上市公司股利政策的影响因素及价值相关性研究

发布时间：2018-01-08 02:26

本文关键词：上市公司股利政策的影响因素及价值相关性研究　出处：《河北工业大学》2014年硕士论文　论文类型：学位论文

【摘要】：无论是从股利政策所传播的信息内容，还是外部融资费用高于内部留存收益的角度来看，，股利政策都是非常重要的。公司在制定股利政策时，不仅受到法律与合同约定的限制，还需要考虑股东偏好、税收，特别是投资机会和未来收益的增长等多种因素。如何综合权衡这些因素的影响，根据企业的实际情况制定恰当的股利政策，以促进企业价值的最大化，是每个企业管理者必须进行的重大财务决策之一。本文突破了以往研究股利政策的局限性。很多学者单方面研究股利政策的影响因素，本文将股利政策的影响因素与企业价值结合起来进行分析。以沪深A股上市公司为研究对象，分析我国上市公司股利政策的现状，并对其影响因素及其与公司价值相关性进行了实证研究。本文首先对相关理论进行了国内外的研究综述，阐述了股利的概念及特征，股利政策的类型及其影响因素。在理论分析的基础上，以2011年的515家沪深A股上市公司为研究样本，首先运用描述性统计法对我国上市公司的股利政策现状进行了分析，然后构建回归模型，运用相关性分析和回归分析法，对我国上市公司的股利政策的影响因素、股利政策与企业价值相关性进行了实证研究。通过实证研究分析得出以下结论：上市公司的股利政策受盈利能力、偿债能力、营运能力、成长能力、现金流量能力、股权集中度的影响，具体到财务指标上，最终进入回归模型，并且对每股股利有显著性影响的是：EPS、ROA、Debt、TAR、NPGgr、OpeCFPS和P1。上市公司持续高分红会吸引大量长期投资者，其企业价值会得到大幅度提高。最后从股利政策的外部监管、内部控制、价值投资理念、公司治理结构、生命周期等方面提出完善我国上市公司股利政策的相关建议。
[Abstract]:The dividend policy is very important both from the information content of dividend policy and from the point of view that the external financing cost is higher than the internal retained earnings. When the company makes the dividend policy. It is not only limited by law and contract, but also need to consider many factors, such as shareholder preference, tax, especially investment opportunities and future income growth. How to balance these factors. According to the actual situation of the enterprise, it is one of the important financial decisions that every enterprise manager must make a proper dividend policy to promote the maximization of the enterprise value. This paper breaks through the limitations of previous research on dividend policy. Many scholars unilaterally study the influencing factors of dividend policy. This paper combines the influencing factors of dividend policy with the enterprise value to analyze the current situation of dividend policy of listed companies in Shanghai and Shenzhen as the research object. It also makes an empirical study on its influencing factors and its correlation with company value. First of all, this paper has carried on the domestic and foreign research summary to the correlation theory, elaborated the dividend concept and the characteristic, the dividend policy type and its influence factor. On the basis of the theoretical analysis. Taking 515 Shanghai and Shenzhen A-share listed companies as the research sample in 2011, this paper analyzes the current situation of dividend policy of listed companies in China by descriptive statistical method, and then constructs a regression model. By means of correlation analysis and regression analysis, this paper makes an empirical study on the influencing factors of dividend policy and the correlation between dividend policy and enterprise value of listed companies in China. Through the empirical analysis, we draw the following conclusions: the dividend policy of listed companies is affected by profitability, solvency, operating capacity, growth capacity, cash flow capacity, equity concentration. Specific to the financial indicators, finally into the regression model, and has a significant impact on the dividend per share is the proportion EPS load debt / tar NPGgr. OpeCFPS and P1. Continued high dividends for listed companies will attract a large number of long-term investors and their corporate value will be greatly increased. Finally, from the aspects of external supervision, internal control, value investment concept, corporate governance structure and life cycle of dividend policy, the paper puts forward some suggestions to improve the dividend policy of listed companies in China.
【学位授予单位】：河北工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F224;F832.51

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