创业板上市公司现金股利影响因素研究

发布时间：2018-03-31 02:35

本文选题：创业板　切入点：现金股利　出处：《西南财经大学》2012年硕士论文

【摘要】：现金股利作为我国股利发放三大手段之一,对现金股利政策的研究一直是国内外研究的热点问题。股利政策因其影响因素多的特点,国内外学者在研究中往往得出各具特色、内容丰富甚至完全背道而驰的结论,现金股利政策曾被国外学者称之为“股利之谜”,因此,虽然至今为止国内外关于现金股利分配政策的研究成果非常丰富,但除了国外已经得到认可的少数经典股利政策理论外,多数国内外研究成果并没有达成统一,尚未完全形成一套系统完整的放之四海而皆准的现金股利分配政策理论,创业板作为我国资本市场的新生产物,开板已经接近三年,创业板上市公司现金股利分配现状呈现出了与主板市场截然不同的现状特点,因此,笔者希望能够通过对国内外经典股利政策理论研究成果研究阅读的基础上开展实证研究,力争在前人研究基础上更进一步,尝试对创业板上市公司现金股利政策分配影响因素进行实证分析,从而丰富目前的理论体系。文章正文共分为六个部分,第一部分为绪论,第二部分对国内外股利政策理论进行研究综述,第三部分侧重对创业板上市公司现金股利分配现状进行分析,第四部分为实证研究方法,第五部分为数据分析,第六部分根据实证研究结果进行对策建议。第一部分绪论,首先简要叙述我国创业板的产生背景和发展状况,阐述了对我国创业板上市公司现金股利政策开展研究的意义和重要性,确立了创业板上市公司现金股利分配影响因素为本文的研究对象。通过进行文献研究、实证研究开展分析,提出文章的创新点,并罗列出本文的研究思路和逻辑框架,起到对全文开篇明义、提纲挈领的作用。第二部分是文献综述。该部分分别对国外现金股利政策理论和国内现金股利政策研究成果分别展开论述。首先介绍国外的经典现金股利政策理论,分别对股利政策理论的传统学派和现代学派沿相关主线脉络进行介绍,然后对国外现代现金股利政策影响因素实证研究进行整理介绍,其中重点对代理理论和信号理论进行了较详细的阐述。其次对我国现金股利政策实证研究成果按重点进行介绍和归纳,笔者发现,目前国内学者的研究主要集中在对主板市场现金股利政策影响因素进行分析,对创业板市场股利分配政策的研究成果还不多。笔者通过对国内外现金股利政策的理论与实证研究成果进行罗列和评述,依据作者本人的综合评价,找出本文的研究理论依据。第三部分对本文的研究对象展开介绍与分析。首先介绍创业板的概念和内涵,通过创业板与主板市场的主要特征进行简要对比,使读者能够对创业板市场的概念和特点作简要了解,作者发现,西方发达创业板市场上市公司倾向于不分红或低分红的现金股利分配政策,而我国创业板上市公司则具有以下5方面特征：分红意愿强烈,分配股利公司占比重高；“高送转”现象突出,股利分配形式呈现集中性；每股现金股利支付水平高；受超募集资金影响刺激；受政策约束作用影响等。这些特征是否属于异常现象?都受哪些影响因素作用?该部分使读者进一步明确了研究对象并意识到了对我国创业板上市公司现金股利分配影响因素研究的意义与重要性。第四、五部分主要是实证研究。该部分在前一部分对我国创业板上市公司现金股利分配特点分析的基础上,结合前人研究基础,分析选取出9个最主要的影响公司现金股利分配的因素,分别是：公司股权集中度、公司的盈利能力、公司偿债能力、成长能力、投资价值、公司留存收益水平、公司现金流量水平、公司营运能力、公司规模。基于这9个因素分别提出假设,并对变量分别进行了度量和量化,以EXCEL、SPSS13.0为统计工具,以CSMAR数据库为数据来源,选取了189家公布了2010年年报的创业板上市公司,首先进行描述性统计分析,然后进行因子分析和多元回归分析,最后对实证结果进行分析并得出结论。研究结果发现：公司盈利能力是影响创业板上市公司现金股利分配的最主要因素,高市盈率则是仅次于盈利能力的第二重要影响因素,这可能与高市盈率造成部分创业板上市公司资本公积堆积,为公司管理层进行“高分红”、“高送转”提供了动因。而公司股权集中度作为对主板市场公司股利分配的主要影响因素,实证结果显示对创业板上市公司现金股利分配影响并不明显,我国创业板市场也没有发现明显的大股东通过进行现金股利分红进行利益输送的依据。第六部分据前一部分实证分析部分得出的结论提出对策,再结合目前我国创业板上市公司现金股利分配特点,对完善我国创业板上市公司提出了4个方面的对策建议,分别是： (1)建立科学合理的分红政策,保持现金股利政策的稳定性。 (2)健全完善退市机制。 (3)努力提高盈利水平。 (4)规范对超募资金的使用管理。本文主要有以下几点贡献： (1)从研究对象来看,目前各界学者对我国创业板市场研究较多,但对创业板上市公司现金股利分配研究涉猎不多。通过研究现金股利分配政策能对我国创业板一些异常现象提供解释。 (2)虽然国内对现金股利政策研究领域有比较丰富的实证研究成果,但是主要集中在对主板市场和中小板市场,以创业板市场为研究对象的还少有涉及。因此,本文的研究对象选取算是一次大胆的尝试,对丰富目前现金股利政策起到一些作用。 (3)从研究结论来看,文章对现金股利分配的实证研究中几乎囊括了大部分公司内部因素,而实证分析结论表明,在我国创业板市场,除了公司的盈利能力之外,高市盈率也是推动公司管理层选择较高现金股利支付水平的重要影响因素,不仅在一定程度上对我国创业板最受争议的“三高”问题作出了解释,同时也丰富了对现金股利政策重要影响因素的研究成果。
[Abstract]:As one of the three means of dividend distribution in China , the research on cash dividend policy has been a hot issue at home and abroad .

