投资的投资者有一定参考价值。
[Abstract]:This paper mainly studies the relationship between stock repurchase and dividend, and the relationship between stock repurchase and dividend and earnings quality of the company, on the basis of combing the concepts and theories of stock repurchase and dividend. The assumption that both stock repurchase and dividend distribution are earnings quality signals is put forward, and then through the statistics of A share (Shanghai Stock Exchange A and Shenzhen Stock Exchange A) listed companies, the valid sample is selected and based on the valid sample. We analyzed the number of share repurchases and the continuity of stock repurchases between January 1 and December 31, 2011. Find out the rules and characteristics of these companies' repurchase. Finally, from the perspective of shareholders, the statistics of the number of dividends, the continuity of dividends and the quality index of dividends are given to these listed companies. Of the 75 sample companies, 94% of the companies have conducted share buybacks in the last two years. These companies that have participated in the stock buybacks have a history of dividends in 100%. The average number of dividends of these 75 listed companies is 4. 28 times per period. Of course, earnings quality is related not only to the number of stock buybacks, continuity and times of dividends, but also to the quality of dividends. Companies with a history of share buybacks all have better earnings quality. At the same time, it should be pointed out that many listed companies with good earnings quality have no history of share repurchase but have a history of multiple dividends. It is also a good listed company. This paper only analyzes from the angle of stock repurchase, hoping that it will have some reference value for the investors who invest in the long term.
【学位授予单位】：西南民族大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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