基于生命周期理论的佛山照明股利分配政策研究

发布时间：2018-06-14 19:01

本文选题：生命周期理论 + 股利分配政策　；参考：《内蒙古大学》2014年硕士论文

【摘要】：企业生命周期理论的提出,为研究企业管理提供了新思路。股利分配政策作为一项重要的财务政策,与企业的生存发展及股东利益息息相关。基于生命周期理论对企业股利政策进行研究,也成为学术界一个小小的热点。佛山照明作为一家上市时间较长、并长期坚持分配现金股利的“现金奶牛”公司,其股利分配政策是否和企业生命周期相关,便成为一个值得探索的问题。本文以佛山照明为案例,首先采用留存收益率法对其生命周期进行划分,进而研究其在不同生命周期阶段的股利分配政策,从股利的支付率、支付方式、支付稳定性三方面探究生命周期与股利分配政策的相关性。得出以下研究结论：在现金股利支付率方面,佛山照明在不同生命周期阶段没有重大变化；在股利支付方式方面,佛山照明在初创期和成长期时,一直选择采用现金股利方式补充地方财政；在成熟期,企业为了保证股东回报依然选择以现金支付股利,并且派现金额较高；在股利支付稳定性方面,选取佛山照明各个生命周期阶段收益情况的四个指标进比对比分析,结果表明在成熟期企业股利支付情况比其他生命周期阶段稳定。该研究结论表明,在不同生命周期,企业制定股利分配政策的动机会有不同,这些动机受宏观环境的约束,也同企业自身的发展战略密切相关。
[Abstract]:The theory of enterprise life cycle provides a new idea for the study of enterprise management. As an important financial policy, dividend distribution policy is closely related to the survival and development of enterprises and the interests of shareholders. The research of dividend policy based on life cycle theory has also become a little hot spot in academic circles. Foshan Lighting, as a "cash cow" company with a long time on the market and persisting in the distribution of cash dividends for a long time, whether its dividend distribution policy is related to the life cycle of the enterprise has become a question worth exploring. In this paper, Foshan Lighting is taken as an example. The method of retention rate of return is used to divide the life cycle of Foshan Lighting, and then the dividend distribution policy in different life cycle stages is studied. The relationship between life cycle and dividend distribution policy is explored in three aspects of payment stability. The following conclusions are drawn: in the aspect of cash dividend payment rate, Foshan Lighting has no significant change in different life cycle stages, and Foshan Lighting has no significant changes in terms of dividend payment methods during the initial and growing periods. In the mature period, enterprises still choose to pay dividends in cash in order to ensure the return of shareholders, and the amount of cash paid is relatively high; in terms of the stability of dividend payments, the company has always chosen to use cash dividends to replenish local finance; during the maturity period, enterprises still choose to pay dividends in cash, The comparative analysis of four indexes about the income of Foshan Lighting Life cycle shows that the dividend payout in mature period is more stable than that in other life cycle stages. The conclusion shows that in different life cycle, the motivation of dividend distribution policy will be different, which is restricted by macro environment and closely related to the development strategy of enterprise itself.
【学位授予单位】：内蒙古大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F426.6

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