金融类上市公司股利政策研究

发布时间：2018-06-06 15:24

本文选题：上市公司 + 股利政策　；参考：《西南大学》2012年硕士论文

【摘要】：股利是上市公司分配给股东的税后收益,反映上市公司的经营行为和经营成果,不仅影响上市公司的外在形象,而且与股票价格的波动也存在着密切联系。投资者试图通过股利分配政策来了解公司的未米发展前景,是否能够可持续发展,是否有长远的投资价值;而公司也希望能通过较好的股利分配政策传递有关公司经营的信息,能够通过一个合理的股利分配政策来吸引更多的投资者。因此对于上市公司来说,股利政策的制定是公司价值最大化中的一个重要环节,对于投资者而言,也是其获得投资回报的重要途径之一。自1961年美国财务学家莫顿·米勒(Miller)和经济学家弗兰克·莫迪格里(Modigliani)共同发表了题为《股利政策、增长和股票价值》的论文,提出了“股利政策无关论”的观点以来,西方许多专家学者从不同角度、运用各种方法对上市公司股利政策进行了研究,提出了税差理论、信号理论、代理成本假说等理论。由于我国资本市场成立较晚,20世纪90年代以来我国学者才开始紧跟西方前沿,结合我国的实际,并取得了一系列的研究成果。本研究的目的和意义在于从行业角度来剖析股利分配政策的影响因素,找出影响股利分配政策的因素并提出相应的对策。本文采用理论和实证相结合的分析方法,对金融类上市公司上市公司股利政策的现状以及影响因素进行研究。本文首先对中国上市公司股利分配的现实状况进行统计性描述,分析了近二十年来中国上市公司股利政策的基本特征,为后文进行实证研究提供现实依据。在统计性分析中我们发现,中国上市公司股利政策特征主要表现为：股利分配形式复杂多样,现金股利占据主体地位；不同股利分配方式阶段性特征明显；不分配现象带有普遍性；股利政策波动较大,缺乏连续性和稳定性。然后,重点对金融类上市公司的股利分配现状进行了统计性描述。通过搜集历年来金融类上市公司的股利分配情况,统计发现我国金融类上市公司股利分配具有以下特点：(1)不分配股利的公司数目占全部金融类上市公司的比重较低；(2)股利分配呈现多样性,且以现金股利为主；(3)股利分配政策具有很好的稳定性和连续性；(4)分红总额不断增加,股利支付率稳中有降。本文选取2008-2010年的金融类上市公司为样本,分别从上市公司的盈利能力、偿债能力、公司规模、成长能力、股权结构等方面选取了相应能体现金融行业特点的指标,建立了多元线性回归模型,运用SPSS软件首先对变量间的多重共线性进行了检验,发现自变量之间不存在多重共线性,然后对变量进行强制回归,剔除来通过检验的变量之后,最终得出了金融类上市公司股利政策影响因素模型。最终结果表明,我国金融类上市公司现金股利分配与净资产收益率、总资产周转率、每股净资产存在较明显的止相关关系,而与托宾q值以及资产负债率存在负相关关系,与公司股权结构、公司规模、资本流动性等无关。最后本文提出针对金融类上市公司股利分配现状与影响因素提出优化措施：首先,完善法律环境,规范股利分配行为。其次,金融类上市公司应继续保持现金股利支付的稳定性和连续性。第三,优化股权结构,保护中小股东权益。最后,采取措施,引导上市公司树立股东财富最大化的经营目标。
[Abstract]:Dividend is the post tax revenue that the listed company distributes to the shareholders, reflecting the operating behavior and the operating results of the listed company. It not only affects the external image of the listed company, but also has a close connection with the fluctuation of the stock price. Whether there is a long-term investment value, and the company hopes to pass on the information about the company's management through a better dividend distribution policy, and can attract more investors through a reasonable dividend policy.
Therefore, for listed companies, the formulation of dividend policy is an important link in the value maximization of the company. For investors, it is also one of the important ways to obtain the return on investment. Since 1961, American financial scientist Morton Miller (Miller) and economist Fran J Modigri (Modigliani) jointly published the title of "stock" Since the thesis of "profit policy, growth and stock value >", the paper puts forward the "no theory of dividend policy", many Western experts and scholars have studied the dividend policy of listed companies from different angles, and put forward the theory of tax difference, the theory of signal, the hypothesis of agency, and so on. Because of the late establishment of the capital market in China, 20 Since the 90s of the 20th century, Chinese scholars began to closely follow the western frontier, combined with the reality of China, and made a series of research results.
The purpose and significance of this study is to analyze the factors affecting the dividend distribution policy from the perspective of the industry, find out the factors that affect the dividend distribution policy and put forward the corresponding countermeasures. This paper studies the current situation and influencing factors of the dividend policy of Listed Companies in financial listed companies by combining theory with empirical analysis. The paper first makes a statistical description of the actual situation of dividend distribution of Chinese listed companies, analyzes the basic characteristics of the dividend policy of Chinese Listed Companies in the last twenty years, and provides the practical basis for the empirical study of the latter. In the statistical analysis, we find that the characteristics of the dividend policy of Chinese listed companies are mainly manifested in the dividend distribution form. The cash dividend occupies the main position; the different dividend distribution mode has obvious stage characteristics; the non distribution phenomenon is universal; the dividend policy fluctuates greatly, lacks continuity and stability. Then, it focuses on the statistical description of the current situation of the dividend distribution of the financial listed companies. The dividend distribution of the city company shows that the dividend distribution of the listed companies in China has the following characteristics: (1) the number of companies that do not allocate dividends accounts for the low proportion of all financial listed companies; (2) the dividend distribution presents diversity, and the cash dividend is the main factor; (3) the dividend distribution policy has a good stability and continuity. (4) dividends continue to increase, and dividend payout rates remain steady.
In this paper, 2008-2010 years of financial listed companies are selected as samples, and the indexes that can reflect the characteristics of the financial industry are selected from the profitability of the listed companies, the solvency, the size of the company, the ability to grow and the ownership structure, and a multiple linear regression model is established. The multiple collinearity between the variables is first carried out with the SPSS software. It is found that there is no multiple collinearity between the independent variables, and then the variable is forced to return to the variables, and after the inspection of the variables, the model of the influence factors of the dividend policy of the financial listed companies is finally obtained. The final result shows that the dividend distribution and net asset return rate and the total asset turnover rate of the financial listed companies in China are finally shown. There is a clear correlation between the net assets per share and the negative correlation with the Tobin Q value and the asset liability ratio, which has nothing to do with the company's equity structure, the company size, and the capital liquidity.
Finally, this paper puts forward the optimization measures for the current situation and the influencing factors of the dividend distribution of the financial listed companies: first, improve the legal environment, standardize the dividend distribution behavior. Secondly, the financial listed companies should continue to maintain the stability and continuity of the cash dividend payment. Third, optimize the ownership structure, protect the rights and interests of small and medium shareholders. Finally, mining the rights and interests of small and medium-sized shareholders. Take measures to guide listed companies to establish the maximization of shareholder wealth.
【学位授予单位】：西南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.3;F224;F832.51

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