中国房地产类上市公司股利政策影响因素分析

发布时间：2018-03-10 14:42

本文选题：上市公司　切入点：股利政策　出处：《辽宁大学》2014年硕士论文　论文类型：学位论文

【摘要】：公司理财具有三大核心政策,股利政策是其中之一。合理恰当的股利政策不仅能够为公司自身树立良好的企业形象,而且还能使公司的股价稳定,让更多的投资者对公司的信心增加,所以合理的股利政策可以保证公司的持续稳定的发展。学术界对股利理论一直在不断的研究,其中包括从MM理论的建立,到通过放松MM理论的各种假设继而建立起来的其他理论。本文选择针对房地产类上市公司股利政策影响因素的研究,是由于房地产行业对于其他行业的发展有关联性,为我国的经济发展作出巨大的贡献。通过研究都有哪些因素会影响股利政策,对我国政府相关部门政策调整以及公司制定股利政策都会有很重要的作用。本文在进行了股利政策的理论部分阐述之后,首先对2008-2012年五年中147家房地产上市公司做描述性统计分析,从股利的分配方式、股利支付水平以及股利政策稳定性方面说明了房地产类上市公司股利政策的现状,同时也发现了股利的分配过程中存在着不分配的现象、股利分配的现金金额较低以及股利政策缺乏连续性等问题；其次实证分析中通过采用面板数据回归的方法,选取了33家房地产上市公司从2003-2012年的数据作为研究样本,回归结果表明影响房地产行业股利政策的因素中净利润增长率、资产负债率以及现金流量比率与每股股利支付率之间的关系是负向的,其余变量与每股股利支付率之间的关系是正向的；最后从国家政府和房地产上市公司两个角度为房地产公司制定合理、规范、有效的股利政策提出合理化建议。本文的创新主要表现在两个方面,第一个方面是研究方法的创新,本文在进行实证分析时使用了面板数据,从时间序列和截面两个角度来分析股利支付水平同一系列影响因素之间的关系；另一方面是样本数据的创新,本文选取2003-2012年十年间的数据,此样本数据较新并且研究时间跨度较长,这样保证了研究结果的准确性。
[Abstract]:The dividend policy is one of the three core policies. A reasonable and appropriate dividend policy can not only set up a good corporate image for the company itself, but also make the company's stock price stable. Let more investors have more confidence in the company, so a reasonable dividend policy can ensure the sustained and stable development of the company. Academia has been studying dividend theory, including the establishment of MM theory. To other theories established by relaxing various assumptions of MM theory. This paper chooses to study the factors affecting dividend policy of real estate listed companies because the real estate industry has relevance to the development of other industries. By studying what factors will affect the dividend policy, it will play an important role in the adjustment of the policy of the relevant departments of our government and the formulation of the dividend policy of the company. After explaining the theory of dividend policy, this paper firstly makes a descriptive statistical analysis of 147 listed real estate companies during the five years from 2008 to 2012. The level of dividend payment and the stability of dividend policy explain the current situation of dividend policy of real estate listed companies, at the same time, we find that there is a phenomenon of non-distribution in the process of dividend distribution. The cash amount of dividend distribution is low and the dividend policy lacks continuity. Secondly, by using panel data regression method, 33 real estate listed companies are selected as the research samples from 2003 to 2012 in the empirical analysis. The regression results show that the relationship between net profit growth rate, asset-liability ratio, cash flow ratio and dividend payment rate per share is negative among the factors affecting dividend policy in real estate industry. The relationship between the other variables and the dividend payment rate per share is positive. Finally, the rational, standardized and effective dividend policy for the real estate companies is proposed from the two angles of the national government and the listed real estate companies. The innovation of this paper is mainly reflected in two aspects. The first aspect is the innovation of research methods. In this paper, the panel data are used in the empirical analysis. From the angle of time series and cross section, this paper analyzes the relationship between the same series of factors affecting the level of dividend payment, on the other hand, the innovation of sample data. The sample data is relatively new and the research time span is longer, which ensures the accuracy of the research results.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F299.233.42

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