中国创业板上市公司股利政策研究

发布时间：2018-04-20 19:24

本文选题：创业板 + 股利理论　；参考：《云南财经大学》2012年硕士论文

【摘要】：我国政府为了扶持新兴中小企业尤其是高成长性中小企业的发展，在2009年设立了创业板，以规范直接的产权市场，给不具备进入中小板条件的中小企业提供了一个直接融资的平台。在肯定我国证券市场多元化发展的同时，，我们必须清醒地认识到，与西方成熟的资本市场相比，我国证券市场在立法、监管、规范、运作等方面仍然具有改革空间。其中，最为突出的问题是：公司股利分配不规范、缺乏主动分红意识、融资额远多于回报额、股利分配不具有稳定性和连续性。同样，以上问题在我国的创业板市场中也屡见不鲜，所以我们也有必要对我国创业板上市公司的股利政策进行深入研究。与国外众多的股利理论和实证研究文献相比，笔者认为我国的股利政策研究正处于起步阶段。本文着重研究的创业板市场曾被投资者寄予了高成长、高分红的期望，但其真正的股利分配情况到底如何，影响因素有哪些，本文对此进行了深究。笔者在第二部分首先详细分析了我国创业板上市公司股利分配的特点：1.创业板上市公司不分配现象仍然存在；2.创业板上市公司偏爱派现加转增的分红方式；3.低股利支付比例。接着，笔者从财务限制、公司本期及上期的股利政策、外部监管政策三个方面进行了创业板上市公司董事会制定股利分配预案的影响因素分析。在随后定量分析的过程中，本文运用了证券投资学、计量经济学等相关学科的基础理论知识，根据公司的盈利能力、成长能力、公司规模、股权结构、短期偿债能力、负债水平（长期偿债能力）、现金流状况、收益质量、行业类别提出了16个假设。同时，本文借助Excel2003、SPSS12.0、Eviews5.0等软件实证研究了创业板上市公司当年是否发放股利的影响因素。实证结果为：公司的盈利状况和现金流情况是创业板公司当年是否发放股利的主要影响因素。而影响我国创业板上市公司现金股利政策制定的相关因素为：盈利能力、成长能力、公司规模、短期偿债能力和负债水平（长期偿债能力）；另外，影响我国创业板上市公司制定股票股利政策的因素也是：盈利能力、成长能力、公司规模、短期偿债能力和长期偿债能力。本文实证研究的最后部分还通过区分行业对其股利支付率的差异进行了研究。结果发现创业板中不同行业上市公司的股利支付水平不具有显著差异，这很有可能是创业板成立时间过短、创业板上市公司行业分类高度集中，导致样本数据不足或不合理而造成的。在总结研究结论的基础上，笔者在本文的最后部分提出了创业板市场应如何优化当前股利政策的建议：1、建立健全创业板退市制度，抑制过度投机；2、强化和细化创业板上市公司股利支付率下限政策；3、加强创业板投资者的适当性管理；4、加强创业板高管套现的监管措施。以上具体措施完全具有可操作性，并能对我国创业板上市公司股利政策的制定提供一些有益的建议，为政府监管部门制定规范创业板上市公司股利分配行为的政策提供相应的依据，为广大投资者特别是中小投资者的决策提供一定的参考。
[Abstract]:In order to support the development of newly emerging small and medium-sized enterprises, especially high growth and small enterprises, the Chinese government set up a gem in 2009 to standardize the direct property market and provide a direct financing platform for small and medium sized enterprises that do not have access to small and medium plate conditions. It is clear that, compared with the mature capital market in the west, China's securities market still has a space for reform in legislation, supervision, regulation and operation. Among them, the most prominent problem is that the company's dividend distribution is not standardized, it lacks the consciousness of active dividends, the amount of financing is much more than the return, and the dividend distribution does not have stability and continuity. The above problems are also common in the GEM market in China, so it is necessary for us to make a thorough study of the dividend policy of the GEM listed companies in China. Compared with many foreign dividend theories and empirical studies, the author thinks that the research on dividend policy is in its infancy. The field has been placed by investors with high growth and high dividend expectations, but what is the real dividend distribution and the factors affecting it, this article has studied it deeply.
In the second part, the author analyzes the characteristics of dividend distribution in China's GEM listed companies in detail: 1. the non distribution of the GEM listed companies still exists; 2. GEM listed companies prefer to send dividends and increase the dividend payment method; 3. low dividend payment ratio. Then, the author from the financial limit, the company this period and the last period of dividend policy, In the three aspects of the external regulatory policy, the influence factors of the board of directors of the GEM listed companies are analyzed. In the process of quantitative analysis, the basic theoretical knowledge of the related disciplines such as securities investment, econometrics and other related disciplines is used, according to the company's profitability, growth capacity, company size, and equity structure. 16 hypotheses are proposed for short-term debt solvency, debt level (long-term solvency), cash flow status, earnings quality, and industry category. At the same time, this paper uses Excel2003, SPSS12.0, Eviews5.0 and other software to study the influence factors of dividend distribution in the year of the GEM listed companies. The empirical results are: the company's profit and cash flow. The situation is the main influencing factor of whether the company has paid dividends in the same year, and the related factors affecting the cash dividend policy of Chinese GEM listed companies are: profitability, growth ability, company size, short-term debt paying ability and debt level (long-term debt paying ability); in addition, it affects Chinese gem listed companies to make stock. The factors of dividend policy are: profitability, growth ability, company size, short-term debt paying ability and long-term solvency. The last part of this empirical study also studies the difference in the dividend payment rate by distinguishing industry. The results show that there is no significant difference in the dividend payment level of the companies in different industries. It is likely that the establishment of the gem is too short, and the industry classification of GEM companies is highly centralized, resulting in insufficient or unreasonable sample data.
On the basis of the conclusion of the study, the author puts forward some suggestions on how to optimize the current dividend policy of the GEM market: 1, establish and improve the gem delisting system, restrain excessive speculation; 2, strengthen and refine the dividend payment limit policy of the GEM listed companies; 3, strengthen the propriety management of the GEM investors. 4, strengthen the regulatory measures of the Executive Board of the gem. The above specific measures are completely operable, and can provide some useful suggestions for the formulation of the dividend policy of the GEM listed companies in China, and provide the corresponding basis for the government regulatory department to formulate the policy of regulating the dividend distribution line of the GEM listed companies and invest for the vast amount of investment. Especially for small and medium-sized investors.

【学位授予单位】：云南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

【引证文献】