我国零售业上市公司股利政策与经营业绩关系研究
发布时间：2018-08-26 21:09
【摘要】：股利政策一直以来是学术界的探讨热点,同样也是关乎投资者切身利益的问题。信号传递理论是一个比较成熟的理论,该理论认为,由于客观原因,中小股东参与公司活动的成本较高,因此很多与公司相关的信息对中小股东来说搜集成本是高昂的,上市公司就会借助股利政策向投资者传递信息,投资者根据上市公司的股利政策来做出投资决策。中国的证券市场发展历史短,上市公司的股利发放行为在证监会颁布的相关法律法规下已具备了良好的规范性,但是仍然存在不合理的现象。在成熟的资本市场,股利政策包含的信息量大且比较真实,投资者可以用脚投票,这一方面促使上市公司提高经营效率,另一方面也能降低中小投资者搜寻信息的成本,保障投资者的利益。本文区别于以往的研究,选取了零售业上市公司为研究对象,探究其股利政策与经营业绩之间的关系,验证股利政策中包含经营业绩信息的情况。本文首先对学术界经典的股利政策理论进行了回顾与总结,并对国内外相关文献做出了归纳与简要评价,为引出股利政策和经营业绩之间关系的研究奠定理论基础。然后,本文在确定上市公司经营业绩衡量方法后,把零售业上市公司2010年到2015年的股利支付数据及财务数据作为分析依据,从股利支付意愿、股利支付水平和股利支付稳定性三个方面研究我国零售业上市公司股利分配的现状,并在此基础上总结了股利分配的特点。接着就是本文的研究重点,即对股利政策和经营业绩之间的实证分析。这一部分提出了本文的假设研究:现金股利分别与经营现金流量、盈利能力、偿债能力、营运能力和利润质量成正相关关系;并根据假设内容选取各假设指标的代表变量及选择原因;最后是对数据做实证分析,先对解释变量与被解释变量做了Pearson相关性检验,然后对面板数据做了回归分析,并检验各解释变量之间的相关性,最后根据结果检验假设的正确性。在文章的最后,本文梳理了研究的主要结论,指出本文的不足之处,并分别针对零售业上市公司、监管层和投资者个人提出合理建议。
[Abstract]:Dividend policy has always been a hot topic in academic circles, and it is also an issue related to the vital interests of investors. The theory of signal transmission is a mature theory, which holds that, for objective reasons, the cost of small and medium-sized shareholders participating in company activities is high, so a lot of information related to the company is very expensive for minority shareholders to collect. Listed companies will use dividend policy to send information to investors, according to listed companies dividend policy to make investment decisions. China's securities market has a short history of development, listed companies' dividend issuance behavior in the relevant laws and regulations promulgated by the Securities Regulatory Commission has a good standard, but there is still unreasonable phenomenon. In a mature capital market, the dividend policy contains a large amount of information and is quite real. Investors can vote with their feet. On the one hand, it urges listed companies to improve their operating efficiency, on the other hand, it can also reduce the cost of searching for information for small and medium-sized investors. Protect the interests of investors. Different from previous studies, this paper selects the retail listed companies as the research object, explores the relationship between the dividend policy and the operating performance, and verifies the situation that the dividend policy contains the operating performance information. Firstly, this paper reviews and summarizes the classical dividend policy theory in academic circles, and makes a summary of the relevant literature at home and abroad, which lays a theoretical foundation for the study of the relationship between dividend policy and operating performance. Then, after determining the measurement method of the listed companies' operating performance, this paper takes the dividend payment data and financial data of the retail listed companies from 2010 to 2015 as the basis of analysis. This paper studies the current situation of dividend distribution in China's retail companies from three aspects: the level of dividend payment and the stability of dividend payment, and summarizes the characteristics of dividend distribution on this basis. Then this paper focuses on the empirical analysis between dividend policy and operating performance. This part puts forward the hypothetical research of this paper: cash dividend has a positive correlation with operating cash flow, profitability, solvency, operating ability and profit quality; According to the hypothetical content, the representative variables and the reasons of each hypothetical index are selected. Finally, the empirical analysis of the data is made, and the Pearson correlation test of the explanatory variable and the explained variable is done, and then the regression analysis of the panel data is made. Finally, the validity of the hypothesis is tested according to the results. At the end of this paper, the main conclusions of the study are summarized, the shortcomings of this paper are pointed out, and reasonable suggestions are put forward for the retail listed companies, regulators and investors.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F724.2;F715.5
本文编号：2206162
[Abstract]:Dividend policy has always been a hot topic in academic circles, and it is also an issue related to the vital interests of investors. The theory of signal transmission is a mature theory, which holds that, for objective reasons, the cost of small and medium-sized shareholders participating in company activities is high, so a lot of information related to the company is very expensive for minority shareholders to collect. Listed companies will use dividend policy to send information to investors, according to listed companies dividend policy to make investment decisions. China's securities market has a short history of development, listed companies' dividend issuance behavior in the relevant laws and regulations promulgated by the Securities Regulatory Commission has a good standard, but there is still unreasonable phenomenon. In a mature capital market, the dividend policy contains a large amount of information and is quite real. Investors can vote with their feet. On the one hand, it urges listed companies to improve their operating efficiency, on the other hand, it can also reduce the cost of searching for information for small and medium-sized investors. Protect the interests of investors. Different from previous studies, this paper selects the retail listed companies as the research object, explores the relationship between the dividend policy and the operating performance, and verifies the situation that the dividend policy contains the operating performance information. Firstly, this paper reviews and summarizes the classical dividend policy theory in academic circles, and makes a summary of the relevant literature at home and abroad, which lays a theoretical foundation for the study of the relationship between dividend policy and operating performance. Then, after determining the measurement method of the listed companies' operating performance, this paper takes the dividend payment data and financial data of the retail listed companies from 2010 to 2015 as the basis of analysis. This paper studies the current situation of dividend distribution in China's retail companies from three aspects: the level of dividend payment and the stability of dividend payment, and summarizes the characteristics of dividend distribution on this basis. Then this paper focuses on the empirical analysis between dividend policy and operating performance. This part puts forward the hypothetical research of this paper: cash dividend has a positive correlation with operating cash flow, profitability, solvency, operating ability and profit quality; According to the hypothetical content, the representative variables and the reasons of each hypothetical index are selected. Finally, the empirical analysis of the data is made, and the Pearson correlation test of the explanatory variable and the explained variable is done, and then the regression analysis of the panel data is made. Finally, the validity of the hypothesis is tested according to the results. At the end of this paper, the main conclusions of the study are summarized, the shortcomings of this paper are pointed out, and reasonable suggestions are put forward for the retail listed companies, regulators and investors.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F724.2;F715.5
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