我国中小板上市公司股利分配政策信号传递效应研究

发布时间：2018-03-19 12:51

  本文选题：中小板　切入点：股利分配政策　出处：《湖南师范大学》2013年硕士论文　论文类型：学位论文

【摘要】：股利分配政策作为公司理财活动的三大核心内容之一,一直是财务管理领域的研究热点,而股利分配政策又是股利分配活动的指导方针,它与融资政策和投资政策密切相关,因此,上市公司如何制定合理的股利分配政策,成为其至关重要的现实问题。科学合理的股利分配政策通过向投资者发放股利不仅树立了良好的公司形象,而且还提高了投资者对公司持续投资的热情,同时为公司未来的发展乃至整个资本市场的健康发展创造了良好的条件。目前,我国学者主要关注主板市场股利分配政策信号传递效应的研究,而对中小板市场股利分配政策信号传递效应的研究还相当缺乏,我国自2004年建立中小板市场以来,其较高的股利分配方案就备受广大投资者青睐。由于中小板与主板市场在上市门槛、监管制度、信息披露等方面存在着较大区别,因此,有必要专门研究中小板上市公司股利分配政策信号传递效应。该研究对中小板上市公司价值创造的实现,活跃资本市场,监管部门实施有效监管以及投资者做出正确的投资决策具有非常重要的现实意义。 本文首先对国内外股利分配政策信号传递效应的文献进行了综述,吸取学者关于信号传递效应研究的方法与经验,为本文指明研究方向。接着对股利分配政策信号传递效应进行理论分析,阐述股利分配政策内容,并从股利政策信号传递理论深入分析得到启示。通过整理2004年至今中小板上市公司历年股利分配情况总结出分配特点,并对造成分配现状的原因从内外两个角度进行深层次探究。根据中小板上市公司股利分配政策提出问题,设定研究假设,以2010年、2011年中小板上市公司股利分配数据作为研究样本,采用事件研究法,运用EXCEL和SPSS19.0统计软件进行了股利政策信号传递效应的实证分析,主要内容包括样本总体的累计超额收益率分析,不同分配形式的累计超额收益率分析,不同时间窗口累计超额收益率分析以及中期分配和年度分配的比较分析。最后,在以上分析的基础上对科学规范中小板上市公司股利分配政策提出了中肯的建议。
[Abstract]:As one of the three core contents of corporate financial management, dividend distribution policy has always been a hot research topic in the field of financial management, and dividend distribution policy is the guideline of dividend distribution activities, which is closely related to financing policy and investment policy. Therefore, how to formulate a reasonable dividend distribution policy for listed companies has become a crucial practical issue. A scientific and reasonable dividend distribution policy not only sets up a good corporate image by paying dividends to investors, It also increases the investor's enthusiasm for sustained investment in the company, and at the same time creates good conditions for the future development of the company and the healthy development of the capital market as a whole. At present, Chinese scholars mainly pay attention to the research of signal transmission effect of dividend distribution policy in main board market, but lack of research on signal transmission effect of dividend distribution policy in small and medium-sized market. Since the establishment of small and medium-sized board market in 2004, The higher dividend distribution scheme is favored by the majority of investors. Because there are great differences in listing threshold, supervision system and information disclosure between the small and medium board and the main board market, therefore, It is necessary to study the signal transmission effect of dividend distribution policy in small and medium-sized board listed companies. It is of great practical significance for regulators to implement effective supervision and investors to make correct investment decisions. This paper first summarizes the literature on signal transmission effect of dividend distribution policy at home and abroad, and draws on the research methods and experience of signal transmission effect. Then the signal transmission effect of dividend distribution policy is analyzed theoretically, and the content of dividend distribution policy is expounded. From the deep analysis of dividend policy signal transmission theory, the paper summarizes the characteristics of dividend distribution by sorting out the dividend distribution of small and medium-sized board listed companies from 2004 to now. And the causes of the distribution status from the internal and external angles of deep exploration. According to the small and medium-sized board listed companies dividend distribution policy issues, set up research assumptions, Taking the dividend distribution data of small and medium-sized listed companies in 2010 and 2011 as the research sample, using the event study method, using EXCEL and SPSS19.0 statistical software, this paper makes an empirical analysis of the signal transmission effect of dividend policy. The main contents include the cumulative excess return analysis of the sample population, the cumulative excess return analysis of different distribution forms, the cumulative excess return analysis of different time windows, and the comparative analysis of medium-term distribution and annual distribution. On the basis of above analysis, this paper puts forward some pertinent suggestions to standardize the dividend distribution policy of small and medium-sized board listed companies.
【学位授予单位】：湖南师范大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51
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本文编号：1634354