股利政策、企业社会责任与投资决策

发布时间：2018-03-06 06:49

本文选题：企业社会责任　切入点：股利政策　出处：《北京交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：股利政策和投资决策都是公司发展与进步的重要财务管理策略。从企业发展的角度上看,正确的投资决策能够影响公司外部融资,促进企业可持续发展,提升企业价值;从外部投资者的角度上看,投资者对企业投入资金就是为了获取股利回报,尤其是对于那些股利占收入绝大部分的投资者来说更是不可或缺。但是当管理者面对有限的内部资金时,为了给股东分配股利可能降低投资水平。根据MM理论,在完美的资本市场中股利政策不会对投资行为造成影响。然而我国资本市场的有效性还有待提高,由于管理层和外部投资者双方信息不对称,上市公司在寻求外部融资时遇到困难,而公司内部自由现金流有限,管理层便会做出为了保证对股东的预期股利而降低投资水平的决策。此外,基于代理成本理论,企业两权分离会使得管理层和所有者双方目标不一致,管理者为追求个人利益而忽视企业的总体目标,进而出现逆向选择和道德风险问题,导致公司在获取外部资金方面遇到更多困难,难以有充足的现金流进行投资。同时,随着我国经济的提升和当今的全球化发展方向,国际和国内学者都开始关注企业社会责任的履行对企业价值和财务绩效的影响。公司履行企业社会责任不仅可以树立良好的形象,向市场传递利好信息,减轻外部融资约束程度,而且能够帮助企业增加自由现金流,在保证股利的同时扩大投资,实现可持续发展。因此本文以股利政策与投资决策的关系为出发点,研究企业社会责任对二者关系的调节作用,希望能对企业的财务决策提供一定的参考价值。本文采用沪深A股上市公司的2010到2014年数据为样本,通过筛选和处理国泰安CSMAR数据库中的上市公司数据、润灵环球责任评级(RKS)中的上市公司社会责任数据,研究股利对投资的影响、企业社会责任对二者关系的调节作用以及产权性质和成长性的差异是否会对企业社会责任的调节作用产生不同的效果。研究结果表明,股利政策会对投资决策产生抑制作用。为了缓和股利与投资的负相关作用,加入企业社会责任,结果表明,企业履行社会责任能够缓解股利对投资的抑制作用,而且考虑到我国特殊的经济制度背景,这种调节作用在非国有企业中效果更好;另外,由于不同成长性的企业其融资和投资水平都有差异,履行社会责任的情况也不同,因此本文根据成长性对样本分组回归,结果表明企业社会责任缓解股利对投资的制约效果在高成长性企业中更显著。本文的研究内容为研究企业股利政策对投资的影响提供了崭新的视角,引导企业承担社会责任,促进经济和社会可持续发展。
[Abstract]:Dividend policy and investment decision are both important financial management strategies for the development and progress of the company. From the perspective of enterprise development, the correct investment decision can affect the external financing of the company, promote the sustainable development of the enterprise and promote the enterprise value. From the perspective of external investors, investors put money into enterprises in order to obtain dividend returns. Especially for those investors whose dividends account for most of their income. But when managers face limited internal funds, they may lower their investment level in order to distribute dividends to shareholders. According to MM theory, In the perfect capital market, dividend policy will not affect the investment behavior. However, the effectiveness of the capital market in China needs to be improved, because of the asymmetric information between management and external investors. Listed companies encounter difficulties in seeking external financing and limited internal free cash flow, and management makes decisions to reduce investment levels in order to ensure expected dividends for shareholders. In addition, based on agency cost theory, The separation of the two rights of the enterprise will make the objectives of both the management and the owner inconsistent, the managers ignore the overall objectives of the enterprise in pursuit of personal interests, and then there will be adverse selection and moral hazard problems. As a result, companies have encountered more difficulties in obtaining external capital and have difficulty in having sufficient cash flow to invest. At the same time, with the development of our economy and the direction of globalization today, Both international and domestic scholars have begun to pay attention to the impact of corporate social responsibility on corporate value and financial performance. Corporate social responsibility can not only set up a good image, but also convey good information to the market. It can help enterprises to increase free cash flow, expand investment while guaranteeing dividend, and realize sustainable development. Therefore, this paper takes the relationship between dividend policy and investment decision as the starting point. This paper studies the role of corporate social responsibility in regulating the relationship between the two, hoping to provide some reference value for the financial decision of enterprises. This paper uses the data of Shanghai and Shenzhen A-share listed companies from 2010 to 2014 as a sample. Through the screening and processing of listed company data in Cathay's CSMAR database and social responsibility data of listed companies in Runling Global liability rating (RKS), the impact of dividend on investment is studied. Whether corporate social responsibility (CSR) has different effects on the regulation of CSR, and whether the difference of property right and growth will have different effects on the regulation of CSR. In order to alleviate the negative correlation between dividend and investment and join corporate social responsibility, the result shows that corporate social responsibility can alleviate the restraining effect of dividend on investment. Moreover, considering the special economic system background of our country, this regulatory effect is better in non-state-owned enterprises. In addition, because different growth enterprises have different levels of financing and investment, the performance of social responsibility is also different. Therefore, according to the growth of the sample group regression, The results show that the corporate social responsibility (CSR) alleviates the effect of dividend on investment is more significant in high-growth enterprises. The research content of this paper provides a new perspective to study the impact of corporate dividend policy on investment, leading enterprises to assume social responsibility. Promoting sustainable economic and social development.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F270;F275;F832.51

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