股利政策与可持续增长的相关性研究

发布时间：2018-02-02 23:53

本文关键词： 股利政策可持续增长相关性希金斯模型　出处：《南京航空航天大学》2014年硕士论文　论文类型：学位论文

【摘要】：在经历了全球金融危机之后，如何保持企业健康稳定的增长成为了各国政府关注的焦点。但是，从财务管理的角度看，增长过快或过慢都不是件好事。与国外企业对可持续增长的广泛重视相比，我国企业还有很大的差距。因此，研究企业的可持续增长意义重大。股利政策作为企业的一项重要财务决策，一直是国内外学者研究的热点。影响企业可持续增长的因素很多，股利政策是企业可持续增长的一个重要影响因素，而关于股利政策与可持续增长相关性的研究成果比较少，现有的研究不够深入，因此，本文从理论和实证两方面深入分析股利政策与企业可持续增长的相关性。首先，本文阐述了研究背景、意义和研究内容。规范研究部分，首先对企业可持续增长概念的界定、可持续增长模型的建立和拓展以及股利政策相关理论进行了阐述，在总结已有研究的基础上，对企业可持续增长的影响因素进行了分析，得出股利政策是影响企业可持续增长的一个重要因素。在归纳股利分配政策和分红配股方式的基础上，从希金斯的可持续增长模型角度出发，分别从融资优序理论和企业价值理论的角度对股利政策与可持续增长相关性的机理进行了详细分析，认为股利政策与可持续增长之间存在紧密的内在联系。实证研究部分，本文选取了A股923家上市公司2012年度的财务数据作为研究样本。运用希金斯可持续增长模型、描述性统计分析、Pearson相关分析和多元线性回归模型，分别研究了现金股利分配数额、股票股利分配数量和股利支付方式对企业可持续增长的影响，对其相关关系进行了实证检验。研究结论表明，股利政策对可持续增长有着重要的影响，，现金股利的分配数额和股票股利的分配数量与可持续增长率均呈现出显著的正相关，分配混合股利的企业可持续增长率普遍高于分配现金股利的企业。我国企业的股利分配基本符合可持续增长的思想，但易受到政策导向的影响，并且我国上市公司具有外源性融资偏好，存在潜在的圈钱动机。
[Abstract]:After the global financial crisis, how to maintain the healthy and stable growth of enterprises has become the focus of governments. However, from the perspective of financial management. Too fast or too slow growth is not a good thing. Compared with the foreign enterprises to pay more attention to sustainable growth, Chinese enterprises still have a big gap. It is of great significance to study the sustainable growth of enterprises. As an important financial decision of enterprises, dividend policy has been a hot spot of domestic and foreign scholars. There are many factors that affect the sustainable growth of enterprises. Dividend policy is an important factor in the sustainable growth of enterprises, but there are few research results on the correlation between dividend policy and sustainable growth, so the existing research is not deep enough. In this paper, the relationship between dividend policy and sustainable growth of enterprises is analyzed theoretically and empirically. First of all, this paper describes the research background, significance and research content. Normative research part, first of all, the definition of the concept of sustainable growth of enterprises. The establishment and expansion of sustainable growth model and dividend policy related theories are expounded. On the basis of summarizing the existing research, this paper analyzes the influencing factors of sustainable growth of enterprises. It is concluded that dividend policy is an important factor affecting the sustainable growth of enterprises. On the basis of summing up the dividend distribution policy and the way of dividend allocation, this paper starts from the perspective of Higgins' sustainable growth model. The mechanism of the correlation between dividend policy and sustainable growth is analyzed in detail from the perspective of financing priority theory and enterprise value theory. It is concluded that there is a close internal relationship between dividend policy and sustainable growth. In this paper, the financial data of 923 A-share listed companies in 2012 are selected as the research samples. Using Higgins sustainable growth model, descriptive statistical analysis. Pearson correlation analysis and multivariate linear regression model are used to study the effect of cash dividend amount, stock dividend allocation amount and dividend payment method on the sustainable growth of enterprises. The correlation between them is tested empirically. The research results show that dividend policy has an important impact on sustainable growth. The distribution amount of cash dividend and the allocation amount of stock dividend have a significant positive correlation with the sustainable growth rate. The sustainable growth rate of mixed dividend distribution enterprises is generally higher than that of cash dividend distribution enterprises. The dividend distribution of Chinese enterprises basically accords with the idea of sustainable growth, but it is easy to be influenced by the policy direction. And listed companies in China have exogenous financing preference, there are potential ring-money motivation.
【学位授予单位】：南京航空航天大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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