建筑行业上市公司股利分配影响因素研究

发布时间：2018-11-17 20:51

【摘要】：近年来，随着我国资本市场环境的改变，逐渐意识到只对整体上市公司股利分配研究是不足的，行业是影响上市公司股利分配的重要因素之一，所以还需要对不同行业的股利分配的特征进行研究，上市公司股利分配的分行业研究已成为必然趋势。而专门对建筑行业股利分配影响因素的研究很少，明确到底什么因素对其股利分配有影响具有很大的研究价值，对公司内部来说可以指导公司管理层选择合适股利政策，而且对外部的投资者了解分析公司情况也可以提供参考。本文首先阐述了股利分配相关理论。其次，分析建筑行业上市公司的股利分配现状及影响因素，主要从分配形式、股利支付水平、股利分配政策随意性三方面分析了建筑行业股利分配的现状，同时深入分析了影响建筑行业上市公司进行股利分配的因素，还根据建筑行业资本结构资产负债率高的特点，将资本结构作为影响其分配的行业因素。然后，，对该行业上市公司股利分配影响因素提出研究假设，进行因变量、自变量和回归模型的设计，并且为实证研究选取了建筑行业上市公司2009-2011年的数据作为样本。再运用软件对数据进行分析，得出变量描述性统计，将数据带入模型进行实证检验得出实证回归结果，并对其进行分析得到影响该行业股利分配的主要影响因素是盈利能力、现金流状况、资本结构。最后，基于实证分析得出的影响股利分配的主要因素和该行业上市公司的股利分配现状，分别从盈利能力、现金流状况、资本结构、股利支付水平、股利支付形式、管理层的理财水平、经营目标等方面提出了完善该行业上市公司股利分配的建议。
[Abstract]:In recent years, with the change of the capital market environment in our country, it is gradually realized that the research on dividend distribution of listed companies is insufficient, and the industry is one of the important factors that affect the dividend distribution of listed companies. Therefore, it is necessary to study the characteristics of dividend distribution in different industries, and it has become an inevitable trend to study the sub-industry of dividend distribution in listed companies. However, there are few studies on the factors that affect dividend distribution in construction industry. It is of great value to determine which factors affect the dividend distribution, which can guide the company management to choose the appropriate dividend policy. And external investors to understand the analysis of the company can also provide a reference. This article first elaborated the dividend distribution correlation theory. Secondly, the paper analyzes the status quo and influencing factors of dividend distribution of listed companies in construction industry, mainly from three aspects: distribution form, dividend payment level, and the randomness of dividend distribution policy, and analyzes the present situation of dividend distribution in construction industry. At the same time, it deeply analyzes the factors that affect the dividend distribution of listed companies in construction industry, and according to the characteristics of high asset-liability ratio of capital structure in construction industry, the capital structure is regarded as the industry factor that affects the distribution of capital structure. Then, the research hypotheses are put forward, and the dependent variables, independent variables and regression models are designed, and the data of the listed companies in the construction industry from 2009-2011 are selected as the sample for the empirical research. Then we use the software to analyze the data, get the variable descriptive statistics, and bring the data into the model to empirical test to get the empirical regression results, and analyze it to find that the main influencing factor of the industry dividend distribution is profitability. Cash flow status, capital structure. Finally, based on the empirical analysis of the main factors affecting dividend distribution and the status quo of dividend distribution of listed companies in this industry, from the profitability, cash flow status, capital structure, dividend payment level, dividend payment form, respectively. Management level, management objectives and other aspects of the industry listed companies proposed to improve the dividend distribution.
【学位授予单位】：东北石油大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275.4;F426.92

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