方正科技现金分红对公司成长性的影响研究

发布时间：2018-05-26 12:09

本文选题：股利政策 + 现金分红　；参考：《西北大学》2013年硕士论文

【摘要】：上市公司是资本市场发展的推动力之一,给予投资者合理的投资回报,让其分享经济增长的成果,是上市公司应尽的责任和义务。现金分红是实现投资回报的重要形式,更是培育资本市场长期投资理念,增强资本市场活力和吸引力的重要途径。现金股利作为上市公司回报股东的一个手段,已经越来越被发展中国家的上市公司所重视,尤其是成为现代财务管理的核心问题以来,投融资决策权益、权益分配更是引人关注,也是决定所有者权益的关键问题。然而,任何大公司乃至跨国公司都是由中小企业发展扩张而来的,而在企业成立的各个阶段必然会经历利润分配与利润留存的博弈。尤其在企业成立初期,利润的合理分配显得尤为关键。分配过多的利润,势必会导致企业再投资的资金短缺,而不分配或过少分配则又会引起投资者的不满,这就牵扯到股利分配与公司成长性之间的关系问题。本文从上述问题出发,在前人研究的基础上,运用股利理论与公司成长理论研究现金分红对公司成长性的影响,选取中国证券市场一家有代表性的公司方正科技集团股份有限公司作为案例公司,采用定性分析与定量分析相结合的方法进行研究：即运用宏观层面的基本分析方法和微观层面的财务分析方法,从理论方面对方正科技的现金分红和公司成长性问题进行规范分析；运用回归分析方法,选取方正科技2005年至2011年派发现金股利的数据和净资产收益率、主营业务收入增长率、每股收益、每股经营现金净流量等指标,从实证角度来验证和支持定量研究,从而得出股利政策对成长性主要指标的影响,并在此基础上给出合理的经济学解释,进而给出案例公司制定股利政策的对策建议。
[Abstract]:The listed company is one of the driving forces of the development of the capital market. It is the duty and obligation of the listed company to give investors a reasonable return on investment and share the fruits of economic growth. Cash dividend is an important form to realize the return on investment, and it is also an important way to cultivate the long-term investment concept of capital market and to enhance the vitality and attractiveness of capital market. As a means of return to shareholders of listed companies, cash dividend has been paid more and more attention by listed companies in developing countries, especially since it has become the core issue of modern financial management, investment and financing decision-making rights and interests. The distribution of rights and interests is even more interesting, and it is also a key issue in determining the owner's rights and interests. However, any large company or even multinational corporation is from the development and expansion of small and medium-sized enterprises, and in each stage of the establishment of the enterprise will inevitably experience the game of profit distribution and profit retention. Especially in the initial stage of the establishment of the enterprise, the reasonable distribution of profits is particularly critical. The excessive distribution of profits will inevitably lead to the shortage of reinvested funds, while the lack of distribution or too little distribution will lead to the dissatisfaction of investors, which involves the relationship between dividend distribution and the growth of the company. Based on the previous studies, this paper studies the effect of cash dividend on the growth of companies by using dividend theory and corporate growth theory. A representative company in China's securities market, Fangzheng Science and Technology Group Co., Ltd., is selected as a case company. Qualitative analysis and quantitative analysis are used to carry out the research, that is, the basic analysis method at the macro level and the financial analysis method at the micro level are used. From the aspect of theory, the paper analyzes the cash dividend and the growth of the company, selects the data of cash dividend from 2005 to 2011, the return of net assets, the growth rate of the main business income, and applies the regression analysis method to select the data of cash dividend distribution from 2005 to 2011, as well as the growth rate of the main business income. EPS, net operating cash flow per share and other indicators, from the empirical point of view to verify and support quantitative research, so as to obtain the impact of dividend policy on the growth of the main indicators, and on this basis to give a reasonable economic explanation. And then give the case of the company to formulate dividend policy countermeasures.
【学位授予单位】：西北大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.6

【参考文献】