上市公司高派现、高转送与企业成长性的相关性研究

发布时间：2018-10-17 08:04

【摘要】：股利分配政策是公司各利益相关者权衡收益再投资和回报投资者的一个主要财务战略。相关研究表明,合理的股利分配政策有助于平衡公司股东的现有收益和公司未来的可持续发展关系,有助于平衡公司大股东与中小股东及其他利益相关方之间的利益,有助于规范和促进我国资本市场的健康发展。从2000年以来,在证监会出台的一系列股利分配和融资政策的引导下,分配现金股利的上市公司数占上市公司总数的比例大幅度上升,高派现现象日益显现,尤其创业板上市公司自2009年开板上市以来,高派现公司数呈明显上升趋势。伴随高派现行为,高转送行为也十分盛行,高转送公司数和转送股比例逐步增加。上市公司高派现、高转送现象已成为当今证券市场关注和讨论的焦点。上市公司高派现、高转送行为的动机是什么?能持续多久?对公司未来的成长会产生怎样的影响?本文从当前上市公司高派现、高转送行为入手,在以往理论和实务研究的基础上,对我国上市公司高派现、高转送行为对公司成长性的影响进行研究,以期为市场监管者和管理层等利益相关者制定合理的股利政策提供经验证据。本文主要研究内容分为五部分：第一部分为引言。主要介绍研究背景及意义、国内外研究综述、研究思路和研究方法等。第二部分为高派现、高转送与企业成长性的理论分析。该部分主要对相关研究对象的概念进行界定,并依据股利政策的基本理论对高派现、高转送行为对公司成长性的相关性进行理论分析。第三部分为高派现、高转送现状和影响分析。该部分主要对上市公司高派现、高转送的总体情况和行业分布情况进行统计分析,并就“双高”行为对上市公司成长性的影响进行分析。第四部分为高派现、高转送与企业成长性相关性的实证研究。本部分选择2009—2010深交所创业板上市公司为研究对象,采用因子分析和多元线性回归分析方法对高派现、高转送与公司成长性的相关性进行实证研究。第五部分为结论和建议。研究发现：我国创业板上市公司高派现、高转送现象突出,高派现、高转送公司数逐年增长,部分公司存在异常高派现行为,对公司的成长性产生一定程度上的负面影响；现金股利与企业成长性之间存在显著的正相关关系,但是,高额派现与企业成长性的相关性低于未高额派现；股票股利与企业成长性之间存在正相关关系,但是,高转送股票股利与企业成长性之间的正相关关系不显著,而且上市公司转送股票股利比例越高,与企业成长性的相关性越不显著。
[Abstract]:Dividend distribution policy is a major financial strategy for all stakeholders to balance income reinvestment and return investors. Relevant studies show that a reasonable dividend distribution policy is helpful to balance the existing income of shareholders and the future sustainable development of the company, and to balance the interests of large shareholders, minority shareholders and other stakeholders. It is helpful to standardize and promote the healthy development of China's capital market. Since 2000, under the guidance of a series of dividend distribution and financing policies issued by the Securities Regulatory Commission, the number of listed companies distributing cash dividends has increased significantly in the total number of listed companies, and the phenomenon of high dividends has become increasingly apparent. In particular, gem listed companies have been listed since 2009, the number of high dividend companies showed a clear upward trend. Accompanied by high cash distribution behavior, high transfer behavior is also very popular, high transfer companies and the proportion of transfer shares gradually increase. The phenomenon of high cash payment and high transfer of listed companies has become the focus of attention and discussion in the securities market. What is the motivation of high cash distribution and high transfer behavior of listed companies? How long will it last? What impact will it have on the future growth of the company? Based on the previous theoretical and practical studies, this paper studies the influence of high cash payout and high transfer behavior on the growth of listed companies in China. In order to provide empirical evidence for stakeholders such as market regulators and management to formulate reasonable dividend policy. The main content of this paper is divided into five parts: the first part is the introduction. This paper mainly introduces the research background and significance, domestic and foreign research review, research ideas and research methods. The second part is the theoretical analysis of high cash payment, high transfer and enterprise growth. This part mainly defines the concept of the related research object, and analyzes the correlation between the high payout and high transfer behavior on the growth of the company according to the basic theory of dividend policy. The third part is high cash distribution, high transfer status and impact analysis. In this part, the general situation of high cash payout, high transfer and industry distribution of listed companies are analyzed, and the influence of "double high" behavior on the growth of listed companies is analyzed. The fourth part is the empirical study on the correlation between high cash payment, high transfer and enterprise growth. In this part, we choose the listed companies of Shenzhen Stock Exchange as the research object, and use factor analysis and multivariate linear regression analysis to study the correlation between high payout, high transfer and company growth. The fifth part is the conclusion and recommendation. The study found that: the high cash distribution of gem listed companies, the phenomenon of high transfer is prominent, the number of high transfer companies is increasing year by year, some companies have abnormal high dividend behavior, which has a certain degree of negative impact on the growth of companies; There is a significant positive correlation between cash dividend and enterprise growth, but the correlation between high payout and enterprise growth is lower than that without high payout, and there is a positive correlation between stock dividend and enterprise growth, but, The positive correlation between high transfer stock dividend and enterprise growth is not significant, and the higher the proportion of transferring stock dividend, the less significant the correlation between high transfer stock dividend and enterprise growth.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F276.6;F224

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