创业板上市公司股利分配特点的研究

发布时间：2018-04-26 02:06

本文选题：创业板 + 上市公司　；参考：《西南财经大学》2012年硕士论文

【摘要】：股利分配是现代企业管理活动中重要的财务管理内容之一,企业在股利政策决策时,其合理性和恰当性都会得到双重考验,一方面是对广大投资者收益的影响,另一方面还会向市场传递出某些企业经营动态的信号。作为外部投资者很多时候在上市公司披露的信息接受上处于比较被动的状态,要通过有限的信息做出投资判断存在很大的困难。因此,本文站在外部信息使用者的角度来研究创业板上市公司股利分配的特点,帮助其有效分析股利分配信息,因此研究创业板股利分配特点的现实意义就不言而喻了。创业板是我国发展多层次资本市场需求的结果。我国早在上世纪末,相关部门就开始筹备一个专门为中小成长型企业提供融资的平台,为了创业板市场的顺利推出和达到其真正成立的目的,2004年在深圳证券交易所还首先成立了中小企业板作为先行实践。显然建立中小企业板的成功经验为2009年创业板的最终上市和初期顺利运行提供了特别大的帮助。创业板从成立一开始就赢得了广大中小企业和投资者的欢迎,到2011创业板已经运行了近3年的时间,该板块的上市公司数量也与日俱增,现如今数量达到了300多家。创业板的发展速度之快我们有目共睹,它也着实解决了很多无法达到主板上市要求和中小企业板上市要求的中小企业的融资需求。同时鉴于我国产业转型政策的引导,创业板上市公司的主营业务基本都体现了我国未来产业发展的方向,科技型创新型企业在创业板得到了很快的发展。当然,一家优秀的上市公司还应该管理好自己的留存收益,因此,股利分配就是其必须面对的问题。本文从国内外股利分配的研究历史和现状出发,结合股利分配理论,对创业板上市公司近两年的股利分配情况进行统计分析,并与主板A股上市公司、中小企业板上市公司近两年的股利分配情况进行一个横向对比,分析我国创业板上市公司股利分配的特点及其形成原因,再结合股利分配的理论基础,为投资者提供-种信息分析参考和启发,最后提出有利于优化创业板企业在未来的股利分配的政策建议。本文共有六章,各个章节的主要内容如下：第一章：导论主要介绍本论文的研究背景和研究意义、研究思路和本文的基本框架,并介绍本文所采用到的研究方法,为本文的研究做一个整体规划。第二章：文献综述本章通过对国内外有关股利分配研究文献的梳理,总结归纳学者在股利分配方面探讨研究的历史渊源和研究现状。西方学者在公司股利分配的研究方面有相对较长的一段历史,其中几个重要的理论,比如股利无关论就对后来的理论研究具有重要的影响,在其基础上发展了一系列股利相关论,在翻阅文献时可以明显看到只要和股利研究有关的,那一般都会提到股利相关论。而我国的资本市场起步较晚,国内的学者的在这方面的研究最初从引进介绍国外经典财务管理方面的知识开始。然后随着我国资本市场的发展,在借鉴西方理论研究的基础上结合我国的资本市场环境和上市公司股利分配的基本情况来研究股利分配的相关课题,同样也取得了很多卓越的成果,为后来我国股利分配的理论研究和实务研究奠定了基础、提供了许多值得借鉴和参考的地方。第三章：理论基础本章首先对本文所涉及到的几个重要概念以及创业板上市公司常用到的两个重要股利政策进行阐述,再结合股利理论进行本文的理论分析,为本文后面的分析研究奠定一个理论基础。第四章：创业板上市公司股利分配特点的对比分析和形成原因分析这是本文的重点章节,主要是进行创业板上市公司股利分配情况的对比分析及其特点分析。首先简要分析我国主板A股上市公司和中小企业板上市公司2009年度和2010年度的股利分配情况和特点,然后重点介绍创业板上市公司的2009年度和2010年度的股利分配情况,在与主板和中小企业板上市公司分配的总体情况作对比的基础上仔细研究数据,本文总结概括出了目前创业板上市公司股利分配的以下几个特点：(1)整体重视进行股利分配；(2)分配形式多样化(3)“高分红高送转”。通过进一步的分析,创业板上市公司这些特点的形成原因有以下几点： (1)外部因素：①政策的引导和外部环境的影响；②创业板的超募资金形成了巨额的资本公积金,为“高送转”提供了强大的支撑；③限售股的解禁套现。 (2)内部因素①公司较高的盈利水平；②高管谋求高额红利收益；③避税的考虑；④改善公司股票的流动性,为未来再融资做打算。 (3)对于2009年上市的公司,在2010年度的分配中,不再有第一年那么高的比例派现或送转的情况,可能的原因有：①超募资金已经消化差不多；②有些收益下滑；③有些公司加大研发而将收益留存企业用于发展。第五章：基于创业板上市公司股利分配特点的形成原因对投资者的启示创业板上市公司股利分配特点,对于外部投资的投资来说有一定的影响作用,他们该如何使用这些信息,本文在此提出了几点启示： (1)认清创业板上市公司“高转增”的本质； (2)全面分析创业板上市公司的业绩增长； (3)理性看待创业板少数上市公司的高增长。第六章：结论和政策建议。针对第四章得出的创业板上市公司股利分配的特点,本文从创业板上市公司自身和市场的监管层两个方面分别提出政策建议,以优化创业板上市公司的股利分配行为,营造一个健康有序的创业板市场。 (1)对创业板上市公司的建议有：①树立以股东财富最大化为经营目标；②现金股利要与公司的成长阶段相符合；③优化创业板上市公司的治理结构。 (2)给监管层的建议有：①优化创业板公司新股发行机制,从源头上减少超募现象；②尽快出台创业板的退市制度,完善企业的信息披露制度。另外,本文的研究的主要贡献在于：①基于目前最完整的2010年底以前创业板上市的公司整体股利分配情况而进行研究,在查到的文献中,有的选取的仅是某一批上市公司进行研究；②多角度研究创业板公司股利分配的情况并与其它板块进行对比分析,找出创业板独有的股利分配特点；③结合我国的实际情况分析其形成原因,站在处于信息弱势的外部投资者的角度为他们使用创业板上市公司股利信息提供启示。同时,本文也存在不足的地方,由于可供选取数据的时间和样本公司有限,在做研究分析时只能选取创业板近两年的股利分配数据,但是创业板的上市公司数量正处在一个不断扩容阶段,其股利分配形式和特点也会更加具有自己所特有,鉴于此而分析得出的创业板上市公司股利特点就难免会被认为在研究创业板的初期股利分配特点的感觉,因此有待于解决数据充分性问题。
[Abstract]:Dividend distribution is one of the important financial management contents of modern enterprise management activities. In the case of dividend policy decision, the rationality and appropriateness of the enterprise will be double tested. On the one hand, it is the influence on the profits of the investors, on the other hand, some signals of the business dynamics are transmitted to the market. When the information acceptance disclosed by the listed companies is in a relatively passive state, it is very difficult to make investment judgments through limited information. Therefore, this paper studies the characteristics of the dividend distribution of the GEM listed companies in the perspective of the external information users, and helps them to analyze the dividend distribution information effectively and therefore studies the GEM board. The practical significance of dividend distribution is self-evident.
The gem is the result of the development of the multi-level capital market in China. As early as the end of the last century, the relevant departments began to prepare a special platform to provide financing for small and medium growth enterprises. In order to achieve the successful launch of the GEM market and achieve its true purpose, in 2004, the Shenzhen stock exchange was first set up small and medium-sized enterprises. It is obvious that the successful experience of the SME board has provided a special help for the final listing and initial operation of the gem in 2009. The gem has won the welcome of the small and medium enterprises