The article is divided into six parts , the first part is the introduction , the second part researches the dividend policy theory at home and abroad , the third part focuses on the analysis of the present situation of cash dividend distribution in the listed company , the fourth part is the empirical research method , the fifth part is the data analysis , the sixth part makes the countermeasure suggestion according to the result of the empirical study .

The first part introduces the background and development of GEM in China , and expounds the significance and importance of the research on the cash dividend policy of listed companies in China .

The second part is the literature review . This part discusses the foreign cash dividend policy theory and the domestic cash dividend policy research results . Firstly , the paper introduces the foreign classic cash dividend policy theory , and introduces the influence factors of the foreign modern cash dividend policy . Then , the author points out that the research of the domestic scholars mainly focuses on the analysis of the influencing factors of the cash dividend policy in the main board market .

The third part introduces and analyzes the research object in this paper . Firstly , the concept and connotation of GEM are introduced , and the concept and characteristics of GEM market are briefly compared .
The phenomenon of " high forwarding " is outstanding , and the form of dividend distribution is centralized ;
Cash dividend per share is high ;
stimulated by the fund raised by the super - raised fund ;
Whether these characteristics belong to abnormal phenomena are influenced by policy constraints and so on . What influence factors are these characteristics ? The part makes the reader clear the research object and realizes the significance and importance of the research on the influencing factors of cash dividend distribution in Chinese GEM listed companies .

The results show that the company ' s profitability is the most important factor affecting the cash dividend distribution of the listed companies . The results show that the company ' s profitability is the main factor which affects the cash dividend distribution of the listed companies .

In the sixth part , according to the conclusion drawn from the former part of the positive analysis , this paper puts forward some countermeasures to improve the cash dividend distribution of listed companies in our country , and puts forward four countermeasures to improve the listed company listed companies in China .

( 1 ) Establish a scientific and reasonable dividend policy to maintain the stability of the cash dividend policy .

( 2 ) Improve the mechanism of withdrawal from city to city .

( 3 ) Make efforts to improve profitability .

( 4 ) To regulate the use and management of ultra - raised funds .

The main points of this paper are as follows :

( 1 ) From the point of view of the research object , there are many scholars from all walks of life to China ' s GEM market . However , the research on the distribution of cash dividends of the GEM listed company is not much . The research on the cash dividend distribution policy can provide explanations for some abnormal phenomena in China ' s GEM .

( 2 ) Although there are abundant empirical research results in the field of cash dividend policy research at home , it is mainly focused on the main board market and the medium and small board market , so the research object of this paper is a bold attempt , which plays a role in enriching the current cash dividend policy .

( 3 ) From the conclusion of the study , the article covers most of the company ' s internal factors in the empirical study of the cash dividend distribution , and the empirical analysis conclusion shows that , besides the profitability of the company , the high market earnings ratio is the important factor that pushes the management ' s management to choose the higher cash dividend payout level , not only to some extent , but also to enrich the research results of the important influence factors of cash dividend policy .

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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