中小板上市公司股利政策对股价影响的实证研究

发布时间：2018-12-07 07:03

【摘要】：股利政策是指公司的股东大会或董事会针对与股利有关的一切事项，所采取的一些原则性做法，是关于公司发放股利与否、发放股利的多少以及何时发放股利等诸多方面的方针和策略，其主要关于公司对其收益是进行分配还是留存再投资的策略问题，是上市公司理财活动的三大基本环节之一，是与投资者进行沟通的纽带。股利分配关系到公司与投资者之间的利益，也关系到公司的未来发展。若支付较高的股利，投资者获取高额的投资回报，吸引投资者进行股票投资，促使股票价格的上升，但是过高的股利分配使得公司的留存收益减少，可能会影响上市公司的投资决策和未来的发展。若采取低股利分配，可以保障公司资金的充裕，但是会影响投资者的投资回报，可能会导致股票价格的下降。因此，股利政策的制定会作用到股票的价格以及上市公司的未来发展。中小板块是一个比较特殊的板块，独立于主板，是创业板的过渡板块。伴随着2004年6月中小板在深交所正式开板，截止2012年12月31日中小板上市公司的数量达到701家，由最初的8家发展到701家，中小板上市公司发展迅速，，同时也奠定了中小企业在我国经济发展中不可或缺的经济地位。上市公司股票价格是公司价值的一种体现方式，是影响投资者股票投资的直观因素。因此，研究中小板上市公司股利政策和股票价格的关系对于中小板上市公司在证券市场稳定健康的发展具有重要的借鉴意义。本文首先系统的阐述了上市公司股利政策国内外研究的现状以及股利政策与股票价格关系的基本理论。其次，对中小板上市公司股利分配现状以及特征进行分析。之后，依据股利分配方式，分别选取2010-2012年的样本数据，利用Excel2010和SPSS17.0软件进行数据的实证分析，在中小企业板块股利政策对股价具有显著的影响作用，同时笔者发现中小板股利政策和股价的关系与主板中股利政策和股价的关系存在差异。本文研究结论得出：中小板投资者比较欢迎现金股利，对股票股利和混合股利并不十分偏好，现金股利政策与股价呈正相关而股票股利政策和混合股利政策与股价呈现负相关关系。
[Abstract]:Dividend policy means that the shareholders' general meeting or the board of directors of a company adopt some principled practices on all matters related to dividend, which is about whether the company pays dividends or not. The policy and strategy of how much dividends are paid and when they are paid are mainly concerned with the strategy of whether the company distributes or reinvests its earnings, which is one of the three basic links in the financial management activities of listed companies. It is the bond of communication with investors. Dividend distribution is related to the interests of the company and investors, but also related to the future development of the company. If a higher dividend is paid, the investor obtains a high return on investment, which attracts the investor to invest in the stock and promotes the rise of the stock price. However, the excessive dividend distribution results in the reduction of the company's retained earnings. May affect the listed company's investment decision and the future development. A low dividend allocation would protect the company's capital abundance, but it would affect investors' return on investment and could lead to a fall in stock prices. Therefore, dividend policy will affect the stock price and the future development of listed companies. Small plate is a relatively special plate, independent of the main board, is the transition plate gem. With the official opening of small and medium-sized board in Shenzhen Stock Exchange in June 2004, as of December 31, 2012, the number of small and medium-sized board listed companies has reached 701, from the initial 8 to 701, and the small and medium-sized board listed companies have developed rapidly. At the same time, it has also laid down the indispensable economic status of small and medium-sized enterprises in the economic development of our country. The stock price of listed companies is a reflection of company value and an intuitive factor influencing investors' stock investment. Therefore, the study of the relationship between dividend policy and stock price is of great significance for the stable and healthy development of small and medium-sized board listed companies in the stock market. In this paper, the current situation of dividend policy research at home and abroad and the basic theory of the relationship between dividend policy and stock price are systematically expounded in this paper. Secondly, the status quo and characteristics of dividend distribution of small and medium-sized listed companies are analyzed. Then, according to the dividend distribution method, the sample data of 2010-2012 are selected, and the empirical analysis of the data is carried out by using Excel2010 and SPSS17.0 software. The dividend policy has a significant impact on the stock price in the small and medium-sized enterprises. At the same time, the author finds that the relationship between dividend policy and stock price is different from that between dividend policy and stock price in main board. The conclusions of this paper are as follows: small and medium board investors prefer cash dividend, and do not have a preference for stock dividend and mixed dividend. Cash dividend policy has positive correlation with stock price, while stock dividend policy and mixed dividend policy have negative correlation with stock price.
【学位授予单位】：长沙理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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