生命周期理论对我国上市公司股利政策适用性之探讨

发布时间：2018-02-28 19:13

本文关键词： 生命周期股利政策适用性　出处：《苏州大学》2013年硕士论文　论文类型：学位论文

【摘要】：作为企业三大财务决策之一，上市公司的股利政策一直都是国内外学者研究的热点。自从上世纪60年代MillerModigliani提出经典的“股利政策无关论”之后，不断有学者对股利政策进行大量的理论及实证研究。虽然关于股利政策的理论及实证研究不断得到丰富，但是学术界一直未对股利政策的研究达成共识。到底上市公司是如何制定其股利政策的，还有待进一步的研究。本文从企业生命周期角度来研究我国上市公司的股利政策，，检验上市公司的股利政策是否符合生命周期理论。鉴于此，本文采用现金流组合法，将我国沪深两市主板市场的上市公司分为成长期、成熟期和衰退期企业。本文运用描述性分析、参数检验和非参数检验等多种数理分析方法，对三个阶段企业的现金股利和股票股利分别展开研究。实证结果表明，生命周期理论对于我国上市公司股利政策制定并不适用，即我国上市公司并不是严格按照企业所处的生命周期阶段来制定其股利政策。与股票股利政策相比，我国上市公司现金股利政策更接近生命周期理论。接着，本文将样本分成2006-2008年度和2009-2011年度两组，分别对两组的现金股利政策和股票股利政策进行对比分析，观察2008年的监管政策对上市公司股利政策的影响程度。检验结果表明，2008年的监管政策对上市公司股利政策制定并不存在显著的政策效应。最后，分析生命周期理论对我国上市公司股利政策不适用的原因，并在此基础上，提出对应的政策建议。
[Abstract]:As one of the three major financial decisions of enterprises, dividend policy of listed companies has been a hot topic for scholars at home and abroad. Since MillerModigliani put forward the classic "dividend policy independence" in -40s, There have been a lot of theoretical and empirical studies on dividend policy. Although the theoretical and empirical research on dividend policy has been enriched, However, the academic community has not reached a consensus on the research of dividend policy. How the listed companies formulate their dividend policy remains to be further studied. This paper studies the dividend policy of listed companies in China from the point of view of enterprise life cycle, and tests whether the dividend policy of listed companies conforms to the life cycle theory. In view of this, this paper adopts the cash flow combination method. The listed companies in the main board market of Shanghai and Shenzhen stock markets are divided into growth period, mature period and declining period. In this paper, many mathematical analysis methods, such as descriptive analysis, parameter test and non-parametric test, are used. The empirical results show that the life cycle theory is not applicable to the dividend policy formulation of listed companies in China. That is, the listed companies in our country do not make their dividend policy strictly according to the life cycle stage of the enterprises. Compared with the stock dividend policy, the cash dividend policy of the listed companies in our country is closer to the life cycle theory. This paper divides the sample into two groups: 2006-2008 and 2009-2011, and compares the cash dividend policy and the stock dividend policy between the two groups. The effect of the regulation policy on the dividend policy of listed companies in 2008 is observed. The results show that the regulatory policy of 2008 has no significant policy effect on the dividend policy of listed companies. This paper analyzes the reasons why the life cycle theory is not applicable to the dividend policy of listed companies in China, and puts forward corresponding policy recommendations on this basis.
【学位授予单位】：苏州大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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