基于可持续增长视角的ZSY公司股利分配政策研究

发布时间：2018-02-04 02:49

本文关键词： 股利分配现金股利可持续增长　出处：《安徽大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着中国市场经济的不断发展,股利分配政策逐渐成为了监管部门和广大投资者日益关注的热点问题,这正是因为,股利分配的问题不仅仅会关系到一个上市公司是否可以长久稳定的经营、众多的投资者在精挑细选之下是否可以获得满意的回报,它更是与我国资本市场未来的健康发展有着密不可分的关系。倘若一个上市公司在用心经营、实事求是的前提之下,结合自己的战略规划,制定出符合自己实际特点的股利分配政策,那样不但可以提升公司在股票市场上的价值、树立良好的企业形象,也为将来公司的融资和再投资问题铺平了道路,从而可以增强社会大众对其未来稳步发展的信心,对上市公司长远的发展具有深远的意义。然而,存在着很多上市公司在盆满钵盈、现金流充足的情况下,却依然实行着与之不符的低现金股利支付率政策,更有甚者在盈利的条件下却不乐于分享胜利的果实,选择不分配股利。除此之外,一系列缺乏连续性、稳定性和科学性的股利分配政策开始出现在大众的视野之中,包括上市公司将未分配的利润以股票红利的形式发放给股东,将公司的资本公积转化为赠送给股东的股本等等,这些看似形式多样的股利分配政策正在一点一点侵蚀着我国的资本市场,严重影响和制约着它未来的茁壮成长。本文以ZSY公司近年来的股利分配数据作为研究对象并以此展开,共分为以下六个部分:第一部分为绪论,主要介绍了本文的研究背景与意义、国内外对股利分配和可持续增长的研究现状、研究思路与方法、以及本文研究的创新点;第二部分,具体对股利分配和可持续增长的相关概念及理论进行全面的介绍,包括股利分配政策的概念、类型、相关研究理论等,以及阐述可持续增长的两大类四小种理论内容;第三部分,通过立足ZSY公司股利分配的实际情况,并将其与国内外同行业的其他石油公司的股利分配情况进行对比分析,从而来探究ZSY公司股利分配的具体现状;第四部分,基于可持续增长的背景,将ZSY公司财务的可持续增长与股利分配内容结合分析来探究二者的关系,具体包括对ZSY公司历年可持续增长情况的分析,以及将其与国内其他的石油公司可持续增长情况对比分析,从而探究出可持续增长背景下ZSY公司股利分配存在的问题;第五部分,结合ZSY公司可持续增长情况对其股利分配政策提出改进意见;第六部分为本文的研究结论和研究展望。本文的创新之处在于不仅从传统的股利分配视角下来研究ZSY公司的股利分配政策,将其与国内外同类型的石油公司的股利分配政策进行对比分析,更好地将理论与实际融会贯通;更从当今热点话题——财务可持续增长角度出发来全面研究公司的财务可持续增长是否与其制定的股利分配政策相互关联,为公司未来长远的生产经营增添一抹新绿。
[Abstract]:With the continuous development of Chinese market economy, dividend distribution policy has gradually become a hot issue that regulators and investors pay more and more attention to, which is precisely because. The issue of dividend distribution will not only affect whether a listed company can operate steadily for a long time, but also whether many investors can obtain satisfactory returns under careful selection. It is closely related to the healthy development of our country's capital market in the future. If a listed company is operating with heart and seeking truth from facts, it combines its own strategic planning. It can not only enhance the value of the company in the stock market, establish a good corporate image, but also pave the way for the financing and reinvestment of the company in the future. This can enhance the public's confidence in its future steady development, and has far-reaching significance for the long-term development of listed companies. However, there are many listed companies in the rich, cash-flow situation. However, the policy of low cash dividend payment rate, which is not in line with it, is still implemented. Moreover, even under the condition of profit, some people are not willing to share the fruits of victory and choose not to distribute dividends. In addition, a series of lack of continuity. The stable and scientific dividend distribution policy began to appear in the public view, including the undistributed profits of listed companies to the shareholders in the form of stock dividends. These seemingly diverse dividend policies are eroding the capital market of our country bit by bit by transforming the company's capital reserve into the stock capital that is given to the shareholders and so on. This paper takes the dividend distribution data of ZSY Company in recent years as the research object and starts with it. It is divided into the following six parts: the first part is the introduction. This paper mainly introduces the research background and significance of this paper, the research status of dividend distribution and sustainable growth at home and abroad, research ideas and methods, as well as the innovative points of this study; The second part, the specific introduction of dividend distribution and sustainable growth related concepts and theories, including the concept of dividend distribution policy, types, relevant research theory and so on. And expounds the two major categories of sustainable growth four small theoretical content; The third part, based on the actual situation of dividend distribution of ZSY company, and compare it with other oil companies in the same industry at home and abroad. In order to explore the specific status quo of dividend distribution in ZSY company; Part 4th, based on the background of sustainable growth, analyzes the relationship between the sustainable financial growth and dividend distribution of ZSY Company. It includes the analysis of ZSY's sustainable growth in the past years, and the comparative analysis of its sustainable growth with that of other domestic oil companies. In order to explore the ZSY company under the background of sustainable growth dividend distribution problems; Part 5th, combining with the sustainable growth of ZSY Company, puts forward some suggestions to improve its dividend distribution policy; Part 6th is the conclusion and prospect of this paper. The innovation of this paper is not only from the perspective of traditional dividend distribution to study the dividend distribution policy of ZSY company. Comparing it with the dividend distribution policy of the same type of oil companies at home and abroad, the theory and practice will be better integrated; More from today's hot topic-financial sustainable growth point of view to study whether the company's financial sustainable growth and its dividend distribution policy is related to each other. For the company's future long-term production and operation to add a new green.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.22;F406.7

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