上市公司股利政策受公司生命周期彩响吗？

发布时间：2017-12-30 21:24

本文关键词：上市公司股利政策受公司生命周期彩响吗？　出处：《杭州电子科技大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着公司生命周期理论的兴起，西方学者把公司生命周期理论引入到上市公司股利政策中来。认为公司在不同的生命周期阶段会采取不同的股利政策。本文对这一选题进行研究，试图在公司生命周期的理论基础上，揭示我国上市公司现金股利政策的特征。在对文献的梳理总结后，重点区分了产品生命周期和公司生命周期两个概念，并对公司生命周期的代理变量进行了归纳。本文选用Victoria（2011）提出的公司生命周期代理变量-现金流量特征组合作为解释变量，也是本文的创新之处。与总资产留存收益率等以往代理变量不同，现金流量特征组合这一解释变量不是单一财务指标或几个财务指标的组合，而是从公司经营活动现金净流量、投资活动现金净流量和融资活动现金净流量这三个现金净流量的正负特征来说明公司活动，进而划分公司生命周期阶段。在实证研究中，选择盈利能力、股权结构、成长能力、偿债能力和股权结构等财务指标作为控制变量，对沪深两市A股上市公司的现金股利政策与公司生命周期之间的相关关系进行多元线性回归。由于公司生命周期是虚拟变量，并有五个变量值，所以，本文以初创期为基底，设置D1、D2、D3和D4四个0-1变量。检验结果显示:沪深两市A股上市公司中，成熟期上市公司的每股现金股利明显高于成长期上市公司；动荡期上市公司的每股现金股利与公司生命周期呈显著负相关。依据研究结论本文提出相关建议，建议上市公司在制定股利政策时应从公司长远发展战略作出适合自身发展状况的股利决策，尤其是初创期上市公司。成长期和成熟期上市公司在此阶段制定股利政策时应保证股利政策的稳定性和可持续性。其次，建议中国证监会在制定鼓励上市分红政策时应划分几个阶段，弥补半强制分红“一刀切”的不足。
[Abstract]:With the rise of corporate life cycle theory, the western scholars put the corporate life cycle theory into the dividend policy of the listed companies in the past. That company will take different dividend policies in different stages of the life cycle. This paper focuses on the research of this topic, attempts in the theoretical basis of corporate life cycle, I reveal the characteristics of the cash dividend policy China's listed companies.
In the literature review, focus on the distinction of the two concepts of product life cycle and corporate life cycle, and the proxy variables on firm life cycle are summarized. This paper chooses Victoria (2011) proposed as explanatory variables of the corporate life cycle variables - cash flow characteristics, but also the innovation of this article. The total assets of retained earnings past different variables, combined cash flow characteristics of the combinations of explanatory variables is not a single financial index or several financial indexes, but from the company's operating activities net cash flow, the three characteristics of positive and negative net cash flow from investing activities net cash flow and financing activities net cash flow to illustrate Corporate Events. The company was then divided into stages of the life cycle.
In the empirical study, selection of profitability, ownership structure, growth ability, solvency and equity structure and other financial indicators as control variables, the relationship between dividend policy and corporate shares of Listed Companies in Shanghai and Shenzhen two A life cycle were analyzed by multiple linear regression. Due to the company's life cycle is a dummy variable, and five so, based on the variable value, the start-up period as the base, set the D1, D2, D3 and D4 four 0-1 variables. The test results show that: two city Shenzhen A shares of listed companies, mature listed companies cash dividend per share was significantly higher than that in the growth period of listed companies; turbulent period was negatively related to listed companies in cash per share dividend and corporate life cycle.
Based on the research conclusions of this paper put forward relevant suggestions and recommendations of Listed Companies in making dividend policy long-term development strategy should be made for their own development of the dividend policy, especially start-up companies. During the period of growth and maturity of listed company dividend policy at this stage should guarantee the stability of dividend policy and Sustainability. Secondly, Chinese suggestions the Commission in the formulation of the dividend policy should be listed into several stages, make up the deficiency of semi mandatory dividend "across the board".

【学位授予单位】：杭州电子科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

【参考文献】