中小板上市公司成长性对其股利分配影响的实证研究

发布时间：2018-06-10 17:29

本文选题：中小企业板上市公司 + 成长性　；参考：《福建农林大学》2012年硕士论文

【摘要】：我国中小企业板自2004年5月推出以来已有7年多的时间，截止到2012年4月13日，在中小板挂牌上市的企业已达到665家。中小企业板自推出7年来的发展实践表明，上市公司的成长性是中小企业板市场发展的核心，中小企业板相对于主板市场而言，普遍具有收入增长快、盈利能力强、高成长性的特点，倍受广大投资者、中小板上市公司、政府部门等相关利益者的关注。同时对于上市公司来说，股利分配是其三大财务活动之一，而公司股利分配的合理与否又直接影响着企业的进一步发展和成长。股利分配无论是对公司还是对于投资者，都是十分重要的。股利分配政策的制定是公司财务管理的一个重要方面，上市公司可以通过股利分配达到留存与分配的平衡，实现股东财富的最大化，并且能够帮助其树立良好的公司形象、激发广大投资者对公司持续投资的热情，从而使公司获得长期稳定的发展条件和实现成长机会的目标。和其他上市公司一样，中小企业板上市公司股利分配主要涉及以下几个方面的问题：是否分配股利；如果进行股利分配，分配比例是多少；以何种形式支付股利？同时中小企业板上市公司的股利政策还与其自身的成长密切相关。然而鉴于股利政策的信号传递理论，上市公司的股利政策传递着一定的信息。中小企业板上市公司的管理当局也都十分重视股利的信号传递作用，所以可能出现其实施的股利分配政策与其真实的成长性不一致的状况。那么中小板上市公司的成长性对其股利分配的影响到底如何，即成长性是否影响了它的股利分配政策，股利分配政策能否如实反映该上市公司成长性的高低。因此，进行中小板上市公司成长性对其股利分配的实证研究具有重要的现实意义。本文选取深交所中小板83家上市公司作为研究样本，以2008年-2010年作为研究的年度区间，选取资本积累率、总资产增长率、营业收入增长率、营业利润增长率、净利润增长率、每股收益增长率、净资产收益率增长率以及每股净资产增长率等8个常用的重要财务指标作为成长性的衡量指标，运用因子分析法对我国中小板上市公司的成长性进行了分析和评价，并将其分为高成长性和低成长性两类公司。接下来，，本文就中小板上市公司两类公司的成长性对其是否发放股利、股利支付水平、股利支付形式三方面的影响提出相应假设，并采用描述统计、方差分析和非参数检验的方法进行检验，得出了以下结论：中小板上市公司中高成长性公司更倾向于发放股利，而且其采取的股利政策更加持续、稳定；高成长性和低成长性两类公司的支付形式都比较多样化，同时都非常看重派现这一股利支付形式；高成长性和低成长性两类公司的现金股利水平支付之间存在显著差异，低成长性公司的现金股利支付水平比高成长性公司的要高，即成长性与现金股利支付水平反相关；高成长性和低成长性两类公司的送股水平和转增股水平之间并不存在显著差异。根据上述实证分析结论，本文从中小板上市公司、投资者、政府部门这三个方面提出了相应的对策建议。文章最后还指出了本文可能存在的不足之处和今后此方面研究需要努力的方向。
[Abstract]:It has been more than 7 years since the launch of the SME board in China in May 2004. By April 13, 2012, the SME board listed on the SME board has reached 665. The development practice of the SME board for 7 years shows that the growth of the listed companies is the core of the SME board market development, and the SME board is relative to the main board market. However, the dividend distribution is one of the three major financial activities for the listed companies, and the dividend distribution of the public company has a direct impact on the enterprise's progress. The dividend distribution is very important for both the company and the investor. The formulation of the dividend distribution policy is an important aspect of the company's financial management. The listed company can achieve the balance of the retention and distribution through the dividend distribution, realize the maximization of the wealth of the shareholders, and help it to build up the good. The image of the company encourages the enthusiasm of the investors to continue to invest in the company, thus making the company obtain long-term stable development conditions and the goal of achieving growth opportunities. As with other listed companies, the dividend distribution of the listed companies of small and medium-sized enterprises is mainly related to the following aspects: whether to allocate dividends; if the dividend is divided into dividends. At the same time, the dividend policy of the SME board listed companies is closely related to its own growth. However, in view of the signal transmission theory of the dividend policy, the dividend policy of the listed companies has a certain information. The management authorities of the SME board listed companies also attach great importance to the dividend policy. As a result of the signal transmission of dividend, it may appear that the dividend distribution policy is not consistent with its real growth. Then what is the effect of the growth of the small and medium listed companies on the dividend distribution, that is, whether the growth affects its dividend distribution policy, and whether the dividend distribution policy can reflect the public listed public correctly. Therefore, it is of great practical significance to conduct empirical research on the dividend distribution of small and medium-sized listed companies.
In this paper, 83 listed companies in the Shenzhen stock exchange were selected as the research samples. Taking the year of 2008 -2010 as the annual range of research, we selected the capital accumulation rate, the total asset growth rate, the growth rate of operating income, the growth rate of operating profit, the growth rate of net profit, the growth rate of earnings per share, the growth rate of net assets and the growth rate of net assets per share of 8. As a measure of growth, we use factor analysis to analyze and evaluate the growth of small and medium listed companies in China, and divide them into two types of companies with high growth and low growth. In this paper, whether the growth of the two types of Companies in small and medium-sized listed companies will be paid dividends and dividends The level of payment, the three aspects of the dividend payment form the corresponding hypothesis, and the use of descriptive statistics, variance analysis and non parametric test methods to test, draw the following conclusion: medium and small plate listed companies in the high growth firms are more inclined to pay dividends, and its dividend policy is more sustainable, stable; high growth. And the two types of companies with low growth are more diversified and pay more attention to the form of dividend payment. There is a significant difference between the cash dividend payment level of the two types of companies with high growth and low growth, and the low growth firms's cash dividend payment level is higher than the higher growth firms. There is no significant correlation between the level of cash dividend payment and the difference between the two types of high growth and low growth companies.
According to the conclusion of the above empirical analysis, this paper puts forward the corresponding countermeasures and suggestions from the three aspects of small and medium board listed companies, investors and government departments. Finally, the paper also points out the shortcomings of this paper and the direction of the future research.
【学位授予单位】：福建农林大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F272.92;F224

【相似文献】