and investors from the beginning of the board. The 2011 gem has been running for nearly 3 years, and the public board of the board has been listed public. The quantity of the company is also increasing, and now the number has reached more than 300. The speed of the development of the GEM board is obvious to all. It also solves the financing needs of small and medium-sized enterprises which can not meet the requirements of the main board and the SME board. The business of the battalion basically embodies the direction of our country's future industry development, and the scientific and technological innovation enterprises have developed fast in the gem. Of course, an excellent listed company should also manage their own retained earnings. Therefore, the dividend distribution is the problem that it must face.
Based on the history and present situation of the research on dividend distribution at home and abroad, this paper makes a statistical analysis on the dividend distribution of the GEM listed companies in the last two years with the theory of dividend distribution, and compares the dividend distribution with the A listed companies of the main board and the listed companies of the SME board in the last two years, and analyzes the listing of the GEM listed companies in China. The characteristics and the causes of the dividend distribution of the company, and the theoretical basis of the dividend distribution, provide the investors with the information analysis reference and inspiration, and finally put forward the policy suggestions to optimize the dividend distribution of the enterprise in the future.
There are six chapters in this paper. The main contents of each chapter are as follows:
Chapter one: Introduction
This paper mainly introduces the research background and significance of the research, the research ideas and the basic framework of this paper, and introduces the research methods adopted in this paper, and makes a whole plan for the research of this paper.
The second chapter: literature review
This chapter summarizes the historical origin and research status of the research on dividend distribution in the aspects of dividend distribution research at home and abroad. The western scholars have a relatively long history in the research of the dividend distribution of the company, of which some important theories, such as the theory of dividend unrelated, have studied the later theory. It has an important influence and develops a series of dividend related theories on the basis of it. When reading the literature, it can be clearly seen that as long as it relates to the dividend study, the dividend related theory is generally mentioned. But the capital market in China started relatively late, and the domestic scholars' research in this respect first introduced the foreign classic financial management from the introduction of the introduction. With the development of China's capital market, with the development of China's capital market, this paper studies the related topics of dividend distribution on the basis of the capital market environment and the dividend distribution of listed companies on the basis of the western theory research. Practical research laid the foundation and provided many references for reference and reference.
The third chapter: theoretical basis
This chapter first expounds several important concepts involved in this article and two important dividend policies commonly used by the GEM listed companies, and then combines the theory of dividend theory to analyze the theory in this paper, which lays a theoretical foundation for the analysis and research behind this article.
The fourth chapter: the comparison and analysis of dividend distribution characteristics of listed companies on GEM.
This is the key chapter of this article, mainly on the comparative analysis and analysis of the dividend distribution of the GEM listed companies. First, we briefly analyze the dividend distribution and characteristics of the A stock listed companies and the SME Board Listed Companies in 2009 and 2010, and then focus on the 2009 year of the GEM listed companies. And the dividend distribution of the year 2010 is carefully studied on the basis of the overall situation of the main board and the SME board listed companies. This paper summarizes the following characteristics of the dividend distribution of the current GEM listed companies: (1) the overall importance of the dividend distribution; (2) the diversification of the distribution forms (3) "high score" Red high send and turn.
