异常高派现、投资不足与经营绩效

发布时间：2018-03-18 10:27

本文选题：异常高派现　切入点：投资不足　出处：《深圳大学》2017年硕士论文　论文类型：学位论文

【摘要】：长期以来,我国上市公司吝于分红的现象十分严重,他们抑或是将这部分资金用于基础设施的建设,抑或是准备再投资或是其他用途,因此他们难以拿出一部分资金来回报给投资者。然而2000年之后,在资本市场、监管部门的积极引导下,上市公司纷纷加大了派现力度,实现了由“一毛不拔”到愿意派现的转变,初步缓解了分红不足的问题。与此同时,我国资本市场上却出现了部分上市公司分派高额股利的现象,其现金股利的分派之高,甚至超出了自身盈利能力和现金支付能力的范围,这就是“异常高派现”现象,这不仅可能引致对企业自身一系列的不良影响,也可能引起外部投资者对企业的质疑——企业是否因经营不善而急于套现?而股利分配,尤其是现金股利的分配问题,一直都是财务界高度关注的焦点,作为现代公司需要解决的三大财务决策问题之一,它不仅意味着要在回报投资者和利润再投资之间做出此消彼长的选择,更关系着企业的长远发展前景。基于此,本文运用实证研究法,深入分析异常高派现行为以及企业投资会对经营绩效带来怎样的影响。为了探讨异常高派现的行为会给企业带来怎样的影响,选取我国上市公司2011-2015年的数据进行实证分析,首先,借鉴伍利娜(2003)的方法对异常高派现进行了界定,借鉴Richardson(2006)模型来估计投资不足,用主成分分析法来度量企业的经营绩效,并构建相应的分析模型和框架,对异常高派现这一现象产生的后果以及对企业带来的影响进行分析;其次,对文章结构作如下安排:第一章为绪论,主要介绍本文的研究背景和研究思路,第二章为理论回顾和文献综述,第三章是研究设计,进行理论分析和假设的提出以及模型构建,第四章为实证分析及其结果,第五章为对本文的总结和对异常高派现产生影响的相关建议。通过上述研究,本文得出如下结论:(一)异常高派现与企业经营绩效负相关,即异常高派现发生的可能性越大,经营绩效越差;(二)投资不足与企业经营绩效负相关,即投资不足的程度越大,经营绩效越差;(三)异常高派现与投资不足的交乘项与经营绩效负相关,即异常高派现和投资不足,会对经营绩效的造成侵害。
[Abstract]:For a long time, the phenomenon that listed companies in our country are afraid to pay dividends is very serious. They either use this part of the money for infrastructure construction, or they are preparing to reinvest it or for other purposes. As a result, it is difficult for them to give some of their money back to investors. However, after 2000, under the active guidance of the capital markets and the regulatory authorities, listed companies stepped up their payouts. It has realized the change from "not getting out of a cent" to being willing to pay cash, which has initially alleviated the problem of insufficient dividends. At the same time, some listed companies have distributed high dividends in the capital market of our country, and the distribution of cash dividends is so high. Even beyond the scope of their own profitability and ability to pay in cash, this is the phenomenon of "exceptionally high cash payments", which may not only lead to a series of adverse effects on the enterprise itself. Also may cause the outside investor to the enterprise question-whether the enterprise is anxious to cash out because of the bad management? However, dividend distribution, especially the distribution of cash dividend, has always been the focus of attention in the financial circles. As one of the three major financial decision problems that need to be solved by modern companies, It not only means to make the choice between the return investor and the profit reinvestment, but also relates to the long-term development prospects of the enterprise. Based on this, this paper uses the empirical research method, In order to explore the impact of abnormal high cash payout behavior on business performance, the data of listed companies in China from 2011 to 2015 are selected for empirical analysis. First of all, using the method of Woollina 2003) to define the abnormal high cash payment, using Richardson's 2006) model to estimate the underinvestment, using principal component analysis to measure the business performance of the enterprise, and constructing the corresponding analysis model and framework. The consequences of this phenomenon and the impact on enterprises are analyzed. Secondly, the structure of the article is arranged as follows: the first chapter is the introduction, mainly introduces the research background and research ideas. The second chapter is theoretical review and literature review, the third chapter is the research design, the theoretical analysis and hypothesis and the model construction, the 4th chapter is the empirical analysis and its results. Chapter 5th is the summary of this paper and the related suggestions on the influence of abnormal high cash payout. Through the above research, this paper draws the following conclusion: (1) abnormal high dividend has negative correlation with business performance, that is, the possibility of abnormal high cash payment is greater, The worse the operating performance (2) the negative correlation between the investment insufficiency and the business performance, that is, the greater the degree of insufficient investment, the worse the operating performance. (3) the multiplicative items of abnormal high payout and insufficient investment are negatively correlated with the operating performance. Namely unusually high cash payment and insufficient investment, will cause infringement to the management performance.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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