企业社会责任对股利政策的影响研究

发布时间：2018-01-03 18:01

本文关键词：企业社会责任对股利政策的影响研究　出处：《北方工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：在企业理财经营管理中,股利政策一直被当作一项重要考虑要素,因此它长久的成为财会研究领域探讨的高频课题之一。在企业的经营管理中,管理层(股东大会或者董事会)做出以规范的条例形式发布的关于对发放股利相关事项的措施就是股利政策,它涵盖了企业决定是否发放、何时发放、发放多少等问题。为了使企业能够合理的分配净收益,同时从股利政策对企业的重要性角度考虑,企业必须要权衡好股东、公司本身以及债权人的利益,以此制定出理想的股利政策。之前的研究中对股利政策的影响因素可以归纳为各种限制条件、企业的盈利能力、偿债能力、成长性指标、股权集中度、机构持股比例以及股利政策的连续性等。这些研究侧重点不同,但是共同说明了企业管理者要想制定理想的股利政策需要处理好与哪些因素的关系。西方不少企业在承担社会责任的体会中更进一步认识到社会责任对企业的重要性,因此我国企业也受到启发,逐步开始关注自身在企业管理上对社会责任方面的履行情况和披露情况,因此它也受到学术界的广泛关注。本文在此提出一个新的视角,从企业社会责任的履行程度方面研究其是否会对股利政策产生影响以及影响程度。对股利政策的考量方面,本文沿袭前人的一贯思路,一是考虑当年是否发放股利,二是用每股股利和股利支付率来衡量支付股利的强弱程度,三是用当年与上年股利发放与否作比较考量股利政策的稳定性。对于企业社会责任这一解释变量,本文在大量分析前人研究数据来源的基础上拟采用润灵环球(RKS)社会责任评分指数。本文选取2009-2014年在上交所和深交所A股上市的公司作为研究样本,模型构建上将前人研究的影响股利政策影响因素中普遍认可的因素选择为控制变量,在此基础上构建多元线性回归模型,借助SPSS软件和EVIEWS系统对所选取的样本进行数据分析,分析变量之间的内在关系,从而验证假设。本文最终得出结论:履行社会责任程度高的企业较履行程度低的企业更愿意支付股利,其股利支付水平也更高;履行社会责任程度高的企业较履行程度低的企业的股利政策的稳定性更强;企业社会责任影响股利政策在时间上具有滞后性,当期社会责任的履行对下期股利支付水平的影响更大。
[Abstract]:In the management of financial management, dividend policy has been considered as an important factor, so it has long been one of the high-frequency topics in the field of financial accounting research. The measures issued by the management (shareholders' general meeting or board of directors) in the form of standard regulations on matters related to the payment of dividends are dividend policy, which covers whether and when enterprises decide whether to issue dividends. In order to make the enterprise distribute net income reasonably and consider the importance of dividend policy to the enterprise, the enterprise must balance the interests of shareholders, company itself and creditors. The influence factors of dividend policy in the previous study can be summarized as a variety of constraints, profitability, solvency, growth indicators, equity concentration. The institutional shareholding ratio and the continuity of dividend policy are different. But it shows that the managers of enterprises should deal with the relationship with the factors if they want to make the ideal dividend policy. Many enterprises in the West have further realized the importance of social responsibility to the enterprises in their experience of social responsibility. Sex. Therefore, China's enterprises are also inspired, gradually began to pay attention to their own corporate management on social responsibility performance and disclosure. Therefore, it is also widely concerned by the academic community. This paper puts forward a new perspective. From the performance of corporate social responsibility whether it will have an impact on the dividend policy and the degree of influence. On the consideration of dividend policy, this paper follows the consistent thinking of predecessors. One is to consider whether to pay dividends in the current year, the other is to use dividend per share and dividend payment rate to measure the extent of dividend payment. Thirdly, the stability of dividend policy is compared with that of the previous year. The explanation variable of CSR is corporate social responsibility. In this paper, based on the analysis of previous data sources, RKS is proposed to be used. Social responsibility rating Index. This paper selects A shares listed on Shanghai Stock Exchange and Shenzhen Stock Exchange as research samples from 2009-2014. The model constructs the multivariate linear regression model, which is generally accepted as the control variable among the influential factors of dividend policy studied by predecessors. With the help of SPSS software and EVIEWS system, the data of the selected samples are analyzed to analyze the internal relationship between the variables. Finally, this paper draws a conclusion that enterprises with high degree of social responsibility are more willing to pay dividends than those with low degree of social responsibility, and the level of dividend payment is higher than that of enterprises with low degree of social responsibility. The stability of dividend policy of enterprises with high degree of social responsibility is stronger than that of enterprises with low degree of performance; Corporate social responsibility (CSR) affects dividend policy with lag in time, and the performance of current social responsibility has a greater impact on the level of dividend payment in the next period.
【学位授予单位】：北方工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F270;F275;F832.51

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