Through further analysis, the reasons for these characteristics of GEM listed companies are as follows:
(1) the external factors: (1) the guidance of policy and the influence of the external environment; (2) the super financing of the gem has formed a huge capital accumulation fund, which provides a strong support for the "high transfer", and 3.
(2) the internal factors (1) the high profit level of the company; (2) the senior executives seek a high dividend yield; (3) the tax avoidance consideration; (4) improve the liquidity of the company's stock and plan for the future refinancing.
(3) for the listed companies in 2009, in the 2010 year distribution, there is no longer a high proportion of the first year to send or transfer. The possible reasons are: (1) the excess funds have been digested almost; (2) some returns have fallen; (3) some companies increase their R & D to keep their profits for development.
The fifth chapter: the inspiration for investors based on the causes of dividend distribution characteristics of GEM listed companies.
The characteristics of the dividend distribution of the GEM listed companies have a certain impact on the investment of the external investment. How do they use these information, this paper puts forward some enlightenment here:
(1) recognize the essence of "high growth" of listed companies on GEM.
(2) a comprehensive analysis of the growth of GEM listed companies;
(3) rationally view the high growth of a few listed companies on GEM.
The sixth chapter: conclusions and policy recommendations.
According to the characteristics of the dividend distribution of the GEM listed companies in the fourth chapter, this paper puts forward the policy suggestions from two aspects of the GEM listed companies themselves and the market supervision layer, in order to optimize the dividend distribution behavior of the GEM listed companies and create a healthy and orderly market for the gem.
(1) the suggestions for the GEM listed companies are as follows: (1) setting up the maximization of the stockholders' wealth as the operating target; (2) the cash dividend should be in line with the growth stage of the company; (3) to optimize the governance structure of the GEM listed companies.
(2) the suggestions for the regulatory layer are as follows: (1) optimizing the IPO mechanism of the gem company, reducing the phenomenon of super recruitment from the source; secondly, introducing the delisting system of the gem as soon as possible, and perfecting the information disclosure system of the enterprise.
In addition, the main contributions of this study are as follows: (1) based on the most complete dividend distribution of the companies listed on the gem before the end of 2010, some of the listed companies are only studied in the literature. A comparative analysis of the plates is made to find out the unique characteristics of the dividend distribution of the gem. Thirdly, the reasons for the formation of the board are analyzed in the light of the actual situation in China, and the inspiration for the dividend information of the GEM listed companies is provided from the perspective of the disadvantaged external investors.
At the same time, there are also shortcomings in this paper. Because of the time of selecting data and the limited Sample Firms, we can only select the dividend distribution data for the next two years in the research and analysis of the gem, but the number of the listed companies of the gem is in a continuous expansion stage, and the form and characteristics of the dividend distribution will be more unique. In view of this, the analysis of the dividend characteristics of the GEM listed companies will inevitably be considered in the study of the initial dividend distribution of the gem, so the problem of data adequacy needs to be solved.

【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

【参考文献】