包钢稀土内部财务状况对股利政策影响之因素分析

发布时间：2018-05-20 21:42

本文选题：包钢稀土 + 财务状况　；参考：《湘潭大学》2014年硕士论文

【摘要】：股利政策是公司财务研究领域一个经典而又不断推陈出新的研究课题。尽管有关股利政策的理论与实证研究成果丰硕，但是股利政策理论与实务相脱节的问题却是屡见不鲜，，这就为本文的研究提供了空间。在成熟的市场上，公司内部财务状况与股利政策息息相关。上市公司的股利政策会向市场传递出公司的财务状况信息，财务状况良好且稳定的公司有着稳定的现金股利派发。同理，稳定的现金股利也意味着公司运行良好。反之，当公司财务状况出现困难或危机时候，则会降低现金股利的派发或者将改变支付形式。因此本文以包钢稀土为例，研究公司内部财务状况对股利政策的影响，不仅有利于完善股利政策研究的理论框架，还可为上市公司针对性提高经营管理提供参考。本文首先介绍了股利政策相关的概念和理论基础，包括西方经典的股利政策理论、股利的相关概念，股利支付的形式，股利政策的类型和特征等，为后文的案例分析打下基础。其次，本文对包钢稀土内部财务状况和股利政策现状进行分析，发现包钢稀土是一家正在向前发展的公司，资产规模正在不断扩大，资产结构较为稳定，但利润和现金流在不同年度起伏较大，这也导致公司股利政策不够稳定连续等问题。然后，本文对包钢稀土2008至2012年资产质量、资本结构质量、利润质量、现金流质量和成长质量进行分析，研究内部财务状况对股利政策的影响，得出以下结论：当公司运营质量高、财务风险小、偿债能力强、盈利状况好、成长潜力大、现金流充足时，公司更倾向于支付股利，且货币资金、资产负债率、利润质量、经营现金流和资产增长质量是影响公司股利政策最为核心的因素。最后，本文针对包钢稀土股利政策存在的问题及成因，提出关于未来经营及完善股利政策方面的对策及建议，为其后续发展提供参考建议。
[Abstract]:Dividend policy is a classic and new research topic in the field of corporate finance research. Although the theoretical and empirical research on dividend policy is fruitful, the problem of the disconnection between dividend policy theory and practice is common, which provides the space for the research of this paper. In the mature market, the company's internal financial situation and dividend policy are closely related. The dividend policy of the listed company will transmit the information of the company's financial position to the market, and the company in good and stable financial position will have stable cash dividend distribution. By the same token, a stable cash dividend also means that the company is doing well. Conversely, when the company's financial situation is difficult or crisis, it will reduce the distribution of cash dividends or will change the form of payment. Therefore, this paper takes Baotou Iron & Steel Co., Ltd as an example to study the influence of internal financial situation on dividend policy, which not only helps to perfect the theoretical framework of dividend policy research, but also provides a reference for listed companies to improve their management. This paper first introduces the relevant concepts and theoretical basis of dividend policy, including the western classical dividend policy theory, dividend related concepts, the form of dividend payment, the types and characteristics of dividend policy, etc. Secondly, this paper analyzes the internal financial situation and dividend policy of rare earths in Baotou Iron and Steel Co., Ltd., and finds that Baotou Iron and Steel Co., Ltd is a company that is developing forward. The scale of assets is constantly expanding, and the structure of assets is relatively stable. However, profit and cash flow fluctuate greatly in different years, which also leads to the company dividend policy is not stable and continuous and so on. Then, this paper analyzes the asset quality, capital structure quality, profit quality, cash flow quality and growth quality of rare earths from 2008 to 2012 in Baotou Iron and Steel Co. The following conclusions are drawn: when the company has high operating quality, low financial risk, strong solvency, good profitability, great growth potential and sufficient cash flow, the company is more inclined to pay dividends, and the monetary funds, asset-liability ratio, profit quality, etc. Operating cash flow and asset growth quality are the most important factors affecting dividend policy. Finally, in view of the problems and causes of rare earth dividend policy in Baotou Iron and Steel Co., this paper puts forward some countermeasures and suggestions on the future management and improvement of dividend policy, and provides some suggestions for its future development.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426;F406.7

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