中国中小板股票股利政策影响因素的研究

发布时间：2018-01-05 21:25

本文关键词：中国中小板股票股利政策影响因素的研究　出处：《南京财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：股票股利作为股利分配的一种形式，在我国股票市场上特别受青睐，一直以来都比现金股利更受投资者的欢迎，上市公司也积极迎合投资者的股利偏好，热衷于分配股票股利，而中小板市场更是股票股利的高发区。上市公司股票股利政策的合理制定意义重大，不仅关系到公司自身的长远发展、股东对于投资回报的要求、甚至还会影响到证券市场的正常运行，从而影响到我国市场经济的发展。然而，股票股利政策的制定又是一项极其复杂的工作，，受到诸多因素的影响，因此，对于我国中小板上市公司股票股利政策的影响因素的研究就显得尤为有意义。首先，本文在对西方股票股利政策相关理论进行梳理分析的基础上，总结了我国理论界关于我国上市公司股票股利政策影响因素的研究结果，并结合实务界关于分配股票股利的上市公司的一般特征的经验总结，进而提出了关于我国中小板上市公司股票股利政策影响因素的一些研究假设。然后，本文选取2010年底已在我国中小板上市的公司为研究样本并整理相关数据，采用逐步回归法先后建立Logit回归模型和多元线性回归模型，分别对我国中小板上市公司股票股利分配意愿及分配比例的影响因素进行分析。实证结果显示：上市公司股价、主营业务收入同比增长、机构持股比例，本年度是否分配现金股利以及股本规模对上市公司股票股利分配意愿有较大影响；送转能力、主营业务收入同比增长、资产负债率以及股本规模对分配比例有较大影响。最后，本文针对实证结果显示的我国中小板上市公司股票股利政策的影响因素进行了原因分析，并据此提出了相关政策建议，希望能对我国股票市场的长期健康发展有所裨益。
[Abstract]:As a form of dividend distribution , the stock dividend is particularly popular in China ' s stock market , which has always been more popular than cash dividends . The listed companies also actively cater to the investors ' dividend preference . They are keen on the distribution of stock dividends . However , the formulation of the stock dividend policy is a very complicated job , which is influenced by many factors . Therefore , the research on the influence factors of the stock dividend policy of Chinese and medium - sized enterprises is especially meaningful . First , based on the analysis of the theory of dividend policy in western stock , this paper summarizes the research results of the influencing factors of the stock dividend policy of listed companies in our country , and summarizes the general characteristics of the listed companies that distribute the stock dividends , and then puts forward some research assumptions about the influencing factors of the stock dividend policy of the listed companies in China . Then , we analyze the influence factors of stock dividend distribution willingness and distribution ratio of listed companies in China . The empirical results show that the stock price of listed companies , the revenue of main business , the ratio of institutional shareholding , the distribution of cash dividends and the size of equity in the current year have great influence on the stock dividend distribution will of listed company . Finally , this paper analyzes the influencing factors of stock dividend policy in China ' s small and medium - sized enterprises listed in the empirical results , and puts forward some relevant policy suggestions , hoping to benefit the long - term healthy development of China ' s stock market .

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

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