招商地产股利政策及其改进研究

发布时间：2018-03-03 22:18

本文选题：招商地产　切入点：股利政策　出处：《兰州商学院》2014年硕士论文　论文类型：学位论文

【摘要】：由于股利政策可以反映一个公司的经营活动和经营业绩，公司的股利政策对公司的市场形象和股票价格产生巨大的影响。因此，股利政策已经不仅是单纯的利润分配问题，而且是一个再融资的问题，它是企业综合考虑宏观环境、经营状况、资本成本后的结果，它会影响公司未来的投融资决策，从而影响公司价值最大化的目标。正因为股利政策对公司极其重要，且制定的过程需要综合考虑多种因素，因此国内外的会计学者和经济学家等对它进行了深入的研究，形成了信号传递、代理成本、交易成本、税收效应等理论，但是迄今未达成共识。作为上市较早的房地产企业，招商局地产控股股份有限公司经营过程中受到的影响是多方面、多层次的，而这些影响的结果则会集中在股利政策制定之中。本文通过搜集其上市以来历年的宏观经济形势、经营业绩和股利发放情况发现其股利政策特征是：与宏观经济形势紧密切相关，且具有前瞻性；与经营业绩密切相关；某一年出现极低的现金股利下一年则会强势反弹；股利政策不具有连续性。本文在分析宏观经济形势、房地产行业状况和公司经营业绩的前提下，应用信号传递理论、代理成本理论、企业生命周期理论分析其制定的股利政策是否合理。发现其制定股利政策在应用股利政策的同时也存在成长期多发现金股利，成熟期少发现金股利，，即不符合企业生命周期理论，进而导致代理成本较高的问题。本文将针对上述问题提出一系列改进措施以期为招商地产及其他企业提供借鉴。
[Abstract]:Because the dividend policy can reflect a company's business activities and performance, the company's dividend policy has a great impact on the company's market image and stock price. Moreover, it is a problem of refinancing. It is the result of comprehensive consideration of macro environment, operating condition and capital cost. It will affect the future investment and financing decision of the company and thus affect the goal of maximizing the value of the company. Just because dividend policy is very important to the company, and the process of making the dividend policy needs to consider a variety of factors synthetically, so the domestic and foreign accounting scholars and economists have carried on the thorough research to it, has formed the signal transmission, the agency cost, Transaction costs, tax effects and other theories, but so far has not reached consensus. As an early listed real estate enterprise, China Merchants Bureau Real Estate holding Co., Ltd. was affected in many ways and at various levels in the course of its operation. The results of these effects will be concentrated in the dividend policy formulation. This paper collects the macroeconomic situation in the past years since its listing. The characteristics of dividend policy are closely related to macroeconomic situation and forward-looking, closely related to operating performance, strong rebound of very low cash dividend in a certain year; Dividend policy does not have continuity. Based on the analysis of the macroeconomic situation, the real estate industry and the company's operating performance, this paper applies the theory of signal transmission and the theory of agency cost. The theory of enterprise life cycle analyzes whether the dividend policy made by the enterprise is reasonable. It is found that there are multiple cash dividends in the growing period and less cash dividend in the mature period, while the dividend policy is applied to the development of the dividend policy. This paper will put forward a series of improvement measures to solve these problems in order to provide reference for China Merchants Real Estate and other enterprises.
【学位授予单位】：兰州商学院
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.4

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