中国上市公司股利政策与盈余质量的相关性研究

发布时间：2018-03-01 07:15

本文关键词： 股利政策股利派发率盈余质量　出处：《江西财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：股利政策从股份制公司诞生之日起就成为公司理财的核心内容,一直是理论界和实务界共同关注的问题。本论文研究了中国上市公司股利政策与盈余质量的相关关系,意义在于基于不同视角合理解释了现实生活中的两大问题。第一,基于公司治理与决策的视角,制定怎样的股利政策对于上市公司而言才是最合理的,在派发股利和保持盈余之间如何达到最佳的平衡,怎样的盈余是最有益于公司的成长性和可持续发展的。第二,基于证券市场投资的视角,探讨上市公司的盈余质量是否会最终影响到股利的发放,这就帮助投资者解读隐藏于财务报告内的盈余质量各相关因素能否为投资者带来一定的股利回报,而这种回报是否与盈余质量存在某种必然的联系。本文的核心内容大致分为以下两个部分：一方面,从我国上市公司制定股利政策派发不同类型红利的实际情形分析,对股利支付与否、股利支付类型与公司盈余质量的相关性进行研究,揭示纯现金股利、纯股票股利、混合股利和不分配股利等形式下上市公司盈余质量的差异。另一方面,文章探讨了上市公司的现金股利派发率与盈余质量的相关关系,用实证检验了上市公司盈余质量各因素对现金股利派发率的解释力度,并将样本公司划分为高派现与低派现两类,对不同支付水平下盈余质量与现金股利派发率的相关性差异进行了检验。通过理论探讨和实证分析,我们得出以下结论：第一,派发股利的上市公司盈余质量要显著强于未分配任何股利的公司。不同股利支付形式下上市公司的盈余质量水平有所差别,其中支付混合股利的上市公司盈余持续性最好,支付纯现金股利的上市公司次之,支付纯股票股利的上市公司再次,最后是不分配任何股利的上市公司。第二,对于派发现金股利的上市公司,盈余质量各因素与现金股利派发率呈正相关关系。其中盈余的可靠性和持续性对股利派发率高低的解释力度最为显著,而盈余的平稳性对其的影响则比较薄弱。高派现水平上市公司现金股利派发率与盈余质量之间的相关关系显著强于低派现水平公司。
[Abstract]:Dividend policy has been the core content of corporate financial management since the birth of joint-stock companies, and has been a common concern of both theoretical and practical circles. This paper studies the relationship between dividend policy and earnings quality of listed companies in China. The significance lies in the reasonable explanation of two problems in real life based on different perspectives. First, based on the perspective of corporate governance and decision-making, what kind of dividend policy is the most reasonable for listed companies, How to achieve the best balance between dividend distribution and earnings, and what kind of earnings is most beneficial to the growth and sustainable development of the company. Second, based on the perspective of investment in the securities market, This paper discusses whether the earnings quality of listed companies will ultimately affect the distribution of dividends, which helps investors to understand whether the factors related to earnings quality hidden in financial reports can bring certain dividend returns to investors. And whether this kind of return and earnings quality have some kind of inevitable relation. The core content of this paper is divided into the following two parts: on the one hand, from the actual situation that the listed companies of our country formulate dividend policy to distribute different types of dividend, the paper analyzes whether the dividend is paid or not. The relationship between the types of dividend payment and earnings quality is studied to reveal the differences of earnings quality of listed companies in the form of pure cash dividend, pure stock dividend, mixed dividend and undistributed dividend. This paper discusses the relationship between cash dividend distribution rate and earnings quality of listed companies, and tests the explanation of earnings quality factors to cash dividend distribution rate by empirical analysis. The sample companies are divided into two categories: high and low payouts. The correlation between the quality of earnings and the cash dividend distribution rate under different payment levels is tested. Through theoretical discussion and empirical analysis, we draw the following conclusions: first, The earnings quality of listed companies with dividend distribution is significantly better than that of undistributed dividends. The earnings quality levels of listed companies are different under different dividend payment forms, among which the earnings of listed companies paying mixed dividends are the best. The listed company that pays the pure cash dividend takes the second place, the listed company that pays the pure stock dividend again, and finally the listed company that does not distribute any dividends. Second, for the listed company that distributes the cash dividend, There is a positive correlation between the factors of earnings quality and cash dividend distribution rate, in which the reliability and persistence of earnings explain the dividend distribution rate most significantly. The correlation between cash dividend distribution rate and earnings quality of listed companies with high cash payout level is significantly stronger than that of low cash payout level companies.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

【参考文献】