格力电器高派现股利政策影响因素分析

发布时间：2018-01-19 07:42

本文关键词： 高派现股利政策财务状况股权结构股利信息传递效应　出处：《石河子大学》2017年硕士论文　论文类型：学位论文

【摘要】：在当前市场经济环境下,财务政策主要包括:风险管理政策、信用管理政策、融资管理政策、资金投资政策以及股利政策,其中股利政策对企业经营状况、企业未来的发展有显著地影响,然而企业制定、实施股利政策过程中存在着大量的问题。股利政策也直接影响投资者的利益,因此合理引导上市公司的股利政策,保护投资者的利益,已成为我国资本市场经济研究的重要课题。其中现金股利分配政策对上市公司的未来业绩具有一定的信号传递作用,并对其公司的长远发展具有显著影响,近几年,受国家政策以及市场经济的影响,我国上市公司股利政策派现金额不断提高,从而高派现现象引起了企业股东、投资者、中国证监会的高度关注。因此,本论文以处于我国家电行业的格力电器为研究对象,采用案例分析和理论研究相结合的方法,分析影响上市公司高派现股利政策的因素。本文首先对国内外文献进行了总结和归纳,其次对高派现股利政策的相关理论进行分析,之后将股利政策理论与现实高派现行为相联系,采用案例分析法,分析归纳格力电器高派现股利政策的影响因素,最后得出本文研究结论,并提出该论文研究过程中得到的启示。根据理论分析和案例研究结果发现:(1)企业保持良好的盈利能力是实施高派现股利政策的基础。(2)具有充足的现金流量是实施高派现股利政策的必要条件。(3)当上市公司已经从发展阶段迈向成熟阶段时,未来的充满太多的不确定性,从而缺失良好的投资机会,但同时拥有充足的现金流量,并且具有稳定的盈利能力,此时公司更倾向于选择高派现股利政策。(4)当企业所处行业进入成熟期,企业经营方式或发生变化,对资金需求大,通过高派现股利政策吸引更多地投资者。(6)上市公司股权结构的变更对其氋派现行为有决定性影响。(6)在实施高派现股利政策,需要保证信息传递的对称性,投资者更加关注公司的盈利能力与现金股利两方面的比较分析。(7)上市公司实施高派现股利政策受证监会颁布的条例规定的影响,并受我国宏观经济的影响。
[Abstract]:In the current market economy environment, the financial policy mainly includes: risk management policy, credit management policy, financing management policy, capital investment policy and dividend policy. The future development of enterprises has a significant impact, however, there are a large number of problems in the process of making and implementing dividend policies. Dividend policies also directly affect the interests of investors. Therefore, we should guide the dividend policy of listed companies reasonably and protect the interests of investors. It has become an important subject in the study of capital market economy in China, in which the cash dividend distribution policy has a certain signalling effect on the future performance of listed companies, and has a significant impact on the long-term development of their companies. In recent years, due to the influence of national policies and market economy, the dividend policy of listed companies in China has been increasing the amount of cash, thus the phenomenon of high dividend has caused the shareholders and investors of enterprises. China Securities Regulatory Commission (CSRC) is highly concerned. Therefore, this paper takes Gree electrical appliances in China's home appliance industry as the research object, and adopts the method of combining case analysis and theoretical research. This paper analyzes the factors that affect the high dividend policy of listed companies. Firstly, this paper summarizes and summarizes the literature at home and abroad, and then analyzes the relevant theories of high dividend policy. After the dividend policy theory and the reality of high dividend behavior linked to the use of case analysis, analysis of Gree electrical high dividend policy factors, and finally draw the conclusion of this paper. According to the theoretical analysis and case study results, it is found that the good profitability of the enterprises is the basis of implementing the high dividend policy. Having sufficient cash flow is a necessary condition for the implementation of high dividend policy.) when the listed company has moved from the stage of development to the stage of maturity. The future is full of too much uncertainty, thus missing good investment opportunities, but at the same time have sufficient cash flow, and have stable profitability. At this time, the company is more inclined to choose the high dividend policy. 4) when the industry in which the enterprise enters the mature period, the business operation mode may change, and the demand for capital is large. Through the high dividend policy to attract more investors. 6) the change of the stock structure of listed companies has a decisive impact on their cash payout behavior. 6) the implementation of high dividend policy. The symmetry of information transmission needs to be guaranteed. Investors are more concerned about the profitability of the company and cash dividend two aspects of comparative analysis. 7) listed companies to implement high dividend policy by the Securities and Futures Commission promulgated the impact of regulations. And by the macroeconomic impact of our country.
【学位授予单位】：石河子大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.6;F406.7

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